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NEW ORLEANS — Today two proposals from the New Orleans region were selected as part of a group of 60 finalists in Phase 1 of the U.S. Economic Development Administration’s (EDA) $1 billion Build Back Better Regional (BBB) Challenge out of a pool of 529 applicants. The finalists will receive $500,000 to develop their proposals and will have the opportunity to compete for up to $100 million to implement 3-8 projects in Phase 2 of the challenge.
The first selected proposal from New Orleans is to support a Gulf Coast Health Sciences Corridor that will create jobs and a research development and commercialization pipeline and is led by the New Orleans Bio Innovation Center. The second selected proposal is led by Greater New Orleans, Inc. and aims to transform our region’s energy cluster and decarbonize the South Louisiana Industrial Corridor while preserving and creating jobs and remedying historical, economic, environmental, and social inequities. Both finalists’ proposals represent bold ideas to transform the region’s economy and a strong coalition of university, nonprofit, and public partners, including the City of New Orleans.
“The selection of two projects from New Orleans by the EDA represents an investment in our greatest asset, our people,” said Mayor LaToya Cantrell. “These innovative proposals focus on creating jobs of the future that build wealth for our citizens while improving health, environmental, and economic outcomes. This is a win-win for our region as we continue to build an economy that leaves no one behind.”
“We could not be more excited to learn that two New Orleans proposals were selected for Phase 1 support in the Build Back Better Regional Challenge,” said Jeffrey Schwartz, Director of Economic Development. “These projects are aligned with the City’s strategies for generational economic transformation, including place-based economic development and promoting innovation in priority industries. This shows just how competitive and dynamic New Orleans can be, and we look forward to working with both finalists as they develop their proposals in Phase 2.”
“GNO, Inc. is thrilled that a coalition from across South Louisiana – including Economic Development Organizations, Economic Development Districts, Government Partners, Universities, Businesses, and Nonprofits – has been selected to advance in the BBB Challenge,” said Michael Hecht, GNO, Inc. President & CEO. “Louisiana has been a leader in energy and industry for generations, and the H2theFuture plan is the strategy for Louisiana to continue to lead, into a lower-carbon future. The beneficiaries will include energy workers, rural communities, and historically marginalized populations. Moreover, the winners will be the Louisiana economy and environment.”
"This Phase I award is a tremendous milestone in the expansion of key infrastructure developments in South Louisiana, intended to tackle some of our community’s toughest problems through innovation and economic expansion while driving growth in the BR/NO Super Region. Our coalition of leading academic research institutions, healthcare systems, economic development organizations, non-profits, and businesses are working together to further strengthen Louisiana as a hub for innovation and growth in health sciences," stated Kris Khalil, Executive Director of the New Orleans BioInnovation Center. "Louisiana has a legacy of a strong healthcare sector combined with cutting-edge academic research. We look forward to the opportunity to accelerate our momentum through healthcare innovation & biotechnology commercialization."
"NOLABA is proud to be a part of a region that has not one but two innovative ideas to be selected for Phase I of The Build Back Better Regional Challenge," says Norman E. Barnum, IV, Interim President and CEO, New Orleans Business Alliance. “New Orleans is ripe for growth and this type of investment could be an impactful boost to an economy that has been hit especially hard by not only the COVID-19 pandemic but also Hurricane Ida. We at NOLABA congratulate our partner organizations in this area and look forward to working with them to achieve outcomes needed for so many New Orleanians.”
To read the full EDA press release, click here.
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