New Orleans Economics Kovach New
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  • 1. New Orleans Economics By: Adele, Elizabeth and Katherine
  • 2. What are the main elements of the New Orleans' economy?
    • Tourism
      • New Orleans depends on tourism to help bring in cash flow, and to help the city prosper
    • Oil
      • Oil and gas production is abundant in New Orleans
    • Port
      • New Orleans has a great port for trade that keeps the city circling with money
      • This is a good port because we are on the Mississippi River with access to the Gulf of Mexico
    • Cinema
      • Movie Industry is growing
    • Federal Government
      • Gives money to New Orleans to help fix damage and for schools etc.
  • 3. Interview of a small business in New Orleans.
    • Interview: Kathy
    • When did your small business open after Hurricane Katrina (Aug. 29th 2005)?
      • My business opened October 11th 2005.
    • Was it hard to open?
      • Yes, because there were no employees and not many customers.
    • Any interesting stories?
      • When I came back from Katrina I had to get rid of my refrigerator like most people because all of the food rotted inside. I had purchased a new refrigerator. The refrigerator guy came and put the other one on the street. Within a few hours someone came to pick up probably to clean and try to sell to someone else.
  • 4. What was the impact of Katrina on the economy?
    • On August 29th, 2005 not only did Hurricane Katrina physically damage our city of New Orleans, but it also damaged our economy.
    • On August 29th, 2005 not only did Hurricane Katrina physically damage our city of New Orleans, but it also damaged our economy.
    • Tourism is one of the main sources of income for New Orleans and that aspect was greatly affected after Katrina.
    • There was very little personal income because many people were either still displaced or the places they worked were closed, flooded, or did not have enough money to re-open.
    • For example: hotels were greatly affected because of the lack of tourism and lack of employees.
    • Because of Katrina the business at the port in New Orleans was down.
    • New Orleans is a huge port city and not being able to provide an import/export area not only affected our city but the rest of the country.
  • 5. Progress Made in New Orleans’ Economy since Katrina:
    • Recently we have made big improvements to the New Orleans economy since Hurricane Katrina.
    • Tourism has increased dramatically because New Orleans is almost all fully functional and able to sponsor things such as the National College Football Championship and Mardi Gras.
    • In the last quarter of 2007 New Orleans reached its lowest unemployment rates.
    • The total personal income of Louisiana residents had increased by $2.5 billion just during 2007.
    • General cargo and bulk cargo reached 90% and 95% of 2004 levels at the port.
  • 6. Road Home Program
    • State program (run by federal money) that gives money to people looking to move back and rebuild their homes.
    • These people that received the money did not have to pay the money back to the government and also received insurance money (if they had it).
      • Eligible Applicants: 157,300
      • Benefits Calculated: 156,657
      • Amount of Benefits Calculated:   $9.5 billion
      • Amount of Awards Disbursed: $5.8 billion
  • 7. What is the future of New Orleans economically?
    • Hurricane Katrina drastically changed the economy of New Orleans.
    • Plans have been derived structured around equitable development.
    • The main points of most of these plans is getting the people who want to return to come back and getting tourism to come back.
    • They are also designed to help the whole economy.
  • 8. Plans for the Future To get residents and tourism to return, New Orleans has to ensure…
    • Health and safety to all communities
    • Resettlement or relocation for displaced New Orleans residents
    • Regulate and eliminate crime from the neighborhoods and the community
    • Restore community based organizations
    • Local firms that create jobs with livable wages that go first to local residents