After the Storms - Recreating the Gulf Coast

Second editorial in a series

February 2006

Click here to return to the complete list of editorial on Rebuilding the Gulf Coast Economy.

By AngelouEconomics

Imagine that you began your week like most economic development professionals, trying to prepare your community or state to attract or retain business and industry. Imagine next that you are trying to save lives, fight flood waters and grueling winds, rescue tourists and save and retrieve thousands of important documents. Sound like a nightmare? Unfortunately, the story is all too true for our economic development friends and neighbors recently faced with Hurricanes Katrina and Rita.

With the reality of thousands of destroyed businesses, homes and lives, how do we rebuild and repair not only the infrastructure and lives affected, but also the image of the community or state?

While Katrina and Rita have been among the most devastating storms in recent history, we might also note that other communities and states have been faced with previous natural disasters such as deadly tornadoes, earthquakes, floods, as well as terrorist acts such as those that occurred in Oklahoma City and New York, and myriad other notable tragic events throughout our country.

Recovering from these events certainly isn't easy, but with a focused effort, economic development professionals have recovered, and in many instances, returned with more determination than ever to succeed. Those rebuilding the Gulf Coast have a daunting challenge ahead of them, but they are focused on creating the Gulf Coast as a better product than ever before.

Several communities and states are already planning for image rebuilding campaigns (with federal grant assistance). States should consider providing a tax-free (or near tax-free) environment from state and local taxes to targeted industries to maximize any new image and marketing campaigns. Consider how compelling the story would be if the Gulf Coast could create the country’s “most competitive business climate” through new-era tax and incentives policies. These efforts, which we believe are underway, federally and from the state level, will surely help alter perceptions and location decisions of companies.

With help from the Congress and private sector support, leaders throughout the region may have an opportunity to recreate themselves and their economic development products as never before. In the meantime, it is important for them to develop key messages about the status of their communities and states and to get this message to decision makers. Without a focused effort and honest dialogue, prospects could be left to imagine the worst.

And, while it may seem that image building is one of a million things that needs to be done, it could be considered as among the most important…not only for businesses considering new locations or expansions, but also from existing residents and residents displaced and living throughout the U.S.

Some ideas the Gulf can consider:

• Focus on regional strategies to maximize resources
• Develop target industry teams and key messages for each
• Diversify the economy to include high impact industries balanced with other manufacturing, service, and tourism related jobs
• Communicate, communicate, communicate with residents, businesses, government leaders, and prospects
• Develop aggressive strategic marketing plans

We believe in the Gulf Coast region and our friends and associates there. With strategic thinking and thoughtful planning, this region can recreate itself as a global economic base in the years ahead. It will be interesting to watch the progress, and if done properly, can serve as a model for communities and regions in the future that may also face similar situations.