Welcome to the Q4 2024 issue of REGION Magazine! As we embark on a new year, we’re excited to highlight the partnerships, innovations, and forward-thinking strategies driving the Greater New Orleans region toward a brighter, more connected future. This issue showcases the transformative initiatives and individuals shaping our economy and strengthening our global presence.
We begin with an in-depth look at the recent market mission to Rotterdam, hosted by the World Trade Center New Orleans. Delegates from Louisiana had the opportunity to exchange ideas and learn from Rotterdam’s best practices in maritime technology. These insights are not only inspiring but directly applicable to transformative projects like the Louisiana International Terminal in St. Bernard Parish, set to begin construction in 2025.
Next, we turn to the battery manufacturing boom that’s energizing the region. These high-impact projects are creating high-paying jobs while positioning Louisiana as a vital player in the national energy supply chain— boosting both our economy and our national security.
Workforce development takes center stage with a recap of the third annual GNOu Summit. This year’s event brought together industry leaders, educators, and workforce professionals to align talent pipelines with the needs of Louisiana’s most dynamic industries.
This issue also includes two inspiring profiles. First, we feature Jonathan Matessino, president of Bank of America’s New Orleans and Baton Rouge markets, whose leadership and deep appreciation for the city drive his mission to foster economic growth and innovation. Second, we spotlight Crescent Growth Capital, a national leader in structuring tax credit equity. Their work aligns with New Orleans’ unique business
landscape, bridging the gap between groundbreaking ideas and available funding.
Each story in this issue underscores the innovation and collaboration that define Greater New Orleans. As we move forward in 2025, these qualities will continue to drive success, ensuring the region remains a place of opportunity and progress.
Thank you for your continued support of GNO, Inc. We hope the stories in this issue inspire you to join us in shaping the next chapter of our shared success.
Warm regards,
MICHAEL HECHT GNO, Inc. President & CEO
RELATIONSHIPS . RELEVANCE. RESULTS .
Greater New Orleans, Inc. (GNO, Inc.) is the economic development nonprofit for the 10-parish region of southeast Louisiana.
GNO, Inc. is built on a simple but broad mission: To create a region with a thriving economy and excellent quality of life for everyone.
The key is GNO, Inc.’s two-pronged approach to economic growth: by focusing on business development, the alliance aims to attract, retain and develop businesses that will employ our future workforce, propelling our economy forward and upward. This initiative is coupled with a concurrent nurturing of the business environment: by proposing, promoting and facilitating policies that improve conditions for business operations, GNO, Inc. ensures that businesses and corporate leaders are
positioned for long-lasting success.
For GNO, Inc., it is not enough to simply serve the community: we must also be a part of it. Real influence and significant change starts from within, and the alliance’s presence in the community is evident and expanding. Working together with the business community, regional stakeholders and all levels of government allows GNO, Inc. to coordinate, consolidate and catalyze action on key issues and opportunities, effectively maximizing job and wealth creation and creating systemic impact.
From workforce development and coastal stabilization to fiscal and criminal justice reform, GNO, Inc. is driven by results. It’s helping to create a robust and growing middle class and, in the process, ensuring our region’s continued prosperity.
Greater New Orleans
BY THE NUMBERS Q4 2024
An economic snapshot of Greater New Orleans’ 10-parish market
EMPLOYMENT & ECONOMY STATISTICS
POPULATION
1,420,677
31% of Louisiana’s population resides in Greater New Orleans
SOURCE: LIGHTCAST
EMPLOYMENT STATISTICS
$71,800
Regional Average Earnings
SOURCE: LIGHTCAST
ECONOMY
52,447 Private Establishments
SOURCE: FEDERAL RESERVE ECONOMIC DATA
656,359 Civilian Labor Force
SOURCE: LIGHTCAST
SOURCE: LIGHTCAST (2023)
30,579 Unique Job Postings in Q4
SOURCE: LIGHTCAST
4.68%
Regional Unemployment
SOURCE: LIGHTCAST
FAST FACTS: ENERGY
RECENT ANNOUNCEMENTS
New Orleans was the most improved city on the American Council for an Energy Efficient Economy’s recent City Clean Energy Scorecard.
Louisiana ranks third highest in marketed natural gas production and seventh in proved natural gas reserves among the states. Louisiana accounts for about 10% of U.S. total marketed natural gas production and holds about 6% of the nation's natural gas reserves. Louisiana's 15 crude oil refineries account for about one-sixth of the nation's refining capacity and can process nearly 3 million barrels of crude oil per calendar day.
