Rebuilding the Gulf Coast Economy

A series of editorials by AngelouEconomics

As the world watches in anguish the devastation of hurricanes on the Gulf Coast, we naturally seek to find ways to assist our fellow citizens with rebuilding their lives. As economic development practitioners, we are each reviewing our best playbooks for initiatives that have helped other distressed areas recreate themselves.

While stabilizing communities and re-establishing basic services will dominate government efforts in the short-term, officials will be faced with the daunting task of rebuilding a shattered economy. The Gulf Coast states must begin to create an environment that can once again service the needs of high impact employers and industries. Where do local and state government leaders begin, and what should these economic development efforts look like? AE will provide insight into these and other questions in upcoming newsletters.

Gulf Coast Recovery is Ready to Go - Hurricane Katrina GO Zone Incentives

March 2006

The Gulf Opportunity Zone Act of 2005, signed into law by President Bush on December 21, 2005, contains significant economic incentives to rebuild the Gulf Coast, as well as to attract new investments to the affected areas. Modeled after the New York Liberty Zone incentives created for parts of lower Manhattan after the 9-11 disaster, these incentives are intended to stimulate rapid, private investment within the Gulf Opportunity Zone (GO Zone). These economic incentives are so significant that any business considering an investment in new, replacement or expanded operations, buildings or equipment within the GO Zone should consider how to employ these incentives to the fullest extent possible. 

Click here to read the third editorial in this series and learn more about the GO Zone incentives.

After the Storms - Recreating the Gulf Coast

February 2006

After the devastation of Hurricanes Katrina and Rita, economic development professionals were faced with the nightmarish task of survival, rescue, and rebuilding, all with a potentially shattered economy. With strategic thinking and thoughtful planning, the Gulf Coast region can recreate itself as a global economic base in the years ahead. Click here to read the second editorial in this series.

Rebuilding the Gulf Economy

November 2005

What was the economic impact of Hurricane's Katrina and Rita on the Gulf Coast Economy, and what should economic developers immediately do to begin rebuilding the local economy?  Beyond direct payments to displaced families and infrastructure reconstruction projects, long-term efforts will focus on financial incentives to spur new investment.  Click here to read the first editorial in the series.