9 Years On and New Orleans is Booming
Nine years ago, hurricane Katrina swept through New Orleans and caused untold devastation as it tore through the city bringing the levy’s down upon the besieged city and flooding many homes and businesses that had already suffered severe damage from the strong winds battering them.
Nine years later and the city seems to have picked itself up, dusted itself down and moved forward in making itself a resilient and successful city. Now, if you look out over the city you can see a new 1,500-acre new biomedical district, thriving and bustling districts of sleek, chic, modern cocktail bars and boutique, modern restaurants. These all stand contrasting the traditional buildings of the French quarter and the famous street cars, incidentally a new line has been added bringing tradition and progress together, whilst the city has revelled in the revenue brought in by filming in a state that saw more Hollywood movies come from its borders than California did last year. A housing boom has also seen property prices sky rocket as the city has traded in on its modern amenities and historic appeal.
Despite all of this growth in the past nine years, economic figures released this week suggest that New Orleans is still in for a long period of sustained growth. This is a significant fact considering that for the initial few years after hurricane Katrina, the city suffered net job losses.
It would appear that the city has invested the $120.5bn given to it in federal recovery money wisely as it moves from strength to strength with modern, up to date infrastructure and shiny, high rise buildings standing in defiance of the turbulence suffered by the city in past years.
The rapid gentrification has turned its focus on tourism as new areas are developed and built alongside historical attractions to keep tourist’s money rolling in with luxury hotels, bars and restaurants all popping up one after the other with evidence that the city is still a major draw for many all over the world.
It’s these sorts of developments that have also reinvigorated the housing market in the city as shiny new builds take pride of place and prices are on the increase on the back of interest of living in the city with luxury flats and housing being the main generator of this surge of interest.
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