SOURCE: AMERICAN COUNCIL FOR AN ENERGY-EFFICIENT ECONOMY (ACEEE); U.S. ENERGY INFORMATION ADMINISTRATION
TRADE
$11.3B
Value of Exports from the New Orleans Metro Area
#7
Largest U.S. metro measured by value of exports
SOURCE: U.S. CENSUS BUREAU; U.S. EXPORTS BY METROPOLITAN AREA, Q3 2023
RANKINGS
RECENT RANKINGS
New Orleans ranks 3rd in the nation as a top convention destination. conventionsouth.com
$10.31/ft2
SOURCE: CREXI; COMMERCIAL EDGE
A new “Top 250” study, conducted by 2Synergize LLC, Destinations International, and Simpleview, ranks New Orleans third among destinations for conventions. Of the top 250 conventions in the country, the study reveals 88 percent are held in just 20 cities, including New Orleans.
New Orleans ranked 4th in Southern Livings’s annual The South's Best Cities 2024 rankings
New Orleans ranked #1 Best Food Cities in the U.S. | U.S. News Travel
GNO, Inc.’s mission is to create a Greater New Orleans with a thriving economy and an excellent quality of life, for everyone. For more information about the market, or help with your business, please contact our Research and Business Development team:
Harrison Gitz Policy and Research Manager hgitz@gnoinc.org
Grady Fitzpatrick Chief Business Development Officer gfitzpatrick@gnoinc.org
*Due to data collection methods, previous GNO By the Numbers are not directly comparable
From Rotterdam to Louisiana: Innovation for the Future of Maritime
Continuing a long-standing tradition of beneficial international networking, the most recent WTC-GNO Inc. International Trade Mission Took South Louisiana Maritime Leaders to Rotterdam
BY WILLIAM KALEC
From 1100 Poydras Street, home of the New Orleans World Trade Center, the Port of Rotterdam – the largest European seaport – is precisely 4,794 miles away. Worlds apart in a literal sense, but not in a figurative sense.
Like the system of South Louisiana ports dotting the lower Mississippi River, the Port of Rotterdam continues to be a pivotal, economic piston on a local, micro level, and a vital, strategic puzzle piece in the overall global supply chain on a macro level. And, like our South Louisiana ports, maritime industry leaders in Rotterdam consistently must stay ahead of multiple curves from a workforce, technology, and efficiency standpoint in order to meet the ever-present and ever-increasing demands of the marketplace.
Because of those parallels, an array of maritime commerce representatives from South Louisiana took part in a WTC-GNO Inc. sponsored ‘Trade Mission’ to Rotterdam in October 2024 where they meet with maritime officials in the Netherlands to exchange best practices and observe the Rotterdam’s technological and operational advancements.
“Rotterdam’s a maritime powerhouse for a reason. Its prime location at the mouth of the Rhine River makes it a gateway to the heart of Europe,” said World Trade Center director Harrison Crabtree when asked, ‘Why Rotterdam?’ “With a world-class port, efficient logistics, and a skilled workforce, it’s a magnet
for the maritime sector. Plus, the city’s embrace of innovation, with its tech startups and research institutions, keeps it at the forefront of the industry.
“There is a lot for us to learn from Rotterdam, everything from maritime innovation to the role the future of energy is playing in the ecosystem, to their government’s strategy for long-term growth of the industry.”
The significance of this knowledge-sharing initiative was underscored by Consul General of the Kingdom of the Netherlands in Miami, Lisette den Breems: “We were delighted to organize the program in the Netherlands for the Louisiana port logistics delegation as we value knowledge exchange, especially on our top priorities, highly. Innovations and sustainability in the maritime industry are of great importance to our country, which the delegation was able to see when visiting the Port of Rotterdam, the largest port in Europe and a significant economic driver in the Netherlands. With smart port logistics, the port continues to become more efficient, more flexible, and even cleaner while also working on solutions to new challenges. Louisiana and the Netherlands have many challenges in common, so let’s work together on a sustainable, equitable, and prosperous future!”
Despite the Port of Rotterdam’s massive footprint – approximately 19,000 acres in land and 11,000 acres in harbor – officials there shared with their guests from Louisiana how they’re addressing
the lack of available free space needed to meet the needs of the market through innovation and technological advancement.
Further hammering that point home, Rotterdam organizers made sure the visiting Louisiana contingent was able to meet and network with diverse group of maritime commerce influencers –from port executives, government representatives, educational leaders, and cutting-edge innovators.
