2024 Year in Review: New Orleans scores economic development wins amidst Super Bowl preparation year

Can a city still score major economic development wins amidst a year of getting ready to host the Super Bowl? Emphatically, from atop the rooftop of the Caesars Superdome, New Orleans has shouted ‘Yes’, to the tune of billions of dollars in investments in 2024.

New Orleans will host Super Bowl 59 on Feb. 9, 2025. It will be the 11th time the city has hosted the big game, which is projected to have an economic impact of more than $500 million to Louisiana from the more than 70,000 out of state game attendees and more than 6,000 credentialed media members traveling to a city that largely depends on tourism and hospitality.

But that is the story for 2025. The year 2024 can be characterized as the story behind the scenes in which billions of dollars were invested across many New Orleans industries as the city’s economic development efforts continued to move forward. This high level of investment took place as city officials are still racing a mad dash towards the Super Bowl finish line, completing infrastructure improvements to downtown New Orleans, while corporations and venues did a lot of ribbon cutting in 2024, showing off multi-million-dollar construction projects.

In addition, airlines added travel destinations to and from New Orleans. Real estate companies merged amidst a challenging year of rising interest rates, increased insurance premiums, and the burden of inflation on homeowners. Two financial companies are now trading publicly. Private company revenues soared. New Orleans companies reinvested and expanded across the metro area. Higher education saw record-breaking workforce and research grants.

From Gayle Benson and Taylor Swift to Brangelina and Nicholas Cage, New Orleans CityBusiness looks back at the top business headlines from 2024 – economic development wins, construction project completions, industry news, major headlines from the top private and public companies across the Greater New Orleans metro area, and the most read stories by our readers.

Gayle Benson and Taylor Swift

How much of an economic impact can one person have from being in New Orleans for just three calendar days in 2024? $200 million is a number that only “Swifties” can understand.

The Taylor Swift Eras Tour touched down upon New Orleans for three nights from Oct. 25-27 at the Caesars Superdome. The three performances – selling out every night at a total of close to 200,000 tickets – had an estimated economic impact of $200 million. The U.S. Travel Association estimates that the average Swift concert ticket goer spends $1,300 on travel, hotels, food, merchandise, and costumes. Downtown hotels were also sold out for most of the weekend. New Orleans & Company reported 100% occupancy on Friday and Saturday nights and 80% occupancy for Sunday night of the 26,000 hotel rooms across the CBD, French Quarter and Warehouse District. New Orleans was one of 23 U.S. stops on the Eras Tour, which is the highest-grossing concert tour of all time.

Do not let the 2024 performance of both the New Orleans Saints and Pelicans distract you from the economic development impact Gayle Benson is having on the city of New Orleans.

Benson’s business headlines began in April when Benson acquired seven Ray Brandt dealerships and collision centers. The Benson automotive portfolio now includes more than 10 companies and 500 employees across the Gulf South. Gayle is the widow of the late and former Saints owner Tom Benson, who owned more than 30 auto dealerships across Louisiana and Texas.

Benson’s business ventures don’t stop in the automobile industry. In addition to the upwards of tens of millions of dollars donated by the Gayle and Tom Benson Charitable Foundation to local health care and higher education efforts, Benson Capital Partners has invested in New Orleans startups and real estate ventures. Since 2019, BCP has raised two funds – venture capital and real estate – to pursue investment opportunities across the Southeast, and to spur innovation.

BCP’s $56 million VC fund is aimed at early-stage companies focused on robotics, consumer apps, biotech, industrial tech, and other high-growth areas. BCP’s first investment was in AxoSim, a New Orleans-based biotechnology company. In July 2024, hampr, an app-based wash and fold laundry service, received a minority capital investment from BCP.

In August, Glass Half Full secured a $6.5 million investment by BCP; in November, New Orleans-based technology firm Prokeep raised a $25 million Series A funding round, which included investment from BCP; and in December, BCP invested in OS BENEFiTS, a New Orleans-based provider of affordable health insurance and wellness benefits for the U.S. hospitality industry.

The BCP Real Estate Fund has more than $50 million in commitments from 10 investors. BCP announced eight real estate investments over the last two years, including three in Louisiana. In June, BCP announced two real estate deals in Georgia and Texas, and in November, the new luxury boutique group Hotel Perle on St. Charles Ave. received partial financing from BCP.

Benson’s business success has landed her for the second consecutive year on the Forbes “Richest People in the World” for 2024. Benson ranks No. 487 at $6.1 billion, compared to her $4.7 billion net worth value on the 2023 list, and she was joined this year by fellow Louisiana businessman Todd Graves, the founder of Raising Cane’s Chicken Fingers. Graves made his debut on the list at No. 275 with a net worth of $9.1 billion. Both Benson and Graves were also named to the “Forbes 400 List of the Wealthiest Americans”, along with Louisiana’s William Goldring, chairman of the Sazerac Company (valued at $7 billion).

Top Economic Investments and Projects in 2024

From stories of billionaires to billion-dollar economic development projects, our 2024 Year in Review continues with one of the largest private capital investments in the state’s history.
An early Christmas present to Louisiana arrived on Dec. 4 as Meta, the parent company of Facebook and Instagram, announced it will build a $10 billion AI Data Center in Richland Parish in Northeast Louisiana. The location will be at the 2,250-acre former Franklin Farm megasite that sits between the municipalities of Rayville and Delhi, about 30 miles east of Monroe. Louisiana Economic Development (LED) estimates the project will result in 1,500 potential new jobs. The company also estimates 5,000 construction workers at peak of construction. Meta expects construction to continue through 2030 with site work beginning in December. The company has also committed to investing more than $200 million in local infrastructure improvements, including roads and water systems.

