Climbing Back to Prerecession Employment Levels
The Atlanta Fed’s SouthPoint blog provides commentary and observations on regional economic topics, issues, industries, and trends. “The Long Climb Ahead”, a recent blog post by Michael Chriszt, assistant vice president in the Atlanta Fed’s research department, explores how the states are doing in terms of getting back to prerecession employment levels, with a particular emphasis on Louisiana, Mississippi, Alabama, Florida, Georgia & Tennessee. According to the post, “Georgia has not even started its climb, and when Florida looks up at where it needs to go to get back to where it was in terms of total employment, its climb is incredibly steep. Alabama has a long way to go, Mississippi and Tennessee are a bit farther along, and Louisiana is getting close to the summit.”
Mr. Chriszt also includes charts that highlight the divergence between public and private sector employment growth. “Only six states fall in the ‘expanding’ quadrant for government employment, and only two states have private sector employment that falls in the ‘lagging’ quadrant.” Consistent with the overall findings, Louisiana’s private sector employment momentum is ‘expanding’, although government employment momentum is ‘lagging’. Click here to read the entire post
Rendering of Walgreens on Magazine Street
Stirling Properties is renovating the old American Legion Hall located at 5518 Magazine Street in New Orleans into a new Walgreens Drug Store. Demolition on the site will begin in November with construction slated to begin during January of 2012. The new store is scheduled to open summer 2012.
5518 Magazine Street – Before & After
New Orleans’ Growing Medical Corridor
The growing medical corridor in New Orleans is officially known as BioDistrict New Orleans, a state-enabled economic development district that was created by the State of Louisiana in 2005 for the purpose of developing a biosciences industry in New Orleans that will provide research and development, healthcare delivery, and stable, high-paying jobs. The 1,500-acre district spans the Downtown and Mid-City neighborhoods of New Orleans. The economic impact is estimated to be 22,000 new jobs in the city of New Orleans over the next eight to ten years, not only in biosciences, but also in banking, law, construction and other service industries that stand to benefit. The area’s major developments include:
- Veterans Affairs Medical Center (Project Legacy)
- Status: Under Construction
- Groundbreaking/Completion: June 2011/Late 2014, full activation 2015
- Site: 30 acres bounded by Tulane Avenue and Canal, S. Galvez & S. Rocheblave Streets
- Size: 1.6 million square feet with 2 additional 1,000-car garages; 200-bed complex will serve over 70,000 enrolled Veterans
- Cost: $995 million construction budget (fully funded)
- Jobs: 1,100 new employees
- University Medical Center
- Status: Site preparation work, construction to begin by year end
- Groundbreaking/Completion: April 2011/2015
- Site: 34 acres bounded by Canal & S. Galvez Streets and Tuland & South Claiborne Avenues
- Size: 2.2 million square feet, 424-bed public hospital to replace Charity Hospital
- Cost: $1.09 billion; state lawmakers approved funding September 2011
- Jobs: 5,280 new and saved jobs over first five years
- Part of collaborative complex with the new VA Medical Center (see above)
- Both will be key academic anchors for LSU, Tulane, Dillard, Xavier, SUNO, Delgado, and others throughout South Louisiana
- Louisiana Cancer Research Center
- Status: Under Construction
- Groundbreaking/Completion: April 2009/January 2012
- Site: Tulane & South Claiborne Avenues
- Size: Shared 175,000 square-foot, 10-story facility
- Cost: $90 million
- Developed by the Louisiana Cancer Research Consortium, a partnership among LSU Health Sciences Center, Tulane Univerity, Xavier University of Louisiana, and Ochsner Health System
- New Orleans BioInnovation Center
- Status: Open & Operating
- Completed: June 2011
- Site: 1441 Canal Street
- Size: 66,000 square feet of state-of-the-art wet-lab, office and conference space
- Cost: $47 million
- To house biotech and life sciences entrepreneurs and startups, as well as support research at four area universities; housing about 200 employees from 80 companies at full capacity
- Critical link that turns university research into privately commercializable enterprises
- Five biotech start-ups and two venture captial firms have already moved into the building, and twelve more are on the way
- Ochsner Health System
- Relocating 500 to 750 employees to the CBD during the 1st Quarter 2012
- Moving executive, corporate and business functions (no medical care)
- 80,000 square feet on top 4 floors of the Benson Tower (enough room to grow to 1,000 employees)
- Signifies Ochsner’s growing presence in the local economy and New Orleans’ medical hub
For exciting leasing opportunities in the heart of this growing medical corridor, office spaces are available at the 1615 Poydras Street office building located directly across from the Superdome. Available spaces range from approximately 1,500 to 45,130 contiguous square feet. For more information contact Gaines Seaman at (504) 620-8187 or gseaman@stirlingprop.com.
Louisiana’s Metros and Cities Recognized Nationally
Along with the many top rankings the State of Louisiana has received in recent months (see Louisiana Earns Several Top Rankings in Recent Months), Louisiana’s metros and cities are being recognized nationally too. Here’s highlights of the accolades from the last few months.
- Job Markets in New Orleans & Baton Rouge Metros Expected to be among the Strongest in the Nation during the 4th Quarter
– Manpower Employment Outlook, September 2011 (more…)
Mid-Year Retail Sales
An analysis of taxable retail sales figures for the first half of 2011 shows a positive trend for a majority of the markets studied in Louisiana. Comparing the first 6 months of 2011 to the first half of 2010, Lafayette Parish showed the biggest increase in retail sales at 11.1%, followed by an 8.1% increase in Jefferson Parish. Rapides, St. Tammany, Orleans, Livingston, Tangipahoa, Caddo, and East Baton Rouge Parishes also showed positive gains ranging from 3.0% to 7.6%. (more…)
Louisiana Earns Several Top Rankings in Recent Months
Louisiana has continued its reign at the top in several national rankings over recent years. Many of these top rankings are not just one-time accolades…Louisiana has staying power at the top. In rankings where Louisiana has room to improve, the state has been gaining traction in its move to the top. With Louisiana achieving so much recognition, it’s sometimes hard to keep track, so here is a quick snapshot of some state & regional rankings achieved over the last few months.
- #18 in Business Climate Rankings, up 22 spots since 2008
#2 in U.S. for incentives & economic development agency performance
– Pollina Corporate Real Estate, August 2011 (more…)
