The music, food, and historical culture of New Orleans make it a suitable place to conduct business. Besides the never-ending cultural festivals of the town, its high population density makes it a catch.
Like any other city, it also works as hard as it plays. It is rapidly rising in standards, and will hopefully come up among the best places to conduct business. But what exactly makes New Orleans a suitable place to run a business?
The city has a diverse economy whose main sectors include advanced manufacturing, energy, tourism, international trade, and healthcare. New Orleans hosts internationally recognized universities, bio-innovation centers, and hospitals.
Tourism remains the top revenue contributor which generates nearly 43% of the towns sales taxes. Thus, tourism has significantly led to the city’s economic recovery. In 2017 alone, there were more than 17 million visitors who supported tourism-related businesses.
Over the past few years, New Orleans has witnessed an increase in young entrepreneurs who looked at the city and saw an opportunity. There has been an increase in the digital media business. Organizations in the city such as the Idea Village are also an excellent resource for entrepreneurs seeking to set up shops within New Orleans.
Reasonable Cost of Living
Majority of entrepreneurs choose New Orleans due to its world-class status while maintaining a reasonable and affordable cost of living. With numerous universities, employers have a pool of qualified personnel to choose from.
The reasonable price of the real estate market implies that offices and warehouse spaces are readily available and affordable than it would have been in other cities.
The New Orleans Business Alliance helps inform visitors as well as locals regarding available business opportunities the city has to offer.
It helps promote New Orleans as a city with economic opportunities, shows the city’s high quality of life, and draws the line between business and culture in the town.