“When you’re trying to get as much value and upside out of a trip that’s condensed to just a few days, it’s important meet with any many folks as possible who you think have the ability to provide insights into what has made Rotterdam so successful,” said William Baldwin, a maritime industry attorney at Jones Walker, the largest law firm in New Orleans.
“The scope of the operation, especially with the diversity in cargo that place handles, was impressive,” Baldwin continued. “So, you want to know how and why they got there. What opportunities did you take advantage of and how
did you fund it, sustain it? What are the challenges you’re facing and how are you moving forward?”
The answers given to those questions and more should be directly applicable when charting strategies and solutions for the future Louisiana International Terminal (LIT) in St. Bernard Parish.
Scheduled to begin construction in 2025, LIT will be able to handle New Panamax and Post Panamax cargo ships that are unable to reach the Port of New Orleans because of height/air-draft restrictions from the Crescent City Connection bridge, thus delivering a more economically and environmentally efficient mode of transit that will keep South Louisiana competitive against port hubs in neighboring regions.
“(LIT) has a lot of potential for not only this region but the broader multi-state area around Louisiana,” Baldwin said. “And because of the importance of that project and what Rotterdam itself has been able to do as a port city...there are a whole bunch of synergies, which is why it continues to make sense to develop and expand
relationships with maritime participants from the Rotterdam side. But, also, to learn and bring back and infuse that knowledge into projects that are either underway or set to be developed down here.”
One of many aspects of Rotterdam’s expansive operation that caught Baldwin’s (and others’) eye during this trip was the calculated efforts made to re-invest in research and development to ensure Europe’s largest seaport standing for decades to come. Local guides took the group from Louisiana through various incubator sites within the Rotterdam Innovation District, the heart of the port’s technological advancement ecosystem.
Nearly a decade old, the Rotterdam Innovation District was formed by repurposing old port sectors of an abandoned shipyard. The site is home to multiple start-ups, SMEs (small and medium-sized enterprises) and three educational institutions with 1,000 students combined. Though specialties vary, every entity within the confines of the Rotterdam Innovation District are
dedicated toward finding sustainable solutions for the future of the maritime industry.
For example, the Louisiana group toured Deltares — a not-for-profit, independent knowledge institute focused on water and subsurface research in delta regions like the Netherlands and the New Orleans area) — and saw up-close the latest ways leaders there are keeping areas near waterways inhabitable and operational for commercial transit.
“Even though virtual meetings have become a staple in our professional lives, there’s something irreplaceable about face-to-face interactions,” Crabtree said. “Meeting with high-ranking officials, port executives, and startups gave us a deep dive into the big picture – the policies, the regulations, the long-term strategies. By mixing a diverse range of partners we’re giving our members a unique opportunity to learn, network, and get inspired. It’s a powerful combination that can lead to some really exciting developments.”
Energizing Louisiana: How Battery Manufacturing is Powering Jobs and National Security
Battery manufacturing projects bring high-paying jobs
to the state and region, while also positioning Louisiana as a vital part of the national energy supply chain.
BY MISTY MILIOTO
Retaining existing businesses and attracting diverse industries are pivotal to economic growth in South Louisiana.
“These businesses will provide job opportunities for our residents and increase the tax base for the region and state,” said Grady Fitzpatrick, chief business development officer at GNO, Inc.
As part of these new industries, battery manufacturers are ranking high on the list. Louisiana has been successful in attracting some of these companies, but there is still a long way to go.
Recently, the Japanese chemical company, UBE Corporation, announced that it is investing $500 million to establish a manufacturing facility for key electric vehicle lithium ion battery ingredients dimethyl carbonate (DMC) and ethyl methyl carbonate (EMC) at the UBE C1 Chemicals America facility in Jefferson Parish’s Cornerstone Energy Park.
“Currently, the U.S. battery value chain is reliant on imports from China for almost all DMC and EMC supply,” said Tom Yura, chief operating officer and site director of UBE C1 Chemicals America. “This dependency creates risks for the U.S. electric battery and battery electric vehicle markets that include not only potential supply interruptions due to an extended supply chain, but also pricing volatility due in part to geopolitical tensions between the U.S. and China.”
Yura went on to say that as U.S. demand for electrolyte continues to grow, driven by the adoption of battery electric vehicles, the need to onshore production intensifies to mitigate these risks. “It is estimated that by 2036, over 400,000 metric tons of electrolyte will be needed to fulfill North American battery electric vehicles and energy storage systems demand,” he said. “Nearly 80 percent of the chemical composition of electrolyte is linear carbonate esters with DMC/EMC representing half of the linear carbonate esters used in the marketplace today.”
