Economy
Shreveport was once a major player in United States oil business and at one time could boast Standard Oil of Louisiana as a locally based company. The Louisiana branch was later absorbed by Standard Oil of New Jersey. In the 1980s, the oil and gas industry suffered a large economic downturn, and many companies cut back jobs or went out of business, including a large retail shopping mall, South Park Mall, which closed in the late 1990s and is now Summer Grove Baptist Church. Shreveport suffered severely from this recession, and many residents left the area.
Today the city has largely transitioned to a service economy. In particular, the area has seen a rapid growth in the gaming industry, hosting various riverboat gambling casinos, and, before Hurricane Katrina in 2005, was second only to New Orleans in Louisiana tourism. Nearby Bossier City is home to one of the three horse racetracks in the state, Harrah's Louisiana Downs. Casinos in Shreveport-Bossier include Sam's Town Casino, Eldorado Casino, Horseshoe Casino, Boomtown Casino, and Diamond Jacks Casino (formerly Isle of Capri). The Shreveport-Bossier Convention and Tourist Bureau is the official tourism information agency for the region. The bureau maintains a comprehensive database of restaurants, accommodations, attractions, and events.
In May 2005, the Louisiana Boardwalk, a 550,000 square foot (51,000 m²) shopping and entertainment complex, opened across the Red River in Bossier City, featuring outlet shopping, several restaurants, a 14‑screen movie theater, a bowling complex, and a Bass Pro Shops.
A new 350,000-square-foot (33,000 m2) convention center was recently completed in downtown Shreveport. It includes an 800‑space parking garage. An adjoining Hilton Hotel opened in June 2007. The city's direct construction and ownership of the Hilton Hotel has been a controversial issue as to the proper use of public funds. The Shreveport Convention Center is managed by SMG.
Shreveport is also a major medical center of the region and state. The Louisiana State University Health Sciences Center Shreveport operates at expanded facilities once used by the former Confederate Memorial Medical Center. Major hospitals include Christus Schumpert, Willis Knighton, and the Shriners Hospital for Children.
As of November 2008, the recent excitement about the Haynesville Shale has been a boom to Shreveport and the surrounding areas. Many new jobs in the natural gas industry are expected to be created over the next few years and local residents are enjoying large bonuses for signing mineral rights leases up to $25,000 per acre. However, the recent economic downturn has resulted in a lower market price for natural gas and slower-than-expected drilling activity. The city itself stands to profit by leasing the mineral rights on public lands in the near future as neighboring municipalities have already done.
Shreveport was home to Shreveport Operations, a General Motors plant that closed in August 2012. The plant produced the Chevrolet Colorado, GMC Canyon, and the Isuzu i‑Series. In January 2013, the plant was purchased by Elio Motors.
Read more about this topic: Geography Of Shreveport
Famous quotes containing the word economy:
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)