Study highlights economic impact of Entergy in New Orleans
A recent study by Louisiana State University (LSU) found that Entergy New Orlean’s total economic impact to the city of New Orleans is about a half a billion dollars.
The study, done by LSU economist Dr. Loren Scott, examined the various ways that Entergy, as the city’s only Fortune 500 company, is boosting the local economy to the tune of $500 million in 2021.
First, it found that jobs supported by Entergy in New Orleans carried an average wage of $93,000, which is nearly 36 percent higher than the average annual wage of $68,000 in Orleans Parish.
Also, as one of New Orleans’ largest taxpayers, Entergy pays more than $17 million in local taxes and has supported nearly $300 million in household income for New Orleans residents. This is roughly as much as the total earnings of all workers in Orleans Parish’s oil and gas extraction sector, which was approximately $280 million in 2020.
“Entergy’s low-cost electricity is helping attract critical investments and is creating jobs making the company a significant economic engine for the economy,” Rod West, Entergy’s group president of utility operations, said. “Our commitment can be felt throughout the state. For every job created at Entergy’s headquarters, 2.8 jobs are created elsewhere in the state and in New Orleans specifically, for every job created 1.4 jobs are created elsewhere in Orleans Parish’s economy.”
Further, each dollar spent by Entergy ripples through the state’s economy, triggering employment, new income, and spending in virtually every industry sector. In 2021, Entergy had contributed nearly $4.1 million to more than 100 New Orleans non-profit partners and community organizations. It also donated more than $9 million to other non-profits outside of New Orleans.
“Having Entergy’s headquarters located here in New Orleans makes a huge impact on our city’s economy, and on the state of Louisiana,” Deanna Rodriguez, president and CEO of Entergy New Orleans, said. “We’ve always had a sense of that importance, and this study confirms it in hard numbers: Entergy’s headquarters being in the city creates jobs, it generates sales for local businesses, and it creates major tax revenue for the parish and the state.”
Looking ahead, Entergy New Orleans recently announced plans to invest $1 billion in grid hardening projects for the city over the next 10 years.
“We are truly fortunate to have Entergy as a partner in driving the region’s economy,” Michael Hecht, president and CEO of Greater New Orleans, said. “Entergy not only provides reliable and affordable energy, but also supports thousands of jobs, hundreds of millions of dollars in sales and income, and millions of dollars in local charitable contributions. Having Entergy’s corporate headquarters in New Orleans helps attract major companies into the region and demonstrates success for existing businesses. Entergy is a true corporate leader who exemplifies the spirit of innovation, resilience, and generosity that makes Greater New Orleans uniquely great.”
The full study, conducted by Loren C. Scott and Associates, can be accessed on Entergy’s web site.
