Company's actions strengthen communities, create jobs and boost the local economy
NEW ORLEANS / ACCESSWIRE / January 4, 2024 / The greater New Orleans region is enjoying nearly half of $1 billion dollars in economic benefits because the city is host to the corporate headquarters for Entergy, the city's only Fortune 500 company. According to a recent study by Louisiana State University economist Dr. Loren Scott, Entergy's total economic impact in New Orleans reached nearly $500 million in sales in the city in 2021.
"Entergy's low-cost electricity is helping attract critical investments and is creating jobs making the company a significant economic engine for the economy," said Rod West, Entergy's group president of utility operations. "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."
"Having Entergy's headquarters located here in New Orleans makes a huge impact on our city's economy, and on the state of Louisiana," said Deanna Rodriguez, president and CEO of Entergy New Orleans. "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."
"We are truly fortunate to have Entergy as a partner in driving the region's economy," said Michael Hecht, president and CEO of Greater New Orleans, Inc. "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."
Jobs supported by Entergy in New Orleans carried an average wage of $93,000. That is nearly 36% higher than the average annual wage of $68,000 in Orleans Parish.
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 almost as much as the total earnings of all workers in Orleans Parish's oil and gas extraction sector (approximately $280 million in 2020).
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 also had contributed nearly $4.1 million to more than 100 New Orleans non-profit partners and community organizations and over $9 million to other non-profits outside of New Orleans.
Entergy New Orleans recently announced plans to invest $1 billion in grid hardening projects for the city over the next 10 years.
Last fall, Entergy was recognized for the 16th consecutive year as a top utility driving economic development in the region.
At Entergy's request, Loren C. Scott and Associates Inc. measured Entergy's economic footprint in New Orleans and the state of Louisiana. Financial and operations data for the 2021 fiscal year formed the primary-source information for the analysis.
For highlights of Entergy's economic impact in New Orleans, download this infographic. Read the complete Loren C. Scott and Associates impact study here.
About Entergy
Entergy New Orleans, LLC provides electricity to approximately 211,000 customers and natural gas to approximately 109,000 customers in Orleans Parish, Louisiana. Entergy New Orleans is a subsidiary of Entergy Corporation (NYSE: ETR), a Fortune 500 electric company. Entergy powers life for 3 million customers through our operating companies in Arkansas, Louisiana, Mississippi and Texas. We're investing in the reliability and resilience of the energy system while helping our region transition to cleaner, more efficient energy solutions. With roots in our communities for more than 100 years, Entergy is a nationally recognized leader in sustainability and corporate citizenship. Since 2018, we have delivered more than $100 million in economic benefits each year to local communities through philanthropy, volunteerism and advocacy. Entergy is headquartered in New Orleans, Louisiana, and has approximately 12,000 employees. For the latest news from Entergy, visit the Newsroom.
View additional multimedia and more ESG storytelling from Entergy Corporation on 3blmedia.com.
Contact Info:
Spokesperson: Entergy Corporation
Website: https://www.3blmedia.com/profiles/entergy-corporation
Email: info@3blmedia.com
SOURCE: Entergy Corporation
View the original press release on accesswire.com
