Baton Rouge, La. - Earlier this week, Louisiana Governor Jeff Landry signed a new bill promoting Louisiana's economic development.
SB 494, known as the "Positioning Louisiana to Win" bill, modernizes the organizational structure of economic development in the state so it can better attract new businesses and support already established businesses more effectively.
The bill signing coincided with LED Secretary Susan B. Bourgeois’ announcement of her senior leadership team, which adds extensive private sector, economic development, and change management experience at a pivotal moment in the agency’s history.
“Today, we are taking the first big step toward restoring Louisiana’s position as the economic powerhouse of the South,” Governor Landry said. “We have always had the most skilled and dedicated workers, the richest natural resources, and the best location for national and international commerce in the country. Now, with the signing of this bill and the leadership of Secretary Bourgeois, we can finally take full advantage of all the things that make Louisiana so special and give our workers and their families the future they deserve.”
The new legislation not only supports economic growth in the state but also establishes a private sector-led board - the Louisiana Economic Development Partnership (LEDP) - charged with strategically developing a plan on advising policies, programs, and initiatives that promote economic growth within the state. It also provides the agency with critical flexibility to operate at the speed of business by exempting it from state procurement and technology services bottlenecks.
By eliminating the statutory requirement that the governor appoint an Assistant Secretary and Undersecretary, SB 494 gives the LED secretary flexibility to create a leadership structure that best serves the agency’s current needs. Bourgeois was joined at the bill signing by her newly appointed executive team whose biographies can be read at OpportunityLouisiana.com.
The new legislation brings LED’s organizational framework in line with the best practices of other state economic development agencies such as Virginia, North and South Carolina, and Georgia as highlighted in a recent Louisiana Legislative Auditor report. It also follows the recommendations of a study commissioned by the Committee of 100, a private nonprofit organization whose members include CEOs of leading private and public companies and Louisiana university presidents.
Based on national research, it is safe to say that the signing of this bill marks a new day in Louisiana's aggressive pursuit of economic growth to ensure a better Louisiana for everyone.