“This project is an example of what Louisiana can accomplish when economic development partners play offense rather than waiting for good projects to come to them,” said LED Secretary Susan B. Bourgeois. “Meta’s historic investment is just the beginning of a bold strategy to drive economic growth through AI, expand and diversify the state’s tech sector, and prove to the world that when Louisiana says that we are ready to compete on the global stage, we mean business.”

One week later, Louisiana scored its second technology industry win, this time closer to home. Chicago-based AI company Copado announced an innovation office in New Orleans at The Shop at CAC (900 Camp St.). Copado creates AI-powered DevOps software for business applications and works with major brands such as Coca-Cola, T-Mobile and Volkswagen. The opening is expected to result in 20 direct jobs, 11 of which have already been hired, with average salaries around $80,000. LED estimates the project will result in an additional 23 indirect new jobs, for a total of 43 potential new jobs in the Southeast Region.

In August, Bunge, a tropical and specialty oil facility in Avondale, announced the infusion of $1 billion into the New Orleans area to grow the Jefferson Parish facility into one of the largest in the U.S. Jefferson Parish leaders say the announcement positions Jefferson Parish as a global destination for food product manufacturing. Bunge has approximately 23,000 employees companywide, working across approximately 300 facilities in more than 40 countries. The local expansion will include a new vegetable oil processing line as well as additional structures to support increased production at the facility. Bunge employs 50 people at the 15-acre plant. The amplified output will require additional employees to be hired. The expanded facility will connect with the existing Bunge facility and is expected to be commissioned by the end of 2025.

In September, Toronto-based Woodland Biofuels, Inc. announced a $1.35-billion investment at the Globalplex multimodal facility at the Port of South Louisiana in Reserve. The St. John Parish production facility, one of the world’s largest renewable biofuels production facilities, would utilize waste biomass to produce sustainable biofuel used in transportation, heating, and electricity generation. A front-end engineering design (FEED) study for the site is anticipated to be finalized by the second quarter of 2025, with a final investment decision expected by the end of next year. Commercial operations for the first phase of the project – the renewable natural gas production plant – are projected to start in 2028. Woodlands Biofuels estimates that the project would create approximately 500 construction jobs and 110 direct new jobs with an average annual salary of more than $90,000, upon completion of the facility.

In September, touted as the largest expansion in Slidell Memorial Hospital’s history, SMH unveiled its $52 million, three-story and more than 60,000-square-foot Surgical Services and Patient Care Tower. The tower, located on the main campus, features a new set of operating suites, an Intensive Care Unit and in-patient Medical/Surgical Unit equipped with private rooms that can be converted to negative pressure, enhancing SMH’s ability to treat airborne illnesses. SMH also invested in new technology, such as the da Vinci 5 surgical robot, to deliver innovative surgeries. A separate project phase will refit the old operating room space into a pre- and post-operative services unit that will tie into the new surgery floor.

In October, Graham Packaging announced a $35 million investment to expand and modernize its production facility in Tangipahoa Parish. Graham Packaging is a global leader in the design and manufacturing of innovative and sustainable packaging solutions. The expansion will allow Graham Packaging to acquire advanced equipment, increase workforce skills, and retain more than 100 jobs at its Hammond facility. The company will integrate new equipment into its location at 311 Pride Drive in Hammond before the end of the year and estimates that enhancements will be completed in 2027.

A $30 million Amazon same-day delivery warehouse facility is being built in the Elmwood Industrial Park Subdivision in Jefferson Parish. Construction work began in September. Amazon said the facility will create 150-200 jobs with an average pay of $20.50 an hour with benefits.

Local construction firm RNGD is building a $25 million headquarters in Jefferson Parish. A Palmisano company, formerly known as Impetus, will consolidate its Southeast manufacturing operations, training center, and corporate headquarters in Jefferson Parish. RNGD’s current corporate headquarters is located at 1730 Tchoupitoulas St. in New Orleans. The company also owns a manufacturing and fabrication facility on Earhart Expressway in Labarre Business Park. RNGD will build upon that Jefferson Parish space, purchase adjacent property, and create a dynamic new corporate headquarters and training complex. The eight-acre campus, which will break ground July 1 and be completed by January 2025, will include a 30,000-square-foot office building, a 25,000-square-foot training center, an expanded 80,000-square-foot manufacturing facility, and parking for 200 vehicles.

In April, S&W Wholesale Foods announced a $21 million expansion of its  facility off Hwy. 190 in Hammond. It will increase operational capacity and efficiency for the largest locally owned independent foodservice supplier in Louisiana, founded in 1978. S&W Foods serves clients throughout the Gulf Coast and has partnerships with local companies, ranging from Cajun Chef to LA Fish Fry, and with globally recognized brands, such as Kraft Heinz and Nestlé.

