New Orleans Investments Create Hundreds of New IT, Industrial Jobs
- May 02, 2014
By Eliza Theiss, Associate Editor
New Orleans recently realized a slew of investments worth tens of millions and several hundred new jobs. The investment will also boost the local real estate market, specifically the industrial sector.
Probably the most significant of these investments is TCI Plastics’ 500,000-square-foot logistics expansion at the Port of New Orleans. Parent company Jensen Cos. announced that the $36.5 million investment will retain 200 existing jobs and create 160 new ones by 2020, with an average salary of $33,400 plus benefits. The project is also expected to generate 183 new indirect jobs, rounding up the total workforce impact to 343 new positions.
TCI will develop the new logistics facility near its existing France Road Wharf hub, within the mega-plastics district the company is creating at an inner harbor cargo site in Gentilly. To accommodate the new structure, as well as future expansions, TCI will spend $3.1 million to acquire 32 acres of land from the Port of New Orleans. TCI will also create a rail spur connecting its facility to the New Orleans Public Belt Railroad, an investment that is expected to be offset by a performance-based Economic Development Award tax incentive package granted by the state of Louisiana. It is also expected to make use of Louisiana’s Quality Jobs and Industrial Tax Exemption programs. The project is planned for a mid-2014 groundbreaking and completion in the third quarter of 2016.
Also set for a mid-2014 groundbreaking is Agrico Sales’ new 56,000-square-foot manufacturing facility in eastern New Orleans. The $2 million facility will be a relocation and expansion of Agrico’s current manufacturing facility located in Bridge City, Jefferson Parish. The relocation will retain the company’s 35 current employees and add 25 new direct jobs, with average salaries of $40,000 plus benefits. The project, set to wrap up by the end of the year, is expected to create an additional 421 indirect jobs, as well.
The Louisiana Governor’s Office also announced that 4th Source Inc. will relocate its corporate headquarters from Atlanta to metro New Orleans and establish a new technology and IT services facility in Kenner, La. By 2018, the relocation is projected to create 320 new jobs, with an average annual salary of $50,000 plus benefits, and 412 new indirect jobs.
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Image courtesy of Port of New Orleans via Facebook.