The UBE C1 Chemicals America project, which is scheduled to be completed in mid-2026 with operations to begin in late 2026, will bolster the domestic battery components supply chain by reducing the current heavy reliance on Chinese imports.
“[It] will be the first commercial-scale DMC and EMC manufacturing facility in the U.S., redirecting over $200 million of production to domestic manufacturing from heavy reliance on Chinese imports,” Yura said. “The project will provide the U.S battery value chain resilience by increasing domestic manufacturing capacity to meet a significant share of current and future demand; and [increase] U.S. battery chain competitiveness, through competitive cost structure and pricing.”
Yura added it will also enhance U.S. national security by providing technological leadership
and significant domestic production capacity. The project will also create high-quality jobs, improve the tax base and add a new corporate member to the local community.
Once operational, the UBE project will be capable of producing 100,000 metric tons of DMC per year and 40,000 metric tons of EMC annually. “Based on the assumption that a standard battery electric vehicle uses a 60 to 100kWh battery, the project’s targeted annual production volume of 100,000 metric tons of electrolyte solvent would enable annual production of approximately 4 million (63 percent) of the 6.3 million battery electric vehicle projected production in 2030,” Yura said.
UBE Corporation chose to locate its project in Jefferson Parish for a number of reasons. For starters, Cornerstone Energy Park is currently home to several chemical manufacturing plants. As such, it has much of the needed infrastructure, it is in close proximity to necessary transportation routes and there’s a trained workforce in the area that is needed for the project’s success.
“Our logistical advantages combined with the availability of raw materials give companies a strategic advantage to be based in Louisiana,” Fitzpatrick said. “Our high-quality workforce also has the transferable skills to easily fill the needed jobs in these new facilities. As these companies
choose Louisiana, we will continue to see more of the supply chain cluster around these facilities.”
In order to secure the project, the state of Louisiana offered UBE Corporation a competitive incentives package. “In addition to the tax incentives, which are necessary to attract and retain large capitalintensive investment like the new DMC/EMC plant to Louisiana, the project will also use LED FastStart,” Yura said. “This program will be utilized to support the hiring and training of local personnel needed to operate the new production plant. FastStart has outstanding resources and capabilities to support new and existing companies as they build the talent needed to operate their business.”
While there has been a weakening in demand for electric vehicles, battery manufacturing projects are pushing forward. “There have been over 30 battery plants announced across the Midwest and Southeast with a combined $100 billion in investment,” Fitzpatrick said. “The demand for batteries is not just for electric vehicles, but also grid storage for solar and wind generation.”
Most importantly, Fitzpatrick said that batteries are needed to stabilize the power grid, which helps manage peak demand. “As more renewable energy comes online, batteries are needed to store this power,” he said. “Wind power, for instance, is not a consistent source of power, so, to meet demand,
it will need to be stored for times of need. Batteries can also be used for backup power for homes and businesses as a reliable source of stored energy during outages.”
According to Greg Upton, executive director and associate professor-research at the Center for Energy Studies at Louisiana State University, the share of electricity coming from intermittent sources, such as solar and wind, is likely to grow.
“At the same time, the number of consumer items (vehicles being one example) using batteries is also growing,” he said. “Thus, the need for batteries of all sizes, from utility scale, to vehicles, to small applications, are all likely to grow in the coming decade.”
Currently, Louisiana has battery manufacturing component projects in the pipeline. And GNO, Inc., continues to work projects across the value chain of battery manufacturing. “The initial wave of announcements clustered to the OEM auto manufacturers,” Fitzpatrick said. “Due to Louisiana not having [EV] facilities, we did not attract them.
As we continue to build out the supply chain of batteries—solvents [and] higher value chemicals— then we should see the supply chain and OEM also look to place facilities in Louisiana.”
In order to attract more battery manufacturing companies to the area, GNO, Inc., is proactively marketing the region and leveraging its affordable electricity, natural gas, pipeline infrastructure of petroleum and chemical products, and logistical advantages (river, rail and highway access).
“Louisiana has long been a hub for manufacturing energy and chemical products,” Upton said. “Batteries are one potential opportunity to grow this area. Our historical energy sector employs workers and contributes significant tax revenues to the state and local government. Expanding battery manufacturing is an example of an opportunity for the state and is consistent with our historical comparative advantages. We have access to low-cost electricity, access to many chemical products as well as a workforce that is accustomed to these types of jobs.”
