The drumbeat of success echoed across Louisiana in 2022 as our state notched another year of impressive investment, job creation and economic diversification. We enter 2023 poised for additional expansion and innovation, positioning our state for long-term success in a rapidly changing global economy at the same time that more Louisiana residents are entering the workforce than ever before.

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Distancing ourselves from the effects of the pandemic and natural disasters, we concluded 2022 with six straight months of record-breaking low unemployment. We have added about 228,000 jobs since the worst of the pandemic. LED announced more than 50 major projects across the state, representing over $20 billion in new investment and more than 9,300 new jobs.

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Our climate action plan – the first and only such plan in the Gulf South – has enhanced our strength as an energy state by balancing a long-term vision for emissions reduction with an aggressive response to current market demands. Ongoing investments in liquefied natural gas production and export capacity allowed Louisiana businesses to directly benefit from spiking global demand for LNG. And our unambiguous embrace of the emerging clean energy economy has attracted investment from both legacy energy companies and start-ups investing in emissions reduction technologies and offshore wind, solar and renewable fuels projects.

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My administration’s efforts to revitalize Louisiana’s rural communities accelerated in 2022. Companies announced more than 15 new or expanding business projects representing more than $1.5 billion in capital investment in rural areas over the past year. LED and my Office of Rural Development ramped up assistance for local communities seeking to access new federal funding designed to improve access to broadband, clean water, education, finance, healthcare, infrastructure, workforce development and agriculture.

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Success in the future economy demands diversification, which our state continued to support in 2022 with important investments in emerging sectors such as tech, life sciences, aerospace and water management. Reinvesting in logistics assets such as the Avondale Global Gateway and the $1.8 billion Louisiana International Terminal container facility at the Port of New Orleans will further secure Louisiana’s place as a U.S. leader in foreign direct investment.

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The small business community remains the backbone of our state’s economy, which is why we have worked so hard to maximize the impact of the U.S. Treasury’s State Small Business Credit Initiative. The announcement in December that Louisiana entrepreneurs will receive up to $113 million of support – with particular emphasis on traditionally underserved or disadvantaged businesses – will provide economic benefits for years to come.

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Economic growth requires us to fix our gaze forward, not back. But the view from 2022 is clear: Louisiana’s economic foundation is strong, and the future is bright and sustainable.

John Bel Edwards

Governor, State of Louisiana

The Louisiana Economic Development team has a singular mission: creating jobs and economic opportunity for the people of our state. Success requires that we be multi-faceted, seeking investments across the widest possible range of sectors, in the broadest possible geographic area encompassing every region of the state, supporting small businesses and large multinational conglomerates alike. The story of 2022 is one of exceptional achievement at both ends of that diverse business spectrum.

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Capital investments from major national and international corporations have risen annually since 2017 and did so again in 2022. The scale of those investments is trending up as well: More than $10 billion total project investment three years in a row; more than $20 billion in each of the last two years. Since 2016, more than 350 economic development projects have been announced, representing nearly $90 billion in investment and more than 70,000 jobs.

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Louisiana’s programs to foster business growth and entrepreneurship – including special programs for women, minority and veteran business owners – are among the nation’s best. One of the nation’s oldest and most respected business leadership development organizations, the Edward Lowe Foundation, presented LED with its inaugural Founders Award in 2022. The U.S. Treasury rewarded that small business development excellence by allocating Louisiana $113 million in the State Small Business Credit Initiative (SSBCI) – nearly nine times larger than the $13.2 million we received in the 2010 initiative. Those federal funds will benefit businesses statewide for years to come.

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Investment decisions often hinge on a company’s ability to recruit, train and sustain a skilled workforce in the state, and Louisiana continues to set the pace in this critical area. LED FastStart was honored by the site selection trade publication Business Facilities in 2022 as the best customized training program in America for a record 13th consecutive year. LED FastStart’s ability to keep Louisiana on the leading edge of workforce development is a remarkable success story, one made possible by the support of higher education leaders and a strong commitment from the Legislature and governor to invest in our workers.

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Underlying success in these and all areas is an approach to economic development that prioritizes public-private and state-federal partnerships. The impact of that collaborative approach has never been more evident than in 2022. From a successful NASA space launch made possible by aerospace workers trained at Louisiana colleges to a $50 million federal grant kick-starting an offshore wind-powered hydrogen energy plan in south Louisiana, partnerships powered investment and innovation. Together, we will ride the momentum of 2022 into 2023 in our never-ending pursuit of prosperity for our state and its people.

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Don Pierson

Secretary, Louisiana Economic Development