New Orleans Economics Kovach New


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New Orleans Economics Kovach New

  1. 1. New Orleans Economics By: Adele, Elizabeth and Katherine
  2. 2. What are the main elements of the New Orleans' economy? <ul><li>Tourism </li></ul><ul><ul><li>New Orleans depends on tourism to help bring in cash flow, and to help the city prosper </li></ul></ul><ul><li>Oil </li></ul><ul><ul><li>Oil and gas production is abundant in New Orleans </li></ul></ul><ul><li>Port </li></ul><ul><ul><li>New Orleans has a great port for trade that keeps the city circling with money </li></ul></ul><ul><ul><li>This is a good port because we are on the Mississippi River with access to the Gulf of Mexico </li></ul></ul><ul><li>Cinema </li></ul><ul><ul><li>Movie Industry is growing </li></ul></ul><ul><li>Federal Government </li></ul><ul><ul><li>Gives money to New Orleans to help fix damage and for schools etc. </li></ul></ul>
  3. 3. Interview of a small business in New Orleans. <ul><li>Interview: Kathy </li></ul><ul><li>When did your small business open after Hurricane Katrina (Aug. 29th 2005)? </li></ul><ul><ul><li>My business opened October 11th 2005. </li></ul></ul><ul><li>Was it hard to open? </li></ul><ul><ul><li>Yes, because there were no employees and not many customers. </li></ul></ul><ul><li>Any interesting stories? </li></ul><ul><ul><li>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. </li></ul></ul>
  4. 4. What was the impact of Katrina on the economy? <ul><li>On August 29th, 2005 not only did Hurricane Katrina physically damage our city of New Orleans, but it also damaged our economy. </li></ul><ul><li>On August 29th, 2005 not only did Hurricane Katrina physically damage our city of New Orleans, but it also damaged our economy. </li></ul><ul><li>Tourism is one of the main sources of income for New Orleans and that aspect was greatly affected after Katrina. </li></ul><ul><li>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. </li></ul><ul><li>For example: hotels were greatly affected because of the lack of tourism and lack of employees. </li></ul><ul><li>Because of Katrina the business at the port in New Orleans was down. </li></ul><ul><li>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. </li></ul>
  5. 5. Progress Made in New Orleans’ Economy since Katrina: <ul><li>Recently we have made big improvements to the New Orleans economy since Hurricane Katrina. </li></ul><ul><li>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. </li></ul><ul><li>In the last quarter of 2007 New Orleans reached its lowest unemployment rates. </li></ul><ul><li>The total personal income of Louisiana residents had increased by $2.5 billion just during 2007. </li></ul><ul><li>General cargo and bulk cargo reached 90% and 95% of 2004 levels at the port. </li></ul>
  6. 6. Road Home Program <ul><li>State program (run by federal money) that gives money to people looking to move back and rebuild their homes. </li></ul><ul><li>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). </li></ul><ul><ul><li>Eligible Applicants: 157,300 </li></ul></ul><ul><ul><li>Benefits Calculated: 156,657 </li></ul></ul><ul><ul><li>Amount of Benefits Calculated:   $9.5 billion </li></ul></ul><ul><ul><li>Amount of Awards Disbursed: $5.8 billion </li></ul></ul>
  7. 7. What is the future of New Orleans economically? <ul><li>Hurricane Katrina drastically changed the economy of New Orleans. </li></ul><ul><li>Plans have been derived structured around equitable development. </li></ul><ul><li>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. </li></ul><ul><li>They are also designed to help the whole economy. </li></ul>
  8. 8. Plans for the Future To get residents and tourism to return, New Orleans has to ensure… <ul><li>Health and safety to all communities </li></ul><ul><li>Resettlement or relocation for displaced New Orleans residents </li></ul><ul><li>Regulate and eliminate crime from the neighborhoods and the community </li></ul><ul><li>Restore community based organizations </li></ul><ul><li>Local firms that create jobs with livable wages that go first to local residents </li></ul>