The GNOu Summit
A Triple Win
BY KELLY HITE
If you haven’t already done so, you’ll definitely want to set a reminder to sign up for next year’s GNOu Summit, the popular and growing industry-driven Workforce and Talent Pipeline Conference for the Greater New Orleans region and the state of Louisiana.
Facilitated and organized by GNO, Inc., the GNOu Summit is where employers, education and training providers, government, and community stakeholders come together to foster relationships, discuss trends, and fine-tune programs
designed to benefit industry, workers, and the entire economy.
The result is a triple win. “Companies get to inform the training ecosystem that provide the workers they need, educational institutions will be able offer a market-relevant, cutting-edge curriculum, and students are better trained for higher-demand jobs,” said Josh Tatum, Vice President of Business Growth and Retention, GNO, Inc.
The third annual GNOu Summit was held in September this year at the Higgins Hotel and attracted industry partners
from advanced manufacturing, logistics, energy, technology, maritime and beyond. It gave educators, workforce training professionals, and talent recruiters the opportunity to delve into the details of emerging industry trends and workforce needs in the state’s most productive sectors.
“The GNOu Summit allows the education and nonprofit sectors to hear what’s happening in the quickly changing regional economy,” said Tatum. “Educators don’t always have the opportunity to keep track of industry changes. The GNOu Summit provides that opportunity, providing a dynamic space for shared collaboration and empowering participants to make the connections necessary to meet demand.”
FORCES DRIVING THE GNO u SUMMIT
Right now, nearly 90 million people in the U.S. lack the skills needed to thrive in the future workforce. It’s facts like these that inspired GNO, Inc. to serve as the region’s workforce development intermediary by establishing the GNOu Summit.
“As the world was coming out of the Covid pandemic a few years ago, we found there was a disconnect in the workforce ecosystem,” said Tatum. “There was not enough alignment between industry, non-profit training providers, and education, particularly in K-12. We realized we needed to get everyone in a room to generate a real kick-start to the system.”
Before the GNOu Summit was created three years ago, there was no coordinated conference, across-the-board mechanism for bringing GNO regional businesses, education, and non-profits together to tackle the issue of emerging and growing skills gaps, but the demand for this kind of forum is crystal clear as evidenced by its rapid growth. “We started out at the Conference Center on 11 with 150 people attending,” Tatum said. “Then the following year we had 200 participants and this year there were around 250.”
THE NUTS AND BOLTS
No one could resist making the imminent Super Bowl a major theme of the Summit’s opening reception, with a panel discussion called Scoring Big: Economic & Workforce Impacts of the Super Bowl. The panel included Walt Leger, President and CEO of New Orleans & Company, Kim Boyle, Vice Managing Partner at Phelps Dunbar LLC, Marcus Brown, EVP and General Counsel with Entergy, and Jerry Bologna, President and CEO of JEDCO.
The following day the Summit’s Keynote Speaker, Heather McKay, Senior Vice President of Employer Engagement and Executive Director of the Strada Institute for the Future of Work, spoke about the national talent landscape and the importance of employer engagement strategies.
“The morning keynote with Heather McKay of Strada provided some key workforce statistics that every employer would find eye opening,” said Tará Burnthorne Lopez, Dean and Professor of Marketing, College of Business, Southeastern Louisiana University. “I brought two
additional members of my team to the GNOu Summit this year and Heather McKay's presentation left us with pages of ideas that will definitely show up in our curriculum. In addition, I connected with several employers and will be working with them to support their talent pipeline.”
The morning keynote set the stage for the Summit’s workforce and training tracks.
THE WORKFORCE TRACK
The Workforce Track of the Summit delved into a vast range of industries including Trade and Logistics – Louisiana as the Logistical Gateway to the World, Creative Production Culture – Film, Video Games, Mustic, Aerospace & Advanced Manufacturing – Developing the path forward for the Future Workforce of Manufacturing, and the Healthcare Industry – Leading the way in Healthcare Delivery and Technology Advancements to Save Lives. Healthcare providers like Ochsner and LCMC said they benefited from these updates and the University of Holy Cross President Stanton F. McNeely said the updates help keep the University’s Radiologic Technology program at the forefront of medical imaging developments.
