Business Facilities - August 2008 - (Page 38)

Growing Louisiana’s Workforce: High Tech Training for the New Economy In an effort to grow its economy and lure new industries to the state, Louisiana has passed several economic development initiatives and policies, including new legislation to reform the state’s workforce development system. By Jenny Vickers U niquely rich in geography, history, and resources, both natural and cultural, Louisiana is strategically located on the Gulf of Mexico, astride the mouth of the nation’s mightiest river, the Mississippi. Despite the devastation of Hurricane Katrina, Louisiana is bouncing back. According to research released by the federal Bureau of Economic Analysis earlier this year, Louisiana was ranked as one of 20 states with an economy growing faster than the nation as a whole. Of a dozen southeastern states, Louisiana’s growth rate placed second only to Georgia. Government leaders have helped boost Louisiana’s economy through the passage of several economic development initiatives and policies, including the Gulf Opportunity Zone, one of the most aggressive AUGUST 2008 business incentives in U.S. history. According to Louisiana Forward, the state’s economic development agency, Louisiana has seen significant growth in high tech industries such as advanced materials, digital media, and life sciences. To help meet the needs of Louisiana’s growing high tech economy, train workers, and provide companies with greater access to economic services, Louisiana Governor Bobby Jindal and lawmakers passed several key funding initiatives and approved of legislation to reform the state’s workforce development system, including: • The Mega Project Fund, a $404 million immediate fund for all or a portion of economic development mega-projects. • The Small Business Bonding Program, a $5-million fund to provide financial assistance to small businesses. • The Workforce Training Rapid Response Fund, a $10 million annual fund that will address immediate training needs for new or expanding businesses in the state at community and technical colleges, and fund training for high-demand, highcost training programs. • The Louisiana Fast Start Program, a $3 million fund that will help attract new industry into the state by delivering comprehensive workforce training services, pre-employment recruitment, and customized, jobspecific training. Prior to these initiatives, business owners faced hurdles when trying to access state programs. Now, companies will have greater access to a comA S P E C I A L A D V E RT I S I N G S E C T I O N O F B U S I N E S S FA C I L I T I E S 38

Table of Contents Feed for the Digital Edition of Business Facilities - August 2008

Business Facilities - August 2008 Contents First Word Snapshots Corporate Moves: Florida Economic Development 2.0 Everything's Big in Texas Aerospace Sites: Poised for Takeoff The Nebraska Advantage Metro Spotlight: Cullman, Alabama Special Focus: Louisiana Industry Focus: Financial Centers Advertiser Index Inside LiveXChange

Business Facilities - August 2008

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