Presentation on theme: "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."— Presentation transcript:
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 2006 Many neighborhoods were nearly empty in the early months of 2006 August 2009 Most 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 = $395,442 3,875 units occupied pre-Katrina but now vacant. Lakeview Estimated Single Family Home Value = $177,960 6,502 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
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