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:
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)