In September, Monroe flexible film and bag manufacturer Mid South Extrusion announced a $17 million investment at its Ouachita Parish facility. The installation of two state-of-the-art blown film extrusion lines is underway, and they are expected to be commissioned by August 2025.
Additional economic development announcements in 2024 included:

• Pigéon Catering & Events completed its move to Jefferson Parishin April with the relocation of its manufacturing arm, Carnival Culinary Solutions, to 803 Jefferson Hwy. In November 2023, Pigéon announced the move from 5900 Front St. in New Orleans. The company completed a $6 million renovation and transformation of a 55,000-square-foot former vodka distillery into the company’s new headquarters that will house Pigéon Catering, Carnival Culinary Solutions, and the new Le Provisions gourmet market.
• Laborde Products will invest $5.85 millionto add 25,000 square feet of a new operations center and warehouse to its Covington headquarters at 74257 Highway 25. The marine engine and distribution company will expand research and development efforts as the company aims to broaden its range of innovative products built in St. Tammany Parish. Construction is expected to begin in the coming months and be completed by the end of next year with operations starting in early 2026.
• Horsburgh & Scott, an international manufacturer, built a $4.9 million, 32,000 square foot facility in Slidellfor the repair, service, and assembly of industrial gears and gearboxes for the defense industry. The Cleveland-based company announced 40 direct new jobs at an annual average salary of more than $100,000 at its new facility located at Town Center Pkwy., off LA 443/North Old Spanish Trail.
• A $3 million New Orleans Transloading Industrial Park will open in New Orleans Eastas a result of the efforts of the New Orleans Public Belt Railroad and Heniff Transportation Systems, LLC. Heniff will manage the rail transloading services. The Transloading Industrial Park – which will enhance rail infrastructure, provide multi-modal shipping options, and help shippers move goods more easily between trucks and trains – is located on Terminal Road and on property owned by the Port of New Orleans (Port NOLA).
• ADVANO opened its new materials pilot plantin February at the New Orleans Regional Business Park in New Orleans East, across the street from NASA’s Michoud Assembly Center. ADVANO, which has developed proprietary silicon technology for lithium-ion batteries, will increase the delivery of REALSi™, and the facility will enable the New Orleans-based company to enter EV qualification programs. ADVANO will hire an additional 25 employees to add to its current size of 15 employees.
• TCI Tank Logistics, in September, announced a $2 million investmentto add 1,200 linear feet of new rail that will tie into the New Orleans Public Belt and that will service customers at the Port of New Orleans. Construction is anticipated to begin in November at TCI Tank Logistics’ facility at 4001 France Road. The company expects to complete the project and begin transloading products through the new rail in April 2025. The rail will create 40 new direct jobs over the next 10 years with an average annual salary of $60,000, while retaining 41 jobs in Orleans Parish.
• Abita Brewing Company is expanding to the Southshore, announcing an early 2025 opening of its second brewery location at the corner of Tchoupitoulas St. and 1st St. The company’s Northshore location is at 21084 LA-36 in Covington. Visitors can now learn about the brewery’s history and brewing techniques, while exploring signature brews at either the flagship brewery on the Northshore or the new location on the Southshore. In addition to the brewhouse and tasting room, the Abita Southshore facility will be able to host events and community gatherings to support local projects.
• Pelican Energy Consultants LLC has a new corporate headquarters in Covington. The company invested in a 48,000-square-foot office building at 4099 Hwy. 190 East Service Road in Covington.The local privately held consulting engineering firm specializes in carbon capture; utilization and sequestration facilities design; gas processing and storage; gas and liquid transportation systems; liquid storage terminals; oil and gas processing; refining; and chemical processing.

Also, on the economic development front in 2024, Greater New Orleans Inc. celebrated its 20th anniversary. The economic development nonprofit has aided in $40 billion of investment, and helped create more than 16,000 jobs with an annual salary of $78,000 (44% above average). Business development wins have included the $5 billion St. Charles Clean Fuels project; Big Fish Games from Seattle opening a new studio; and Shell announcing its new headquarters in the $1 billion River District. GNO, Inc. helped secure public policy wins in reforms for insurance, millions for early childhood education, and securing primacy for carbon capture for Louisiana.

Workforce victories have included a new partnership with NASA and Boeing for aerospace, and Louisiana named No. 1 in the USA for “Tech Talent Pipeline”, while economic mobility wins included the growth of the HBCU Innovation Internship program with Dillard, Southern, SUNO, and Xavier. Entrepreneurship wins included a partnership with OHUB, which started a tech accelerator for 50 minority-led startups, five of which will receive $250,000 each.

Major Construction Projects Cross the Finish Line, While Others Continue

Did the real Caesar live here? No, but he probably wishes he had given the $435 million investment into Caesars New Orleans Hotel & Casino. The transformation is complete of Harrah’s into Caesars New Orleans. The downtown casino on Canal Street that has been in business for 25 years is fully renovated. On Oct. 22, Caesars Entertainment celebrated in true New Orleans fashion with a second line band that processed from outside to inside the casino.

“We’re incredibly proud to officially introduce Caesars to New Orleans,” said Caesars Entertainment President & COO Anthony Carano. “From local favorite Emeril Lagasse to our long-time partner, Chef Nobu, to the beautiful state-of-the-art Caesars Sportsbook, all-new rooms and gaming floor, and of course, our gorgeous new center bar, Octavia, Caesars New Orleans offers something for everyone. It’s a world-class resort in the heart of the Big Easy and we can’t wait for our guests to experience it.”

Caesars New Orleans boasts nearly 800 hotel rooms between its two hotel towers – the new Caesars Tower and the original hotel tower on Poydras Street. The casino has more than 150,000 square feet of upgraded gaming and dining space, featuring more than 1,300 slot machines, 120 table games, a 20-table World Series of Poker Room®, three outdoor gaming courtyards, and a 5,700-square-foot state-of-the-art Caesars Sportsbook. Additionally, the property offers culinary experiences, including Louisiana’s first Nobu, Emeril’s Brasserie by Emeril Lagasse, a celebrity-driven food hall featuring options by Bobby Flay, Buddy Valastro, and Nina Compton, and the new bar dubbed Octavia. Caesars originally opened as Harrah’s New Orleans Casino in 1999.

