Demonstrative Progress 77% of pre-storm population 71% of pre-storm job figures 77% of pre-storm...
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Transcript of Demonstrative Progress 77% of pre-storm population 71% of pre-storm job figures 77% of pre-storm...
Demonstrative Progress• 77% of pre-storm population• 71% of pre-storm job figures• 77% of pre-storm commercial
activity• $5 Billion invested in 68,000
housing units• $15 Billion in improved hurricane
protection
Major Challenges• 80,000 jobs lost in the metro area• 50% increase in rents• More than 60,000 vacant homes• Damaged infrastructure• Diminished services• Minimal private investment
While the recovery of the region and particularly the City of New Orleans is progressing better than many national experts originally predicted, there are significant challenges that must be addressed as we move forward.
Population
The Metropolitan Area has 88% of its pre storm population– Jefferson Parish is back to pre-storm levels– St. Tammany, St. Charles and St. John the Baptist Parishes have grown– Orleans, Plaquemines and St. Bernard Parishes have substantially fewer
residents
Source: U.S. Census and GCR & Associates, Inc. using data provided by Entergy Louisiana and ESRI, Inc.
Key Stats for New Orleans
The City of New Orleans continues to recover– Approximately 77% of its pre-storm population has returned– While very high, vacant residential properties continue to be absorbed– Over 70% of the jobs based in Orleans Parish have returned– Commercial activity is currently at 76% of pre-storm levels– While increasing, school enrollment continues to lag other indicators
Progress Throughout the City
January 2006Many neighborhoods were nearly empty in the early months of 2006
August 2009Most neighborhoods now have over 60% of their pre-storm population
Blight is a Problem*Red parcels indicate a vacant home or empty lot
Estimated Single Family Home Value = $395,4423,875 units occupied pre-Katrina but now vacant.
Lakeview
Estimated Single Family Home Value = $177,9606,502 units occupied pre-Katrina but now vacant.
Gentilly
Rents have Increased
Fair Market Rent for a 2-Bedroom Unit
Affordability Issues
Source: Louisiana Workforce Commission, Spring 2009, HUD-published Fair Market Rents for 2009, and Low Income Housing Tax Credit rent limits for New Orleans MSA provided by Novogradac and Company, LLP
Housing Affordability Gap for Top Ten In-Demand Occupations
Job Loss is an Impediment
Source: Louisiana Workforce Commission
Employment by Industry for New Orleans MSA
Emerging Trends
• Growing civic interest and participation
• Emerging community of young, civic-minded professionals
• Burgeoning health care and film industries
• “Green” Movement• Improving public education• Many centrally located
mixed income housing developments
Growing Concerns
• Blighted and abandoned homes• Post recovery economic drivers• Stagnant job growth• Many residents do not have the
financial means to rebuild• Limited access to affordable
healthcare, childcare and transportation
• A high and unabating crime rate• Confidence in our hurricane
protection and loss of coastal areas
What the Future Holds
• While the population of the City will continue to grow, it will likely not reach pre-Katrina levels in the near future
• Our capacity to absorb or redevelop blighted and abandoned homes will pace the recovery in many neighborhoods
• As our population continues to grow, we move closer to our pre storm demographic profile
• With more than $20 billion in new investments, the city has the potential to emerge as a stronger, more resilient and economically diverse community
www.gcrConsulting.comTEL 504 304 2500FAX 504 304 2525
2021 Lakeshore Drive, Suite 500New Orleans, LA 70122
UNO Research & Technology ParkAdvanced Technology Center