News Summary
The Louisiana Economic Development Secretary has unveiled the ‘Nine by Ninety’ plan, a comprehensive strategy aimed at transforming the state’s economy by 2026. With a budget of $5 million, the initiative includes actions such as creating a business database, launching a media campaign, and increasing investment in tech companies. This ambitious plan seeks to address job growth challenges and improve economic perceptions in Louisiana, with the goal of becoming the most innovative economy in the Southeast.
BATON ROUGE, Louisiana – The Louisiana Economic Development (LED) Secretary Susan Bourgeois, representing Governor Jeff Landry’s administration, has launched an ambitious initiative called the “Nine by Ninety” plan, aimed at transforming Louisiana into the most innovative and high-growth economy in the Southeast by the end of 2026. This strategic work plan is set to capitalize on LED’s upcoming 90th anniversary and outlines over a dozen methods to attract new investment and support existing businesses.
Central to the “Nine by Ninety” plan is a comprehensive approach to bolster the state’s economy through a series of targeted actions, primarily focused on enhancing business connectivity, capital deployment, and workforce development. The initiative is underpinned by a budget of $5 million approved by the Legislature aimed at improving perceptions of Louisiana’s economic status and promoting economic opportunities beyond state borders.
Key initiatives within the plan include:
- Creation of a business database: This will connect Louisiana businesses with potential out-of-state partners.
- Media campaign launch: An extensive campaign designed to promote economic opportunities in Louisiana.
- Recruitment of C-suite executives: High-level industry professionals will serve as advisors to LED.
- Increased investment in early-stage tech companies: The plan aims to boost capital deployment by 200%, enhancing the local tech ecosystem.
- Establishment of seed-stage capital funds: Three funds will be introduced through a new division, Louisiana Innovation (LA.IO).
- Economic stewardship visits: Plans to conduct visits with at least 800 key “driver companies” annually to assist in expansion and respond to their needs.
- Development of a site development fund: New rules for the fund were proposed after receiving $150 million in funding during the latest legislative session.
- Refocusing international strategy: This includes targeting economic leads in Japan, Australia, and Europe to attract foreign investment.
- AI tools development: Implementation of artificial intelligence across the agency to enhance operational efficiency.
- Energy plans for regions: Customized energy strategies will be created for each of Louisiana’s eight regions.
The plan emerges amidst reports highlighting Louisiana’s long-standing struggles with job growth and population outmigration. Regional leaders have identified a critical need for new strategies to retain talent and attract new workers. The collaborative efforts among public, private, and educational sectors are emphasized as vital to the success of the initiative.
Additionally, local representatives from the Workforce Commission will offer support to workers impacted by job losses in key industries, providing career counseling and training resources to facilitate workforce reintegration. This direct approach aims to strengthen the workforce and, consequently, the overall economy of Louisiana.
The Louisiana Economic Development department recognizes that a united effort is essential for fostering an environment that not only attracts new businesses but also sustains and empowers those already operating in the region. The comprehensive and multi-faceted nature of the “Nine by Ninety” plan reflects a proactive response to the dynamic economic challenges the state faces and seeks to position Louisiana as a leader in innovation and growth within the Southeast.
As the “Nine by Ninety” initiative rolls out, it holds the potential to significantly reshape the economic landscape of Louisiana, driving forward an agenda focused on creating a sustainable and thriving economy by 2026.
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