By Kevin F. McCarthy
According to the present scenario in New Orleans within the aftermath of typhoon Katrina, this document offers techniques relating to powerful organizational and strategic ways to revitalizing the city1s economic system, identifies the simplest practices that different towns have used to foster financial improvement, describes how those practices could be utilized to New Orleans, and considers ancient developments and earlier improvement missteps.
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Additional resources for An Economic Development Architecture for New Orleans (Technical Report)
Finally, a dynamic small-business sector accounted for 40 percent of the city’s employment (BNOB, 2006, p. 7). In addition, MetroVision’s pre-Katrina report on cluster development in southeast Louisiana identiﬁed nine diﬀerent industrial clusters (each containing a set of detailed industries) that could serve as economic drivers in the region (MetroVision, 2001; see also DADCO, 2002). It sorted those clusters into four diﬀerent categories based on future growth prospects and the industries’ current levels of maturity.
Summary Our review of the economic development eﬀorts of 17 cities has revealed several important lessons. t A successful economic development program requires a comprehensive design, an appropriate organization, and an eﬀective implementation plan. t A clear and comprehensive design starts with a vision of what the development authority and community are trying to accomplish, includes an appropriate plan or approach to achieve that vision that includes the identiﬁcation of industries to target with the strategy, and a commitment to make the improvements to the area’s economic infrastructure that will promote the growth of those target industries.
Implementation Phase The ﬁnal component of these economic development programs includes four tasks: choosing a set of priorities among the various activities to be performed, setting up a schedule outlining short- and long-term goals, identifying a set of metrics to assess the progress in meeting these goals, and establishing a mechanism to review and revise the plan as experience warrants. As we discussed earlier, a comprehensive economic development plan includes a strategic approach, a set of target industries, and a list of desired improvements to the local economic infrastructure.