Moret: Digital media poised for explosive growth in Louisiana

Digital media and software development is “the single most exciting growth industry for our state,” says Louisiana Economic Development Secretary Stephen Moret. Companies have taken notice of the state’s generous tax incentives, which Gov. Bobby Jindal has proposed making refundable rather than transferable, providing greater value for recipients. Moret says “probably a couple dozen companies” are considering significant projects in the state. The primary drawback is a shortage of specialized talent in the state; LED is conducting specialized recruiting efforts to help build a leadership nucleus, Moret says. He expects the sector to grow—from an admittedly small base—by 100% a year for at least the next few years, surpassing the state’s film industry after the next three to five years. The film industry as a whole isn’t growing very fast; most of the growth within Louisiana is attributable to market shifting from other states. Digital media, by comparison, still has tremendous upside, and attracting brand-name software developers could change the way the rest of the nation thinks about Louisiana, Moret says. Jindal says digital media has the potential to create 11,000 to 23,000 direct jobs over the next 20 years. —David Jacobs