The Caesars brand continues to shine brightly into the $560 million renovations that were completed this year in the Caesars Superdome. The project, which began five years ago, is funded by the New Orleans Saints, Louisiana Stadium & Exposition District (LSED), and the State of Louisiana. The renovations preserve the character of the building’s iconic exterior, while elevating its overall functionality and the gameday experience.

“The event and game day experience has improved tremendously,” said Evan Holmes, General Manager at Caesars Superdome, Smoothie King, and LSED Properties. “We have a Superdome that our fans and our city deserve – more efficient, more space, more options, and the time to get in your seat, even when you’re on the 500 or 600 levels, has been dramatically reduced with our escalators leading up to all the levels.”

The renovations have included wireless and cellular upgrades, field level end zone suites, wider concourses, redefined entrances, escalators to upper levels and removal of ramps, vertical transportation upgrades, three new atriums, new premium spaces, two 40-yard bars, new and expanded bathrooms, enhanced accessibility for disabled and guests with sensory issues, and transformed food and beverage service with back-of-house upgrades, among additional upgrades.

A diversity of food and beverage options have been added, and improvements have been made to shorten wait times. Formerly, there was one checkout for every 150 visitors; now there is one for every 90, including many AI-assisted self-checkouts. Additional eateries for this season include Beau Coup Barbeque, Big Freezy, Crescent City Sausage, Bienville Burger Bar, Delta Roost, 504 Eats, Dressed or Not New Orleans PoBoys, Magnolia Mezze, Mercado Tortillas, Parish Pizza and Provisions, and Bayou Kitchen & Market, among others.

Work on the $2.4 billion Joint Infrastructure Recovery Response (JIRR) program continued in 2024 as the City of New Orleans restores damaged infrastructure including street, sewer, and water repairs. FEMA granted an extension to the City through 2026 to finish the JIRR program, which coincides with the end of New Orleans Mayor LaToya Cantrell’s second term. New Orleans is rebuilding 400 miles of road and infrastructure. Thus far, since May 2018 when the JIRR program commenced, the City’s Department of Public Works (DPW) has partnered with the Sewerage and Water Board of New Orleans (SWBNO) to complete more than 200 projects with an estimated value of more than $1.4 billion.

A $1.8 billion Louisiana International Terminal will be constructed on 1,100 acres in Violet in St. Bernard Parish and will be able to serve vessels of all sizes, increasing Louisiana’s import and export capacity. In January, the largest public economic development project in the state’s history received the biggest economic development grant in Louisiana history. Port NOLA received a $226 million federal grant to support LIT. which by 2050 is expected to generate 32,000 new jobs nationwide, 18,000 in Louisiana and 4,300 in St. Bernard Parish as well as more than $1 billion in total new state and local tax revenue.

The project will be built through a public-private partnership between Port NOLA and two private terminal operators. New Jersey-based Ports America, one of North America’s largest marine terminal operators, and Geneva, Switzerland-based Mediterranean Shipping Company, through its terminal development and investment arm Terminal Investment Limited (TiL), have committed $800 million. In December 2023, LIT received $73.77 million from the federal government’s infrastructure funds, including the Department of Transportation’s $5 billion Mega Grant program, part of the $1.2-trillion Infrastructure Investment and Jobs Act.

LIT is halfway through the federal permit process with the Army Corps of Engineers and the environmental review process. Port NOLA hired an outside consultant to conduct a range of studies addressing concerns raised by the public. When the studies are complete, the results will be provided to the Army Corps of Engineers to review and utilize as they see fit in their permit decision. Following the permits issued, the construction contracts will be awarded in 2025.

There will be a phased opening beginning in 2028 and lasting through the year 2031. The container terminal is anticipated to open in 2028 with one ship berth (wharf), enabling a throughput of 180,000-280,000 containers in the first year. The number of containers traveling through the terminal will grow over time as the terminal is built. It is estimated by port officials that it may take 25 years to reach the terminal’s maximum annual capacity, which is 1.2 million containers (2 million TEU (Twenty-Foot Equivalent Unit)) per year.

Work continued in 2024 on the $1 billion River District, which broke ground in November 2023. River District is a 40-acre, mixed-use, riverfront neighborhood development adjacent to the Ernest N. Morial New Orleans Convention Center. It will feature entertainment, green spaces, hotel, restaurants, retail, offices, and mixed-income apartments and condos. A 142,000 square foot, Class A office building will be anchored by Shell’s Gulf of Mexico operations. Topgolf has committed to the development as an anchor sports and entertainment venue. The River District is expected to generate $43 million of new net annual tax revenues, more than $1 billion in economic activity, 9,000 construction jobs, and 6,000 projected permanent jobs. River District Neighborhood Investors, LLC (RDNI) is the developer. The expected completion is late 2025.

In 2024, LCMC Health continued more than $700 million of system-wide expansion and renovation investments made over the last seven years. Major projects have included a $300 million project to transform and expand Children’s Hospital, a $216 million investment in East Jefferson General Hospital, $130 million into West Jefferson Medical Center, and a $120 million investment on system-wide infrastructure improvements across its nine hospitals.

