LOUISIANA TECHNOLOGY PARK CONTRIBUTES TO REGION’S ECONOMIC STRENGTH, REPORT FINDS
The Louisiana Technology Park continued to have a multimillion-dollar economic impact on the Baton Rouge region in 2016, a report by LSU alumni economics professor James Richardson found.
The report, prepared for Tech Park parent company Research Park Corp., says Tech Park’s current and previous tenants who remained in the Baton Rouge area saw revenues of $12.2 million last year. These businesses paid out about $7.6 million in payroll to 189 employees and paid about $6.6 million in state and local taxes, the report says. The figures do not include graduates who have moved away from the Baton Rouge region.
The report notes that the Tech Park received $1.15 million from the local lodging tax last year. Given the $6.65 million taxes-paid figure, that works out to a return on investment of about $6 for every dollar received in taxes, the report indicates.
“Louisiana Technology Park has ... a roster of new companies contributing to the Baton Rouge economy,” Richardson’s report says. “New industries do not happen overnight. It takes patience and perseverance. It takes a long-term outlook and demeanor. All the signals, including the comparison of public investment and ongoing net new state and local tax collections and the internal rate of return, are positive and promising.”
The Tech Park debuted in 2001 as a means to nurture young businesses and promote technology jobs in the region. It started with an initial roster of four fledgling companies, and has since seen 28 firms graduate to become self-sufficient operations. It continues to serve as a hub of technology development in the region.