Roughly one month after being formed, Gov.-elect John Bel Edwards’ Committee on Economic Development today released a 16-page report detailing its recommendations for continued economic investment and growth in the state.
The report largely focuses on Louisiana Economic Development, the successes it has achieved under Gov. Bobby Jindal, and areas the committee believes can be improved under Edwards.
“We believe that economic development is a team sport and everyone should feel that they are a part of the team,” reads an opening letter from committee chair Sonia Perez and vice chair Michael Hecht. “Consequently, while we acknowledge that LED is recognized as one of the best economic developments in the country, much of our work focused on opportunities to expand and continue those successes across a broader geographic and demographic footprint.”
Among the recommendations outlined in the report:
- Fine-tune the Enterprise Zone and Quality Jobs incentive programs to eliminate the ability for companies to benefit from them prior to complying with the programs’ requirements.
- LED should create a marketing and outreach campaign to educate the small business community about incentive programs and opportunities.
- The state should increase GED programs in parish prisons, expand work-release programs and develop a comprehensive reentry and readiness program for the incarcerated.
- LED should utilize union apprenticeship and journeymen training programs, and should consider incentivizing union programs so unions may apply for funding.
- LED should appoint a director of diversity to ensure minority-owned, women-owned and otherwise underrepresented businesses are incorporated into policy development, hiring and other initiatives.
- LED should bolster local and regional angel investor groups, as well as pools of risk capital funding, and increase business engagement for innovation development with state research universities.
- LED should advocate for higher education funding and push for greater alignment of education programs to private sector and economic development needs.
“Louisiana is in the midst of an historic renaissance. The gains are fragile, however and the entire state is not yet sharing in the benefits. Demographic and geographic diversity is lacking,” reads the report. “Overall, LED is an effective and productive organization. Existing effective programs should be preserved, while areas for improvement and growth should be aggressively explored.”