Across the board, GNOu Summit industry attendees expressed their interest in nurturing the next generation of talent. “Developing the Entergy workforce is integral,” said Dr. Sumesh Arora, Program Manager, Diversity & Workforce Strategies, Entergy. “Entergy has a strong desire to have the workforce reflect the communities that we serve and to ensure we develop local talent. There are over 100 types of jobs we require, including line workers, trade crafts, process control technicians, IT, cybersecurity, communications, marketing, and legal. The GNOu Summit provides an opportunity to work with like-minded individuals to grow the state’s workforce, collaborate, and learn best practices. If healthcare is doing something great, we should too. By building effective partnerships we do not need to reinvent the wheel.”
One of the Workforce Track sessions was on the “Allthe-Above” approach to Future Energy Developments in Louisiana: Workforce Requirements to Support the Future of Energy. This was the most popular session of the Workforce Track which explored developments in the “all-theabove” energy strategy, from oil and gas, to wind energy, carbon capture, and biofuels.
“With demand spanning both foundational and emerging industries, a ‘both/and’ approach is critical to diversifying the economy and meeting the workforce needs of all employers and industries in Greater New Orleans,” said Michael Hecht, CEO, GNO, Inc. The GNOu Summit is the place where education and training providers find out how their programs can be updated to reflect these changes.
“As the region continues to emerge and grow, industry sectors are investing in new technologies and are experiencing an evolution that is creating new career pathways,” said Hecht.
The Workforce Track finished with the Greater New Orleans Jobs Report. “There are many factors that can shift the trajectory of the region’s economy – business announcements, private and government investments, and aspirational developments – as well as the evolution of new technologies and innovation. With a deeper understanding of current conditions, regional stakeholders can better prepare for occupational shifts and respond accordingly,” said Hecht.
THE TALENT TRACK
The Talent track focused on best practices and programs including the STEM Economy – Cultivating a Diverse and Strong STEM Ecosystem for Industry Growth, emerging trends in the Future of the Workplace, the Louisiana Department of Education Accountability Systems & Curriculum Updates, Re-entry Talent – creating a second chance through Education-to-Employment Pathways, Sectoral Partnerships as a model for the Workforce, Innovation – Collaborating, Coordinating, & Convening to achieve Wins in the Game, and Employer Engagement & the Work-Based Learning Continuum.
And if that wasn’t enough to boost the entire workforce ecosystem, the Lunch Panel Discussion, sponsored by JP Morgan Chase, covered the topic of Collaboration at the Center, moderated by Victoria Phipps, Vice President and Program Officer , with panelists Louis David, President and CEO of New Orleans Business Alliance, Ryan Mattingly, Executive Director, Louisiana Green Corp., Cate Swinburn, President and CEO, YouthForce NOLA and Chuck Morse, Executive Director, ThriveNOLA. Feedback from participants confirms the value of the Talent Track of the Summit. “I am passionate about shrinking the gap between business education and practice,” said Burnthorne Lopez. “At Southeastern, we focus on making the transition to industry seamless for our students so they can start having a positive impact as soon as they are hired by an employer. The GNOu Summit allows me to sit in the rooms with leading employers in our region and learn about the most critical things on their minds. It's information I can take back to our faculty and students.”
GNOu Summit participants said they were able to develop important partnerships which are the very essence of the region’s workforce ecosystem. “Overall, the conference was very informative, and I’ve made some great connections which may lead to partnerships in the future,” said Yasin Pierce, Program Coordinator, Youth Empowerment Project.
ECONOMIC DEVELOPMENT FOR THE WIN
The Closing Keynote was all about Positioning Louisiana to Win and featured Osmar Padilla, Assistant Secretary of Louisiana Workforce Commission, Dr. Monty Sullivan, System President of Louisiana Community & Technical College System, Dr. Kim Hunter-Reed, Commissioner of Higher Education of Louisiana Board of Regents, and Paige Carter, Chief Business Development Officer of Louisiana Economic Development (LED).
It's all about talent retention and talent attraction. The GNO region is a thriving educational hub that produces 80,000 graduates per year and has one of the highest per capita higher education concentrations in the nation, so the aim of the GNOu Summit is to connect industry and education in a way that helps keep talent here. “These bright minds represent the future workforce and business leaders who will drive innovation, economic growth and community development across Louisiana,” said LED Secretary Susan Bonnett Bourgeois.
SEE YOU IN 2025!
There’s no doubt that the GNOu Summit is an integral part of creating industrydriven workforce ecosystems and talent pathways as the feedback proves. “I thought this was a great Summit, overall!” said Allison Mathews, Employer Relations Coordinator at Loyola University, New Orleans. “I look forward to attending more in the future.”
When asked what their favorite part of the GNOu Summit was, participants consistently mentioned the people they had the opportunity to connect with. “It’s about the diversity of people cross-cutting different professions: academic, government, nonprofit,” said Dr. Arora. “The Summit is an opportunity to interact with so many people from different walks of life.”
