Southwest Louisiana
Economic Development Strategy
A region of five parishes, Southwest Louisiana has been forward-thinking in its quest to increase its competitiveness with the development of a strategy called “SWLA on the Move!—Creating Prosperity Together” by the SWLA Economic Development Alliance. Since the creation of the strategy, however, many challenges, including Hurricanes Gustav and Ike and the current economic crisis affecting the country, have affected the dynamics in the region. In an effort to boost the region’s ability to compete, the SWLA Economic Development Alliance hired Market Street to explore the overall conditions in the region and update and tailor the existing “On the Move” strategy to its current economic and demographic reality.
The Economic Development Strategy process was comprised of five phases:
1. Airport Park Analysis: This phase focused on the Beauregard Airport and its industrial park, which provide a significant opportunity to develop the northern edge of the region. The Analysis consisted of two components, an Existing Research Review, a review of all available existing research conducted for the Beauregard Airport to identify the starting point and key trends, competitive issues and opportunities, and ongoing activities related to economic development in the city, and a Mega Site Feasibility Assessment, which determined what the area needs in order to meet qualification requirements to obtain certification as a mega site. Recommendations included continuing efforts to expand and upgrade the infrastructure, participate in the Louisiana Mega-site program, pursue FEMA administration and staging expansion, support the expansion of Fort Polk, and establish the airport and industrial park as a multi-modal site.
2. Competitive Snapshot: This report evaluated the current competitive position of the region holistically by examining its strengths and its existing barriers to increased competitiveness. The Competitive Snapshot analyzed a combination of factors pertaining to “people, place, and prosperity” that determines a community’s competitiveness as a place of business for existing, expanding, and relocating companies and entrepreneurs. This phase served to assess the original “On the Move” plan and the Alliance’s capacity to effectively implement it.
3. Target Business Review: To facilitate the diversification of the regional economy, the Target Business Review served to provide quantitative and qualitative research to confirm the region’s previous targets and to identify potential opportunities. Based on key quantitative and qualitative information, including national economic trends, existing regional assets, and an understanding of key competitive advantages such as workforce skill levels, geography, and infrastructure, the region’s targets were identified as healthcare, aerospace and defense, supply chain management, sustainable and traditional energy, and gaming and tourism.
4. Implementation Action Plan: This phase identified three goal areas:
- Balance Southwest Louisiana’s Economy;
- Develop a Strong Talent Pipeline; and
- Expand Regional Leadership.
This phase also provided a confirmation of the estimated budget of the “SWLA on the Move!” strategy, specific steps for its implementation, and a strategic plan specifically related to the airport park. This report also presented to the Alliance an Action Timeline, detailing a first year plan of action steps and activity measures and outcome benchmarks that will enable the Alliance to track progress towards implementation and communicate to program funders the return on their investments.
5. Implementation Assistance: During the first six months of implementation, Market Street provided the Alliance with recommendations, operational support, and facilitation assistance as it realigned its staff and volunteer structure, formed work groups for each goal area, and formed two of five business councils.
Through the SWLA on the Move!—Creating Prosperity Together campaign, Southwest Louisiana now has a consensus-based, achievable Implementation Action Plan that will propel the achievement of the objectives outlined in the “On the Move” strategy and guide the Alliance in developing a well-diversified region.