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 has 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
is comprised of four phases:
- Airport Park
Analysis: This phase is focused on the Beauregard Airport and its
industrial park, a significant potential opportunity to develop the
northern edge of the region. The
Analysis will consist 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
will determine what the area needs in order to meet qualification
requirements to obtain certification as a mega site.
- Competitive
Snapshot: This report will evaluate
the current competitive position of the region holistically by examining
its strengths and its existing barriers to increased competitiveness. The Competitive Snapshot will analyze 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 will also serve to assess the
original “On the Move” plan and the Alliance’s capacity to effectively
implement it.
- Target
Business Review: Because the “SWLA
on the Move!” strategy indicates the need for diversification in the
Southwest Louisiana economy. The Target
Business Review
will provide quantitative and qualitative research to confirm existing
targets and to identify potential opportunities. Southwest
Louisiana’s existing target business sectors will be assessed 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.
- Implementation
Action Plan: This phase which will provide 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 will also provide 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.
Upon completion of the process, Southwest Louisiana will
have 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 aerotropolis.