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Business

Lafayette isn’t just called the “Hub City” for its culture. The business arena has diversified from its history in oil and gas to include information technology, manufacturing, finance, construction, retail trade, transportation and distribution, and medical and healthcare.

From major corporations to small businesses, Lafayette and the Acadiana region have great representation in all areas of industry. Acadiana’s top 10 businesses bring in almost $1 billion annually, and oil and gas is still a major player in the industry. Acadiana is known for its entrepreneurial spirit, and new businesses are popping up and succeeding every day.

The City of Lafayette is accomplished and thriving as Hollywood executives are visiting town, business permits are being granted at record rates and Lafayette’s continual population growth continues to swell in record numbers. So, you may ask what the buzz is all about. Well, from the national media perspective, Lafayette is where the action is taking place.

Here Is a List of Lafayette’s Recent Accolades

• Innovation Market: Lafayette was named one of the “Top 10 Great Innovation Markets in the South” for its efforts in nurturing and attracting innovation-driven industry and business. Source: Southern Business & Development Magazine, April 2008

• Low Unemployment: Lafayette Parish saw record-low unemployment rates of less than 3 percent, nine times in the last 12 months. Source: LA Department of Labor

• Best Cities: The Lafayette MSA was ranked 24th Best Performing (Large Metro) City in the nation – citing job growth (ranked 10th), salary growth (ranked 16th), and high-tech GDP growth (ranked 15th) as key indicators. Lafayette also made the biggest jump in the index, from 143rd in 2005. Source: Milken Institute, September 2007

• Creative Cities: Lafayette was named one of the 10 “Best Places in the South for the Creative Class.” Source: Southern Business & Development Magazine, April 2007

• Top Quality of Life: Lafayette was featured as one of five small cities with the best quality of life in North America. Source: fDi Magazine, April/May 2007

• Best Places for Business and Careers: Lafayette’s cost of doing business ranks 37th in lowest cost among the largest 200 metro areas. Source: Forbes Magazine, May 2007

Lafayette Economic Development Authority, created by the state legislature, exists to facilitate economic growth in Lafayette Parish. LEDA and its board of 12 commissioners work together with a full-time staff to provide answers, information and assistance to businesses. LEDA’s mission is to help local companies grow, in addition to market development and workforce development. The organization also works to recruit companies to the area and assists in the development of new companies in order to diversify the economy within Lafayette Parish.

For more information on LEDA, call 337-593-1400 or visit www.lafayette.org. Also on hand to assist businesses in Lafayette is the Small Business Development Center at the University of Louisiana at Lafayette. The SBDC provides counseling, seminars and resource information to small businesses. For more information on the SBDC, call 337-262-5344 or visit www.louisiana.edu/research/sbdc.