RED STICK – Military spending in Louisiana creates an annual economic impact of $ 9.64 billion in all regions of the state, according to a study commissioned by the state of Louisiana. The economic activity associated with these expenditures creates more than 77,000 jobs and pays $ 348.7 million in local and state taxes, according to the study.
In terms of paid employment, the military accounts for 3.75% of jobs in Louisiana, or about one in 26 jobs in the state. The economic impact of military spending in Louisiana represents 2.4% of the state’s gross domestic product. The total of $ 9.64 billion represents a 25% increase in statewide economic impact in the four years since the last such study, which calculated the impact of spending military personnel in Louisiana to $ 7.7 billion in fiscal 2016.
“From the Battle of New Orleans to the founding of LSU as a military school to the modern contributions of Fort Polk, Barksdale Air Force Base and other solid installations, the armed forces have held a place. important throughout Louisiana’s history, âsaid Governor John Bel Edwards. . âThis influence extends to our economy today, to a large extent. Every region of Louisiana benefits economically from the payroll, expenses, contract labor, and other activities arising from the military presence in our state. We extend our thanks to the servicemen and women on active duty, our skilled workforce involved in defense contract activity, and the military retirees and veterans of our State, for the contributions they have made and will continue to bring. “
The report, prepared by Business Development Advisors for fiscal 2020, estimates spending at military installations in Louisiana; Department of Defense and Coast Guard contracts executed in Louisiana; and pay to military retirees in the state. The study was commissioned by Louisiana Economic Development and the Louisiana Military Advisory Council. State law requires a thorough assessment of the military’s impact in Louisiana every four years.
“As this new impact study shows, military installations in Louisiana are important economic engines for our state,” said Louisiana Economic Development Secretary Don Pierson. âTheir affiliated advocacy groups also play a vital role, working on behalf of military installations as well as military personnel and their dependents. Louisiana’s contribution to protecting our nation’s freedom ensures significant economic benefits to Louisiana’s economy.