“I always meet interesting people who inspire me,” said Burnthorne Lopez. “I’m looking forward to reconnecting with people from prior years and connecting with new people as well.”
Banking on the Crescent City
Jonathan Matessino’s
Vision for Greater New Orleans
Jonathan Matessino, president of Bank of America’s New Orleans and Baton Rouge markets, embodies the vibrant spirit and resilience of the region he calls home. A Baton Rouge native and LSU graduate, Matessino’s journey to New Orleans began with a love story: his wife, a New Orleans native, drew him to the city that has now been his home for 25 years. “New Orleans has been my home for 25 years now, and I can’t imagine living anywhere else,” Matessino said.
As a banking executive, Matessino brings a unique combination of professional expertise and personal passion to his role. His career path was charted early, inspired by a natural affinity for numbers and a pivotal commercial banking course during his senior year at LSU. “It just made sense to me,” he said. “I applied and was hired into Bank One’s commercial banking training program. That proved to be a great opportunity for me. I was able to learn from some of the most talented bankers in the business.”
Today, Matessino’s leadership at Bank of America is rooted in values instilled during his upbringing. His parents emphasized morals and ethics, shaping his philosophy as a leader who prioritizes humility and leading by example. “I believe in being genuine and always leading by example,” he said. “I would never ask anyone on my team to do anything that I would not do personally.”
A CITY LIKE NO OTHER
New Orleans holds a special place in Matessino’s heart, not just as a home but as a cultural treasure. “There is no other city like it in America – perhaps in the world,” he said. From the vibrant festivals like Jazz Fest and Mardi Gras to the city’s culinary delights and rich traditions, New Orleans’ charm is undeniable. Matessino is also an avid supporter of local sports, rooting for LSU, the Saints, and the Pelicans.
Matessino’s appreciation for New Orleans goes beyond its surface attractions. He sees the city’s unique characteristics as a foundation for economic growth and innovation. “We are blessed to be located in such proximity to the Mississippi River, Gulf of Mexico, six Class 1 rail lines, and major interstates,” he explained. “We have abundant natural resources, and a vibrant workforce. All of the ingredients for success are here.”
CHALLENGES AND OPPORTUNITIES
Despite its advantages, New Orleans faces significant challenges, including crime, an ongoing insurance crisis, workforce gaps, and the outmigration of talented graduates. These hurdles hit close to home for Matessino, a father of three who worries about his children’s future career opportunities in the region. Yet, he remains optimistic. “I am proud of the work GNO Inc. and all of its stakeholders and members are doing to combat these economic headwinds,” he said. “I am hopeful that we can overcome them in the near term.”
As a banking leader, Matessino sees his industry playing a pivotal role in addressing these challenges. He emphasizes the importance of supporting small businesses, which he calls the backbone of the local economy. “We in the banking sector can seek out opportunities to provide support and education to small business owners and entrepreneurs,” he said. “When you can help a small business grow or expand, you not only help the owners, but you help its employees, vendors, and other stakeholders. The ripple effect can be significant across our local economy.”
BUILDING A LEGACY
Bank of America’s presence in New Orleans is poised for growth under Matessino’s leadership. The bank’s plans include opening new retail banking centers in the Greater New Orleans area, a move Matessino described as a “significant investment” in the region. “The addition of banking centers will allow Bank of America to provide our current and future clients with the full suite of products and services delivered with a local touch,” he said.
In addition to expanding its physical footprint, Bank of America is committed to fostering economic mobility and workforce development. Partnerships with organizations like GNO Inc. underscore the bank’s dedication to creating opportunities for residents. The annual Jobs Report, a collaboration with GNO Inc., is one such initiative that provides valuable insights for job seekers, educators, and
employers. “We plan to continue to partner with them for years to come so that this valuable tool will be available to the region,” Matessino said.
BALANCING ACT
Matessino’s professional ambitions are matched by his dedication to his family. With one child off to college and another preparing to leave in 2025, he is keenly aware of the fleeting nature of family time. “My goal for the new year is to spend as much time with my family as possible while I have them at home,” he shared. He credits Bank of America’s supportive culture for enabling him to maintain a work-life balance.
ADVICE FOR ASPIRING LEADERS
For those looking to make their mark in New Orleans’ business community, Matessino offers simple yet profound advice: get involved. “If you aren’t sure where or how to get involved, I would encourage you to reach out to anyone at GNO Inc. It is a world-class organization, and they will be more than happy to get you involved,” he said.
