The New Orleans Business Alliance and Mayor‚Äôs Office of Economic Development announced that the City‚Äôs sales tax revenue grew by 9.6 percent last year.
The key driver for the increased revenue was the attraction of nationally recognized retailers and developers, along with positive trends in population growth and visitor attraction efforts.
‚ÄúOur keen focus in attracting retail and development has allowed our residents to keep their tax dollars at home,‚Äù said Mayor Mitch Landrieu.
Over the last four years, more than 7,800 new jobs have been created in New Orleans, with a large number of these jobs attributed to the various retail and development projects secured and facilitated by the City.
The 108,763-square-foot Mid-City Market food shopping center which opened in July 2013 brought $40 million in investment and 500 new jobs.¬†Costco‚Äôs first warehouse in Louisiana opened in Sept 2013, creating 200 new jobs and a $21 million direct fiscal impact for the City over a 10-year period.
Both H&M and Tiffany & Co. opened their first Louisiana stores in Nov 2013, creating 70 and 21 new jobs respectively at the new stores in the French Quarter and the Shops at Canal Place. CVS and Big Lots stores in New Orleans East that opened last year are creating 50 new jobs, in addition to a $20 million renovation which has added 100,000 square feet of retail space at Algiers Plaza.
New Orleans economic development officials and the New Orleans Business Alliance have been working together to attract these and other retail and development projects. Last year, the U.S. Economic Development Administration gave them a $1 million grant to assist in the development and implementation of a five-year strategic plan called ProsperityNOLA to boost business and job growth.
Rodrick Miller, president and CEO of the New Orleans Business Alliance, said their efforts to attract retail over the last four years are yielding real benefits to the people of New Orleans.
Miller added that they have demonstrated that New Orleans is a viable market for retail growth as tax revenues increase and the people of New Orleans now have more options in quality shopping amenities.
The New Orleans Business Alliance and the Mayor‚Äôs Office of Economic Development made this announcement as City officials join Howard Hughes Corporation executives for the grand opening of The Outlet Collection at Riverwalk.
This $70 million redevelopment project is expected to create more than 1,600 permanent jobs, in addition to being America‚Äôs first outlet center in a downtown setting.