The redevelopment of Charity Hospital at 1532 Tulane Ave. is still in the works, but the estimated price tag increased to $600 million in 2024, and there is a new developer in the mix. The Domain Companies, which developed South Market – a $500 million, mixed-use, five-block downtown New Orleans area, and New York-based LMXD have joined the planning and development, along with the original developer 1532 Tulane Partners Inc. – made up of Joseph Stebbins (CCNO Development) and Yoel Shargian (El Ad Group). SKK, a Boston-based private equity firm, is working on the financing. Tulane University has committed to be the anchor tenant, planning to move in by 2027 and occupy 400,000 square feet of the 1 million square foot building. Early plans for the remainder of the building and surrounding space also call for offices for research, biomedical firms, and life sciences tenants; The Shop co-working space; retail; 250 mixed-income housing units; outdoor café; outdoor seating; and greenspace.

The New Orleans Ernest N. Morial Convention Center continues its $557 million in renovations through its multi-phased, capital improvement plan. Several improvements include a new energy-efficient roofing system, renovation and technology upgrades of 140 meeting rooms, Linear Park, exhibition hall and lobby improvements, and a potential hotel. Approximately $200 million has been spent thus far on the project, and the expected completion date is late 2026.

Bayou Phoenix LLC is moving forward on its $500 million project to demolish and reimagine the Six Flags Park site in New Orleans East. In November, demolition began on the site, which has been desolate since 2005. The proposals include a warehouse and distribution center, an educational facility run by STEM NOLA, a water park, hotel, esports arena, and a movie studio. Developer Troy Henry said Bayou Phoenix has reached an agreement with one of three “anchor tenants” for the proposed core projects and talks are continuing with potential tenants for the remaining two “anchor” projects, with specific names to be announced soon.

California-based Niagara Bottling is constructing a $160 million production facility in Tangipahoa Parish. The 500,000 square foot facility, set to employ 70 full-time positions and an annual payroll of $4.4 million, will grow Louisiana’s food and beverage industry and diversify the state’s manufacturing sector. The site, at 43137 LA-445 in Ponchatoula, has begun groundbreaking and construction work. A completion date has yet to be announced.

The New Orleans Regional Transit Authority is the big winner in the $123 million of total federal funding directly awarded to the New Orleans region because of Louisiana receiving $10.2 billion from infrastructure and climate laws, such as the Infrastructure Investment and Jobs Act and Inflation Reduction Act. The RTA received $71.4 million for energy-efficient buses, along with $24.8 million for the Downtown Transit Center and connecting transit corridor, and $5.2 million to rehabilitate the Algiers Point Ferry Terminal and the Lower Algiers Maintenance Facility. Other Louisiana awards include $3.8 billion to improve roads and bridges; $1.6 billion in a transition to clean energy, including $603 million for a Direct Air Capture Hub in Calcasieu Parish; $1.6 billion in broadband access; $1.3 billion for state resilience in extreme weather and flood protection system improvements, just to name a few.

Airlines Announce More Flights; Cruise Industry Predicts Record Passengers
The Louis Armstrong New Orleans International Airport experienced several wins this year as airlines announced more flights to and from New Orleans.

• Breeze Airways introduced a nonstop route from MSY to Las Vegas, beginning Feb 5., flying six times a week. It will also relaunch its Los Angeles route six times a week.
• Avelo Airlines announced a one-way $79 fare to HVN, from MSY to southern Connecticut and the New England area, twice a week. The flights launched Nov. 14.
• American Airlines began offering nonstop flights from MSY to LaGuardiaon Nov. 5. The flights are available seven days a week.
• Spirit Airlines announced a daily, nonstop route from New Orleans to New York-LaGuardiawill debut on Feb. 12, 2025. The LaGuardia announcement comes just two weeks after Spirit announced a $65 nonstop route from New Orleans to Charlotte, beginning Oct. 10.

The Port of New Orleans (Port NOLA) announced in October that it is on track for a record number of cruise passenger movements with 1.3 million anticipated by the end of 2024. This number would exceed pre-pandemic levels and is higher than the 1.2 million cruise passenger movements reported in 2023.

Port NOLA’s cruise line partners continue to show confidence in the Louisiana cruise market with Norwegian Cruise Line and Royal Caribbean returning to begin their seasons. Norwegian Cruise Line renewed its agreement for five more years and will offer additional sailings with the Norwegian Getaway. Royal Caribbean is returning with a new vessel, Brilliance of the Seas. In 2024, Carnival Cruise Line finalized a five-year agreement for two year-round vessels in New Orleans: The Valor and The Liberty. Carnival also celebrated its 30th year of cruising from New Orleans and marked its seven millionth guest cruising from New Orleans.

Disney Cruise Line also returned in January 2024 with Disney Magic for its winter season. River cruises are also continuing, with six homeported vessels including American Cruise Lines and America’s first Viking Cruise that was built in Louisiana and began sailing in 2022. Port NOLA estimates that approximately 90 percent of cruise guests travel from out of state and approximately 70 percent of those guests spend one or two days in New Orleans either before or after their cruise. These visitors generate more than 300,000 hotel room nights and upwards of $125 million in local spending each year.

New Orleans Banks Trade Publicly; Private Companies’ Revenues Soar

Two local banks are now trading publicly on the NASDAQ Capital Market. In October, Fidelity Bank’s holding company FB Bancorp, Inc. went public and began trading on the NASDAQ under the trading symbol FBLA. In August, Fifth District Savings Bank began trading on the NASDAQ under the symbol FDSB.

