Company's actions strengthen communities,
create jobs and boost the local economy
NEW
ORLEANS, Jan. 4, 2024 /PRNewswire/ -- 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.
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SOURCE Entergy Corporation
