Our Blog

Louisiana Economic Development via New Product Development and Advanced Manufacturing

Louisiana Economic Development via New Product Development and Advanced Manufacturing

 

Importance of New Product Development and Advanced Manufacturing for Economic Development of Louisiana

The American South has long been the heart of the country’s manufacturing industry. The development of new products and the engineering industry in particular, has grown exponentially in states like Louisiana as of late. New product development and the manufacturing industry can play a pivotal role in further expanding the economic growth of Louisiana, and here’s how.

Lower Costs

Businesses that opt to move their manufacturing business to a state such as Louisiana benefit from lower overhead costs. This is pervasive not only through lower wages, but also through the cost of upkeep and equipment in the region. Obviously, this enables companies an opportunity to reinvest their profits and grow their business.

Promotes Craftsmanship

With a growing focus on localism and investing in the community, manufacturing plants do well to offer “Made in the U.S.A.” products to consumers. This not only enhances their business, but it also breathes new life into the economic backdrop of Louisiana.

Capturing a Niche Benefits the State

The engineering and manufacturing sector is extremely niche, and with global investors looking at states like Louisiana for potential development, the possibilities are endless. Companies and even individuals who are hoping to tap into a marketplace that has prospective should look long and hard at our state. Some large corporations have already moved forward with establishing their facilities and headquarters in Louisiana. And with further enticing of investors to the region there is no limit to what can be developed here.

Advanced Manufacturing is in Demand

While the manufacturing market on the whole has slowed, the growth of the engineering industry has continued to expand over recent years. To satisfy this demand, companies are seeking out more affordable alternatives and regions to base their development, which greatly benefits Louisiana.

As the industry grows, our state can grow along with it. It is up to us to entice manufacturers, engineering and new product development companies to choose our region as their new home.

 

Tags: , , ,

This is a unique website which will require a more modern browser to work! Please upgrade today!