Fidelity Bank has 18 full-service branches across southeast Louisiana, $1.1 billion in assets, and $769 million in deposits. The bank was chartered in 1908 and was originally named Fidelity Homestead Association. In 2007, Fidelity Homestead Association officially became Fidelity Homestead Savings Bank. In January 2014, Fidelity purchased NOLA Lending Group, LLC, and later that same year, Fidelity Homestead Savings Bank was officially changed to Fidelity Bank.

Founded in 1926, Fifth District Savings Bank is headquartered in Algiers, with six locations, and has close to $500 million in assets and close to $400 million in deposits.

Revenues are on the rise for private New Orleans banks, and Gulf Coast Bank & Trust Co. – one of the largest community banks in Louisiana – continues to play the frontrunner position well, enjoying a 17% revenue increase in 2023, up to $301 million. Gulf Coast Bank, which has over $3 billion in assets and 38 locations in eight states, including 19 bank branches across Louisiana, serves business and personal banking clients through its bank branches, loan production offices, trust and investment offices, and business credit offices.

President & CEO Guy Williams reports the bank added approximately 50 employees overall from 2022 to 2023, standing now at 846 overall, including 534 locally. “We continue to grow,” Williams said. “We had higher loan revenue resulting from rising interest rates, the market conditions fared better resulting in more investments, and our expanded commercial and consumer lending and leasing business performed well, including our Minneapolis leasing division that we acquired two years ago, further diversifying our portfolio.”

Additional private banking companies also enjoyed revenue increases from 2022 tom 2023. First American Bank & Trust improved its revenue 26.6% to $57.2 million in 2023. Founded in 1910, First American Bank has more than $1 billion in assets, employs 200 people overall, and has 25 offices offering a full range of banking services, financial products for businesses and consumers, and investment options.

Resource Bank enjoyed a 21.8% revenue increase, up to $47.4 million in 2023. The New Orleans-headquartered bank celebrated its 25th anniversary in 2023, and has locations in Orleans, Jefferson, St. Tammany, Washington, and East Baton Rouge parishes. Resource is community-owned by more than 450 shareholders with no shareholder owning more than 10%.

Metairie Bank & Trust Co. increased its revenue by 18.1%, up to $27.3 million in 2023. Metairie Bank was the first bank on the East Bank of Jefferson Parish and has operated continuously from its Metairie headquarters since 1947, serving businesses and individuals in a full range of banking, loan, and investment services.

Continuing on the private company side, the 2024 CityBusiness Top Private Companies issue reported that 45 companies increased their revenues in 2023, 20 experienced losses, and nine companies’ revenue remained flat. Twenty-seven companies made it over the $100 million mark.

Through CityBusiness staff research, the top 10 private companies in New Orleans by revenue include Ochsner Health ($7.3 billion), Georges Enterprises LLC ($3 billion), East Jefferson General Hospital ($1.75 billion), Tulane University ($1.4 billion), Pan-American Life Insurance Group ($1.3 billion), Laitram ($1.2 billion), Children’s Hospital New Orleans ($653 million), LEMOINE ($591 million), Canal Barge Company Inc. ($498 million), and Gulf Coast Bank & Trust Co. ($301 million).

In the health care industry, while acquisition and expansion have grown Ochsner Health over the last 20 years since Hurricane Katrina, organic growth was a major contributing factor to the system’s increased revenue, up 14% year-over-year to a projected $7.3 billion in 2023.

“In past years, we experienced growth through acquisitions and expansion, but in 2023, we successfully focused on internal strategies and organic growth, and those were significant factors in our revenue increase,” said Jim Molloy, Ochsner Health Executive Vice President, Chief Financial Officer and Treasurer. “We invested in our facilities and operations to serve more patients, advanced and evolved our digital technologies, and improved access to patient care, streamlining efficiencies for our physicians in their practices.”

Ochsner Health is the leading not-for-profit health care provider in the Gulf South, delivering care at close to 50 hospitals and more than 370 health and urgent care centers. The health system is one of the largest private employers in the state with more than 30,000 employees and close to 5,000 employed and affiliated physicians. In 2023, Ochsner opened its $110 million, three-story medical complex at Clearview Shopping Center. Also, in 2023, Ochsner entered into a 10-year clinical integration partnership with The University of Texas MD Anderson Cancer Center.

In addition to Ochsner reporting revenue increases in 2023, additional private hospitals have also reported revenue upticks. East Jefferson General Hospital – LCMC Health reported $1.7 billion revenue in 2023, up from $1.4 billion in 2022. Children’s Hospital New Orleans – LCMC Health reported $653 million in revenue in 2023, up 18.3% from its 2022 revenue of $552 million.
Established in 2009, LCMC Health is a Louisiana-based, not-for-profit hospital system managing Children’s Hospital New Orleans, East Jefferson General Hospital, Lakeside Hospital, Lakeview Hospital, New Orleans East Hospital, Touro, Tulane Medical Center, University Medical Center New Orleans, and West Jefferson Medical Center.

