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Economics in Louisiana

Economics in Louisiana. Understanding Louisiana’s natural, capital, and human resource contributions. Economic History.

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Economics in Louisiana

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  1. Economics in Louisiana Understanding Louisiana’s natural, capital, and human resource contributions

  2. Economic History Many times throughout history, Louisiana has been a world leader in cotton, sugarcane, and tobacco production. Vast fortunes were made by farming these crops. During prosperous times, farmers strengthened the local economy by making generous purchases at local stores and restaurants. However, other regions began growing the same crops, which created competition. Crop prices fell, and many Louisiana farmers struggled to make a living.

  3. State Government’s system of raising money for goods and services we use. Income Tax- based on personal income and assessed by both State and Federal gov. Property Tax- parish assessment based on home and property values Others: Sales taxes, gasoline taxes, user fees Taxes and User Fees

  4. Most important LA Industries Natural Gas (2nd leading producer) 16% of the Nation’s natural gas Discovered in 1870 Oil (3rd leading producer) 15% of the nation’s oil 1901- 1st successful oil well drilled 3rd leading oil refinery in the US Oil and Natural Gas Quick Facts: Quick Facts:

  5. Sulphur (1894 discovery by Herman Frasch) Salt (nation’s biggest producer) Lignite coal (est. 1985 in the Dolet Hills) Gypsum (gravel ) Pointe Coupee and St. Helena (clay, cement, ceramics, bricks, and tiles) Reuben Drake’s salt works Minerals

  6. sweet potatoes and sugarcane (2nd largest producer) rice (3rd largest) Cotton (5th largest) Strawberries, peaches, oranges Corn, wheat, cattle, sheep, chickens Syrup – world’s largest mill located in Abbeville, LA Perique tobacco- St. James Parish is the only region in the world to grow it. Agriculture and Livestock

  7. Fishing • 2nd most important industry • Production: • Fish (1/3 of United State’s harvested fish (game and commercial) • Shrimp (about 100 million pounds) • Oyster (15 million pounds) • Aquaculture (commercial ponds)

  8. Forestry Vital part of LA’s economy • Approximately 14 million acres (produces lumber, paper plywood, particle board) • Most southern pine production • World’s largest cypress lumber mill (St. Mary Parish)

  9. Manufacturing • Principal industrial areas: • Shreveport • Baton Rouge • New Orleans • Lake Charles • Two largest • AT&T (telephones and electrical equipment) • Avondale Industries (commercial and military vessel builders) • Others • Martin Marietta (NASA fuel tank builders) • CIT-CON (nation’s largest lubricant and wax producer) • GM

  10. Tourism and Conventions • About 16 million visitors a year • approximately $7.8 billion impact on economy • Provides over 112,000 jobs • Historic preservation, food, music, diverse culture, etc.

  11. Trade LA plays a major role in national and international trade • Most shipped goods to other countries (about ¼ of the nation’s ship-carried goods) • 5 of the nation’s 12 busiest seaports • Ex. Ports of New Orleans (3rd busiest in the world), Baton Rouge, Plaquemines, Lake Charles, Southern LA • Foreign countries established business here ($16 billion investments)

  12. Hurricane Katrina and Rita, 2005 Devastated New Orleans Severely disrupted the economy $120 billion in funds to the Gulf coast population was depleted, many did not return Damaged residential and commercial properties Jobs lost Restoration of infrastructure needed 2008 Hurricanes Louisiana’s Economic Future

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