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New Orleans Recovery From Recession First in the Nation

New Orleans recovery

New Orleans recovery first in the nation according to Brookings Institute

Even after seven years Hurricane Katrina is still in the news and is much talked about regarding New Orleans recovery. It seems that the recession, some folks say that it’s really a depression, has not hit the Crescent City as hard as in other areas.

Disaster sometimes has a way of giving an area an economic boost because rebuilding and recovery can bring in lots of business and money for the rebuilding. And what’s happened in New Orleans is that in may ways the city is better than it was before Katrina. Folks have become a lot more politically active than ever before and more aware of just how unique this city is and that it has to contribute that other cities do not.

New Orleans Recovery From Recession First in the Nation

Don Ames at WWL radio reports recent findings from the Brookings Institute:

For most of the country, the baseline for economic recovery is the great recession that began in 2007, and most other U.S. metros bottomed out during the recession in 2009.

But, for New Orleans, the economic shock was delivered by Hurricane Katrina, and the city’s recovery is measured from the first quarter of 2004.

“For New Orleans’ purposes, the recovery began after Hurricane Katrina,” says Brookings data manager Alec Friedhoff.

So, New Orleans got a jump on other cities, with its recovery measured from Quarter 1 of 2004.

Friedhoff says the huge influx of recovery money after the storm gave New Orleans’ recovery quite a kick start, actually before the great recession began.

He says post-Katrina New Orleans is experiencing an unprecedented rebuilding effort that’s created new jobs and is spurring economic growth.

The local housing market is another plus for the area.

“There are thirteen places that are not currently at the bottom of their housing market, by our data,” Friedhoff says. “New Orleans is one of those places that has actually begun recovery in the housing market.”

There are still some areas in New Orleans that have not recovered from the failure of the federal levee system in the aftermath of Hurricane Katrina. It will be a while until all traces of the flooding and it’s destruction disappear. But what really stands out is a spirit and a resiliency that has spurred the New Orleans recovery making it one of the most desirable cities for business and comfortable and enviable neighborhood living.

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Posted in New Orleans Business, New Orleans History, New Orleans Life, New Orleans News.



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