Over the weekend, Area Development reported on Louisiana’s recent economic development boom across key sectors including oil and gas, petrochemicals, and advanced manufacturing. The state’s gross domestic product (GDP) hit an all-time high of $255.5 billion in the fourth quarter of 2018 and through July 2019, Louisiana secured 37 major projects that accumulated $7.6 billion in new capital investment. According to a Louisiana Economic Development spokesperson, the investment will create over 6,400 new jobs for the region. This development is especially positive for Louisiana’s workforce, the article notes:
“Over the past decade, Louisiana has invested nearly $300 million in higher-education initiatives to broaden training in energy, manufacturing, advanced manufacturing, software/IT, and other STEM (science, technology, engineering, and math) sectors.”
Both manufacturing and the oil and gas industries are identified as experiencing massive expansion within the state. The demand for manufacturing in Louisiana has been met with workforce development initiatives to ensure that potential employees are well-trained and prepared to perform in unique manufacturing roles. According to the article, Louisiana’s oil and gas industry is among the “strongest and most traditional industries”. The article describes the role of energy development in the state:
“The $20 billion Cheniere LNG facility at Sabine Pass, the largest LNG complex in the U.S., is expanding. Four liquefaction units are fully operational, with a fifth unit nearing completion. Production units are coming online at Sasol’s $12.9 billion chemical complex near Lake Charles, which includes an ethane cracker and six downstream chemical plants. And Venture Global has also proposed three multibillion-dollar LNG projects along Louisiana’s Gulf Coast.”
Louisianians for Energy applauds the continued investment in workforce development and energy projects. The state’s capital investment gains and rising GDP are positive factors that should encourage local leaders to continue this momentum and invest in energy infrastructure.