In the construction industry, diversification drove revenue increases. Over the last several years, areas such as disaster recovery, infrastructure repairs, program management and consulting, and emergency fuel and water services are diversifying the capabilities of construction firms. Seven New Orleans private construction companies reported revenues of over $100 million, including:

• LEMOINE ($591 million, up 16%)
• RNGD: A Palmisano Company ($262 million, up 31%)
• Boh Bros. Construction Co., L.L.C. ($238 million, down 8%)
• Broadmoor LLC ($225.8 million, down 5%)
• DonahueFavret Contractors Inc ($110 million, down 2%)
• Kent Design Build Inc. ($108 million, up 10%)
• Woodward Design+Build ($128 million, down 17%)

“Since 2016 when the floods hit Baton Rouge and we performed disaster recovery, and even a decade prior when we built FEMA trailer parks after Katrina, we saw an opportunity as a company to expand our reach and diversify. The synergies of different services have balanced our traditional construction work to lead to our growth over recent years,” said Will Lemoine, President – Building Construction at LEMOINE.

Real Estate Companies Merge; Insurance Rises; Mansions Sell

REALTORS will tell you that every year can be a roller coaster, but 2024 had more than its share of ups and downs, and the New Orleans real estate market was a unique one to say the least. Several real estate companies merged amidst a shaky market of fewer homes selling due to rising insurance premiums and increased mortgage rates, but one part of the market that didn’t feel as much of an impact were luxury homes. And chances are if there was a mansion owned by a famous or prominent person, it sold in 2024.

In January, a French Quarter mansion formerly owned by Angelina Jolie and Brad Pitt sold for $2.8 million at auction. There were close to 1,000 inquiries from interested buyers into the historic 7-bedroom, 6-bathroom, and 7,703-square-foot home at 521 Governor Nicholls St., and an eventual 12 bidders participating in the auction, according to Interluxe, a luxury real estate platform in charge of the auction.

In October, the LaLaurie Mansion at 1140 Royal St. sold on Oct. 21 for $6 million. The allegedly haunted mansion, built in 1831, is a common stop among many French Quarter ghost and haunted history tours, and was featured in the FX show American Horror Story. Wealthy socialites and entertainers Delphine Macarty Lalaurie and Dr. Louis Lalaurie originally owned it. In 1834, a fire damaged the home and revealed that people were enslaved and tortured, with bodies later found on the property. The Lalauries left the city, but New Orleans legend and lore has it that since, ghosts of the people who were subjected to inhumane conditions may at times haunt the property. So much so is the haunted legend that former owner and famous actor Nicholas Cage only spent one night in the house because he heard ghost sounds and disruptions, enough that he rented a place across the street. But to balance out all the past haunted tales of paranormal activity is the story of the most recent reality of the impressive renovations to the mansion made by Houston energy trader Michael Whalen. Whalen hired Houston designer and native New Orleanian Katie Scott to complete the renovations of the grand-sized property that features 8 bedrooms, 8 full bathrooms, 2 half bathrooms, and 10,284 square feet of living space.

In September, the 1856 Buckner Mansion at 1410 Jackson Ave. sold on Sept. 23 for $3 million. It was the first time in 30 years that the Buckner Mansion was on the market. The Greek Revival mansion is the largest surviving residence built by New Orleans architect Lewis E. Reynolds, one of the city’s most talented architects in the 19th century. The Buckner Mansion was built in 1856 as the private residence for cotton trader and businessman Henry Sullivan Buckner. Legend has it that the reason the mansion is so large (9,062 square feet of living space on a 120×159 lot) is that Buckner wanted a home bigger than former partner-turned-competitor Frederick Stanton’s Mississippi mansion, Stanton Hall (according to a story in Atlas Obscura).

In April, one of the biggest names in the New Orleans real estate market announced a sale. Latter & Blum, founded in 1916 and headquartered in New Orleans, sold all its residential and commercial operations in Louisiana, Mississippi, and Texas, to New York-based real estate brokerage firm, Compass. The financial terms were not disclosed.

Compass is the largest residential real estate brokerage in the U.S. by sales volume. In 2023, Compass closed $184 billion in sales volume, ranking No. 1 in the RealTrends500 rankings. Latter & Blum closed $3.6 billion in sales volume in 2023, ranking No. 59 on the same list. Now that Compass has acquired Latter & Blum’s 3,100 agents, the national firm has more than 30,000 sales agents spread across 300-plus offices, 150-plus cities, and 30 states. Compass announced that Latter & Blum Chairman Robert Merrick and CEO Lacey Merrick Conway will continue to manage operations locally. According to the press release, the two companies will co-brand for the near future and then transition to operate under the Compass brand permanently.

In May, two local boutique agencies that typically deal on the higher priced end of the market joined forces. McEnery Residential acquired Delery Comarda Realtors and its 21 agents. McEnery Residential, which has over 60 agents, will assume the Engel & Völkers lease at 722 Martin Behrman Avenue in Metairie, broadening the company’s brand and footprint with a Jefferson Parish office branch. The financial terms of the deal were not disclosed. McEnery, according to its website, typically operates in residential real estate transactions primarily in Uptown, in the Garden District, Marigny and Bywater, while Delery Comarda agents sell homes in Old Metairie, Lakewood, Lakeview and Lakeshore.

In November, a Covington-based real estate group merged with a national brokerage. United Real Estate announced a merger between its local subsidiary United Real Estate | Partners and Covington-based Real Estate Resource Group, strengthening United’s presence in the GNO real estate market. Real Estate Resource Group has more than 60 real estate agents. This is United Real Estate’s second merger this year with a GNO real estate firm as Team Geaux Properties merged with United in February 2024. The combined operations include three offices in New Orleans, Metairie, and Mandeville, with nearly 200 agents under the United banner. Nationally, United Real Estate operates in 32 states, 159 offices, and has more than 21,000 agents. The company produced $27.8 billion in sales volume in 2023.

