News Summary
Louisiana has introduced a comprehensive economic development plan to attract investment and curb the outmigration of skilled residents. The 40-page strategic plan focuses on enhancing job opportunities in high-growth sectors and fostering innovation, particularly in technology and artificial intelligence. Key initiatives include a $150 million investment for site improvement and the creation of the Louisiana Innovation division. With recent investments from major companies, the state aims to reverse the trend of residents leaving and establish a robust economy.
Covington, Louisiana – Louisiana has unveiled a new economic development strategy aimed at attracting investment and reversing troubling outmigration trends that have seen around 30,000 residents leave the state annually, with 40% of those individuals holding a bachelor’s degree or higher. Announced by Louisiana Economic Development (LED) Secretary Susan Bonnett Bourgeois, the 40-page strategic plan was released on March 26, 2025, following a series of significant investments in the technology sector, including Meta’s planned artificial intelligence-optimized data center in Richland Parish and a Hyundai steel mill project in Gonzalez, Louisiana.
The strategic plan emphasizes the need for tailored initiatives to retain residents and create a thriving economy, particularly in high-growth sectors such as energy and process industries, logistics, aerospace and defense, agribusiness, professional services, life sciences, and technology. The plan sets ambitious goals like achieving the highest wage growth in Southern states and ensuring population growth across different regions of Louisiana.
Recent activities by Governor Jeff Landry, including a roundtable with local leaders at Northwestern State University and the announcement of major projects alongside former President Donald Trump, highlight a proactive approach toward economic development. The LED’s report offers a roadmap to create incentives for businesses to provide higher-paying jobs and improve site conditions. Additionally, a new division called Louisiana Innovation (LA.IO) is working to foster local tech companies and manage a $50 million venture capital fund.
Key Initiatives and Investments
Among the recommendations in the strategic plan are a focus on rural areas and small businesses and enhanced support for regional development organizations. LA.IO will also develop the Louisiana Institute for Artificial Intelligence, aiming to provide artificial intelligence tools to 5,000 small businesses in the state. The state has also established a $150 million Site Investment and Infrastructure Improvement Fund aimed at creating investment-ready locations for businesses. This comprehensive approach intends to address Louisiana’s high outmigration rate, low corporate research and development spending, and deteriorating infrastructure.
Secretary Bourgeois stressed the importance of proactive implementation of strategies instead of waiting for the strategic plan to be finalized. The LED is already pursuing initiatives through a 9×90 Work Plan focused on high-impact economic growth and job creation. An effort dubbed “Project Lightning Speed” aims to accelerate business development and project approvals across Louisiana.
State Economic Challenges
Louisiana’s economy has struggled in key areas such as private sector employment growth, personal income, and overall population growth compared to peer states. The new strategic plan was developed as a response to criticisms of previous economic strategies, aiming to foster comprehensive government collaboration and attract businesses and skilled talent to the state.
As a part of this revitalization effort, Louisiana reached a Top 10 ranking by Area Development Magazine for the first time in five years, ranking No. 9, owing to improvements in permitting speed, infrastructure quality, workforce readiness, and efficiency in project delivery. Moreover, Louisiana ranks sixth in the 2025 Global Groundwork Index for corporate investments and infrastructure, maintaining a position in the Top 10 for five consecutive years.
Future Outlook
The initiatives outlined in LED’s strategic plan signify a robust commitment to revitalizing Louisiana’s economy. The agency’s continued efforts in promoting a new resource, SourceLouisiana.com, aim to forge stronger connections among businesses, while regional development and large-scale investments by companies like Meta and Hyundai are positioned to create lasting economic impacts.
Through a systematic approach and engaging with local small business owners, Louisiana aims to establish itself as an attractive destination for investment and skilled talent, thereby reversing the trend of outmigration and fostering a high-growth economy.
Deeper Dive: News & Info About This Topic
- Biz New Orleans: Louisiana Ranked Top 10 by Area Development
- Business Report: Louisiana Named a Top 10 Economic Growth Leader for a Fifth Straight Year
- KNOE: LED Secretary Begins Statewide Tour in Monroe
- NOLA: Louisiana Economic Development Unveils Action Plan
- Pulse 2: Louisiana Economic Development Profile: Josh Fleig Interview
- Wikipedia: Economy of Louisiana
- Google Search: Louisiana Economic Development
- Google Scholar: Louisiana Economic Growth
- Encyclopedia Britannica: Louisiana
- Google News: Louisiana Economic News
Author: STAFF HERE NEWORLEANS WRITER
NEW ORLEANS STAFF WRITER The NEW ORLEANS STAFF WRITER represents the experienced team at HERENewOrleans.com, your go-to source for actionable local news and information in New Orleans, Orleans Parish, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as French Quarter Festival, New Orleans Jazz & Heritage Festival, and Essence Music Festival. Our coverage extends to key organizations like the New Orleans Chamber of Commerce and Greater New Orleans, Inc., plus leading businesses in energy, healthcare, and education that power the local economy such as Entergy, Ochsner Health, and Tulane University. As part of the broader HERE network, including HEREShreveport.com, we provide comprehensive, credible insights into Louisiana's dynamic landscape.
