BATON ROUGE, La. — Louisiana’s defense-related economic activity reached over $17 billion in fiscal year 2024, marking a 77% increase since 2021, according to a comprehensive analysis released by Louisiana Economic Development (LED). The findings underscore the expanding role of military operations, contracts, and veteran spending in driving regional growth and job creation. n nEmployment linked to defense activities rose by 52% over the same period, supporting more than 117,000 jobs statewide and generating $707 million in state and local tax revenues. Governor Jeff Landry credited the state’s strategic positioning in national defense for this momentum, noting that shipyards, military bases, and defense firms are fueling innovation and employment across all regions. n nThe study, conducted by Business Development Advisors and The Roosevelt Group for LED and the Louisiana Military Advisory Council, evaluated economic contributions from military installations, federal contracts, retiree expenditures, and veteran spending. It also expanded its scope to include financial flows tied to Louisiana’s 260,000 veterans and over 26,000 military retirees, revealing that their combined spending generated $5.6 billion in economic output and sustained over 35,000 jobs. n nLED Secretary Susan B. Bourgeois emphasized that service members, contractors, and veterans collectively strengthen Louisiana’s economic foundation. She highlighted ongoing collaboration with defense stakeholders to attract investment and support community development. n nRecent milestones reinforce the sector’s upward trajectory. Bollinger Shipyards secured a major U.S. Navy contract to construct six Arctic Security Cutters at its Lockport facilities. Meanwhile, VRC Metal Systems is investing in a new maintenance facility at Barksdale Air Force Base, which will enhance B-52 aircraft repair capabilities and create high-skilled engineering and technician roles. These developments follow a record year of defense contracting, with more than $3 billion in Department of Defense and Coast Guard projects executed in 2024. n nCharlton J. Meginley, Secretary of the Louisiana Department of Veterans Affairs, noted that veterans continue to make significant contributions beyond their service years, bolstering local economies and civic life. He described the findings as a source of collective pride for all residents. n nThe full Military Economic Impact Analysis is available on LED’s website, offering detailed insights into regional and statewide economic contributions. Additional resources supporting veteran-owned businesses and workforce integration are also accessible through the platform. n
— news from Louisiana Economic Development (.gov)
— News Original —
Military Spending in Louisiana Up 77%, Generating $17 Billion Economic Impact Statewide – LED
BATON ROUGE, La. – Military-related spending in Louisiana generated more than $17 billion in total economic activity during fiscal year 2024, according to a new statewide analysis released today by Louisiana Economic Development. The report shows notable expansion in the state’s defense sector since the previous study four years ago, underscoring the military’s continued impact on jobs, investment and community development. n nSince 2021, total military-related economic output has increased by 77%, and employment has risen 52%, with more than 117,000 jobs and $707 million in state and local tax revenues supported by defense activity across Louisiana. n n“Louisiana is competing and winning in the defense economy,” Governor Jeff Landry said. “Our shipyards, bases and defense companies are creating jobs, driving innovation and powering growth in every region of our state. This administration is focused on building that momentum and keeping Louisiana at the forefront of America’s defense and economic future.” n nConducted by Business Development Advisors and The Roosevelt Group for Louisiana Economic Development and the Louisiana Military Advisory Council, the analysis examines military installations, defense contracts and retiree and veteran spending to measure the military’s economic impact on the state and within LED’s eight defined regions. n nBeyond the statewide totals, the analysis highlights how Louisiana’s defense economy continues to attract investment, create jobs and strengthen communities. From advanced manufacturing to emerging aerospace and technology sectors, military-related activity supports industries that drive innovation and expand opportunities statewide. n n“Louisiana’s military presence is a source of strength for every region of our state,” LED Secretary Susan B. Bourgeois said. “The men and women who serve, the contractors who support them and the veterans who continue to contribute after service all play a vital role in our success. LED is proud to work alongside our defense community to expand opportunity, attract investment and strengthen the communities that make Louisiana thrive.” n nRecent developments in Louisiana’s defense industry further reinforce these findings. Bollinger Shipyards, based in Louisiana, was awarded a major U.S. Navy contract to construct six Arctic Security Cutters at its facilities in Lockport. At Barksdale Air Force Base, VRC Metal Systems is investing in a new maintenance facility that will provide advanced repair capabilities for B-52 aircraft and create high-skilled engineering and technician positions. Together, these projects build on a record year of defense contracting in Louisiana, with more than $3 billion in Department of Defense and Coast Guard projects performed in 2024. n nThe report also expands its analysis to include federal spending and contract activity associated with Louisiana’s veterans, capturing for the first time the full scope of their economic contributions. The findings show that more than 26,000 military retirees and 260,000 veterans living in the state contribute billions of dollars annually to local economies. Combined, veteran expenditures and the Louisiana Department of Veterans Affairs contracts generated $5.6 billion in output and supported more than 35,000 jobs statewide. n n“As someone who has served, I know the deep commitment Louisiana’s veterans and military families carry into every part of their lives,” Louisiana Department of Veterans Affairs Secretary Charlton J. Meginley said. “This report shows that their contributions extend well beyond military service—strengthening our economy, our communities, and our state as a whole. Their continued impact is something all Louisianans can take pride in.” n nThe complete Military Economic Impact Analysis can be found on LED’s website and provides a detailed look at the statewide and regional economic contributions of Louisiana’s military and veteran communities. Additional information on LED programs designed to support veterans and veteran-owned businesses can also be found on the website. n nAbout LED n nLouisiana Economic Development is responsible for driving capital investment, job creation and economic opportunity for the people of Louisiana and employers of all sizes. Explore how LED is positioning Louisiana to win at OpportunityLouisiana.com. n nMEDIA CONTACTS: n nEmma Wagner, LED Communications Director n nEmma.Wagner@la.gov n n912.467.2117