On the commercial real estate front, a Metairie office building at the foot of Veterans Memorial Blvd. and along the 17th Street Canal has a new owner. Well, new owners. A group of New Orleans-based investors, 110 Veterans Partners, LLC, purchased the five-story, 127,000-square-foot office building from its previous owner and long-standing New Orleans real estate management company, Rault Resources Group. The purchase price was not reported.

110 Veterans Partners LLC is led by David Schonberg, a veteran business owner in the senior care industry who owns Schonberg Care and is the CEO of Schonberg Capital. He is joined by investors Ryan Gootee, CEO of Ryan Gootee General Contractors, and Michael DeGruy, President of Ryan Gootee General Contractors; Michael Henican, Managing Partner of Henican Properties; Shaun McCarthy, Principal of McCarthy Group Realtors; and Richard Roth, Managing Member of Roth Law Firm and tax credit attorney. Rault Resources Group, the building’s seller, has been a part of New Orleans’ real estate landscape for nearly 60 years.

The investor group has announced that Stirling Properties will provide full management and leasing services for 110 Veterans Memorial Blvd. Stirling Properties is a full-service real estate company with nearly five decades of experience in the Gulf South region.

The Class B office building, formerly known as the Stewart Enterprises Building, reported 75.24% occupancy in the 2Q 2024, with 32,039 square feet available of the 129,407 total square feet, according to the most recent quarterly report by Corporate Realty. The average rental rate is listed at $19.50 per square foot. The building offers 24-hour access, reserved parking, a first-floor cafe, on-site management, and proximity to restaurants and shopping.

Colleges Further Economic Impact Through Grants and Investments

A Louisiana partnership, led by LSU and more than 50 public, private partners, agencies, universities, community and technical colleges – known as FUEL (Future Use of Energy in Louisiana) – received a $160 million workforce grant over the next 10 years to support the state’s energy industry, create jobs, and develop the workforce, in the largest grant ever awarded by the U.S. National Science Foundation. 

The state, through Louisiana Economic Development, will also contribute to the project and its projected broad economic impacts with an additional $67.5 million over the next decade. This will include funds to help the higher education partners build a world-class team to convert research into practical and useful solutions.

FUEL partners include the likes of LSU, Louisiana Department of Natural Resources. Louisiana Board of Regents, Baton Rouge Area Chamber, Greater New Orleans, Inc., ExxonMobil, Shell, Chevron, Dow, BASF, Bernhard Capital Partners, Baker Hughes, among others. The FUEL team is led by LSU’s Office of Research & Economic Development. GNO, Inc. supported the grant application process as a member of the Core Leadership Team.

In August, New Orleans community colleges were awarded a $5.7 million grant for infrastructure-related careers. The Greater New Orleans Infrastructure Partnership (GNOIP) – a collaboration led by Delgado Community College in partnership with Northshore Technical Community College, Nunez Community College, River Parishes Community College, and GNO, Inc. – received the grant through the DOL’s Strengthening Community College initiative. The grant will improve access to infrastructure-related careers for historically underrepresented students. The initiative will address representation gaps in targeted occupations by removing barriers to program enrollment, completion, and employment for underserved students, ensuring they benefit equitably from recent infrastructure investments and associated career prospects.

In 2024, Tulane published an economic study that reported the private university has an annual $5.2 billion impact on the Louisiana economy, supporting more than 30,000 jobs statewide and generating $88.2 million in annual state tax revenue. Tulane’s economic impact on Louisiana is up 65% from five years ago when Philadelphia-based independent consulting firm Econsult Solutions Inc credited Tulane with a $3.14-billion annual impact.

“This report underscores Tulane’s vital and unique role as a game-changing economic engine for the New Orleans region and the entire state of Louisiana,” said Tulane President Michael A. Fitts, who reached a milestone this past summer celebrating his 10th year at the helm of the university. Under Fitts’ leadership, the university has grown significantly over the last decade across campus expansion, donor support, research funding, and student enrollment.

Faculty research awards are up by 70 percent. The higher earnings of Tulane graduates support $461 million in economic activity within the state, fostering approximately 2,320 additional jobs with a resultant impact in New Orleans estimated at $219 million annually. In New Orleans alone, Tulane’s impact now reaches $2.3 billion annually and supports more than 17,000 local jobs, according to the report. Tulane University projects a 26 percent increase in student enrollment to 17,700 and a 9 percent expansion of its operating budget to $1.4 billion over the next decade. To support this growth, Tulane is embarking on a $716 million capital expansion.

In February, one of Xavier University of Louisiana’s most well-known leaders responsible for paving the way for graduates and being a pioneer in higher education – Dr. Norman C. Francis – was honored with the unveiling of his statue, recognizing a half century of his leadership as XULA President from 1968-2015.

As the leader of the nation’s only historically Black and Catholic university, Francis guided Xavier’s growth. During his presidency, the University more than tripled its enrollment, broadened its curriculum, expanded its campus, and strengthened its financial base, through the successful completion of several capital campaigns. Xavier University of Louisiana has long ranked as one of the top universities in the nation for graduating pharmacists, doctors, federal judges, lawyers, university professors, and even United States Congress members.

“I am humbled beyond measure by the extraordinary work of art created by Russell Whiting to honor my legacy here at Xavier University. It is an honor that I could not have imagined as a seventeen-year-old boy in Lafayette, Louisiana, when my father put me on a segregated rail car to go study at my beloved Alma Mater,” Francis said.