Film industry helps Louisiana earn Top 10 state ranking
This November, Louisiana earned a first ever spot in the Top 10 for the annual Site Selection Magazine “Business Climate Rankings”. The list is intended to rank each state based on their business climate within the state as well highlight positive trends and best practices. Those states ranking in the Top 10 are considered to have the most favorable environment to support business development for the year the survey is conducted.
Louisiana Earns Highest Ever Ranking
Louisiana’s #9 overall ranking is up from its ranking of 25th in 2009 and is also the first time Louisiana has appeared in the top 10 in the
18-year history of the publication’s rankings. Louisiana also ranked #7 for one of the individual aspects of the study – the Executive Survey.
It is also worth noting that the top 10 list includes 8 southern states.
How Rankings Are Determined
In order to determine rankings, Site Selection combines statistics including new and expanded facilities with a survey of executive level corporate site selectors.
Some of the factors considered include:
- Numbers of new and expanded facilities
- Work force skills
- State / local tax issues
- Transportation infrastructure
- Incentive programs
- Land / building costs & supply
Local Factors Contributing to Improvement
Louisiana businesses leaders can point to a number of factors which contributed to the improvement in the state’s rankings on the report. Chief among these factors are the continued growth of the local Louisiana film industry and the growth of mid to large sized businesses.
Louisiana’s film industry has benefitted from a number of trends including:
- Extension of lucrative film tax incentives
- Cut backs in incentive programs by many competing states
- Improving infrastructure supporting the industry including locations and crew
- Growing reputation of Louisiana as “LA South”
As of July of this year, 24 films had been shot in the city of New Orleans alone, making this a record-breaking year for the Louisiana film industry.
Additionally, 2010 has proven to be a good year for business expansion in Louisiana. Among the notable companies either expanding or re-locating to Louisiana include Blade Dynamics, Globalstar, Folgers, Atlantic Metrocast, and The Receivables Exchange.