An Economic Development Architecture for New Orleans by Kevin F. McCarthy

By Kevin F. McCarthy

In accordance with the present state of affairs in New Orleans within the aftermath of typhoon Katrina, this file presents concepts relating to powerful organizational and strategic techniques to revitalizing the city1s financial system, identifies the simplest practices that different towns have used to foster financial improvement, describes how those practices will be utilized to New Orleans, and considers old traits and earlier improvement missteps.

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19 One of our interviewees, Dan Storper, head of Putumayo World Music, made a number of recommendations for music development in the city that are likely to have broader applicability to the city’s small-business sector. He noted that, despite the remarkable supply of musical talent in the city, New Orleans’s music community has not connected to the music world well and has failed to take advantage of its strengths to build the city’s music industry. Storper’s suggestions included quarterly seminars for the music community that would bring in experts in sales, marketing, and promotion, as well as agents and promoters, to help the local industry better understand how to sell, market, and promote its product and to provide opportunities to network within the community.

On the other hand, the biomedical cluster suffered serious damage with the closure of the Louisiana State University Medical Center and several other hospitals and the loss of a significant portion of its health professionals, as well as serious damage to much of its research capabilities. Moreover, although higher-education and research centers have mostly reopened, they have not yet regained the capabilities that were critical 6 New Orleans and Louisiana were collectively the third most frequent location for such production in the United States (BNOB, 2006).

Economic Development in New Orleans 23 nomic infrastructure is to the key selling points on which the different approaches depend. The buffalo hunt emphasizes low costs and a business-friendly image. The retain-and-grow approach emphasizes developing the infrastructure, labor, and government policies that support the growth of the city’s existing industries. The high-tech, high-growth industry approach emphasizes building the area’s education and research capabilities, as well as maintaining a quality of life that will attract highly skilled and highly educated workers.

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