Mentorship is another cornerstone of Matessino’s guidance. Reflecting on his own career, he acknowledges the role mentors played in shaping his path. “I was fortunate to have several mentors in my career who were eager to help me grow professionally,” he said. He encourages aspiring leaders to seek out senior professionals for advice and support.
LOOKING AHEAD
As Matessino leads Bank of America’s efforts in New Orleans and Baton Rouge, his vision for the region’s future is one of collaboration and growth. By supporting legacy industries, nurturing emerging sectors, and retaining local talent, he believes New Orleans can unlock its full potential.
“If we can keep our young people engaged in our local economy, I believe that the sky is the limit,” he said. With leaders like Matessino at the helm, the Crescent City’s economic prospects look brighter than ever.
Building Dreams
Crescent Growth Capital’s Role in Revitalizing New Orleans and Beyond
In the wake of Hurricane Katrina’s devastation, Crescent Growth Capital emerged as a pivotal player in New Orleans’ recovery. The company’s story is deeply intertwined with the city’s resilience, founded with the mission of bridging funding gaps for transformative projects in the region. Crescent’s Director, Frank Rabalais, recounts how the firm seized an opportunity created by federal initiatives in the aftermath of the storm.
“The timing was perfect,” Rabalais shared. “The need for rebuilding and reinvestment was enormous, and few people understood how to incorporate New Markets Tax Credits into a capital stack. We stepped in to fill that gap.”
Since its inception in 2008, Crescent Growth Capital has evolved into a national powerhouse, structuring over $2.25 billion in financing for projects across the United States. Yet, its heart remains in New Orleans, where the company has played a vital role in bringing ambitious ideas to life, transforming them from concepts into tangible realities.
A MISSION ROOTED IN IMPACT
At its core, Crescent Growth Capital aims to complete a project’s capital stack by sourcing, modeling, and integrating tax credit equity. This mission aligns with the unique business landscape of New Orleans, where innovative ideas often outpace available funding.
“Projects in Greater New Orleans frequently struggle to assemble the capital to get off the ground,” Rabalais explained. “Crescent often provides the decisive final funding component that transforms a sound concept into a completed project on the ground.”
One standout example is the New Orleans Culinary & Hospitality Institute (NOCHI). Rabalais described
how Crescent structured and closed the financing for this game-changing institution, which has since become a hub for culinary arts, small business incubation, and thought leadership. NOCHI’s creation illustrates the transformative power of tax credit equity and community collaboration, offering a blueprint for future projects in the city.
ADAPTING TO CHANGE AND EXPANDING HORIZONS
While Crescent Growth Capital’s roots are firmly planted in New Orleans, its evolution has been shaped by necessity and opportunity. By 2010, the national focus on Katrina recovery had waned, leading to what Rabalais calls “Katrina fatigue.”
Recognizing this shift, Crescent began expanding its footprint beyond Louisiana, applying its expertise in New Markets Tax Credits and Historic Tax Credits to projects across the country.
This strategic pivot was bolstered by a deepened commitment to historic preservation. Crescent became an expert in combining NMTCs with Historic Tax Credits, a specialization that has allowed the company to undertake complex, impactful projects nationwide.
Despite its national reach, Crescent remains committed to its New Orleans roots. The city’s rich history and vibrant culture continue to inspire the company’s work, even as it tackles projects in far-flung locales.
“New Orleans is one of the world’s great cities,” Rabalais noted. “While Greater New Orleans may no longer be among the most populous or economically consequential regions in America, technology and good air service allow us to home-base here. We could be headquartered anywhere, but we’ve chosen New Orleans.”
INVESTING IN THE LOCAL ECONOMY
Crescent Growth Capital’s contributions to New Orleans extend beyond its project portfolio. As a local business, it generates significant economic benefits and supports initiatives like Greater New Orleans, Inc., a regional economic development organization.
“We believe in their mission and have celebrated their successes over the past 20 years,” Rabalais said. “They are leading the effort to reacquire real economic significance for New Orleans, which is necessary for its future survival as a viable place to live, work, and raise a family.”
Crescent’s commitment to the city is also evident in its vision for the future. The company hopes to play a larger role in financing projects in underserved areas like New Orleans East, the Industrial Canal, and West Jefferson. These areas, often situated in low-income census tracts, represent untapped potential for economic growth and community revitalization.
BALANCING RISK AND INNOVATION
In the high-stakes world of finance, balancing risk and innovation is crucial. Crescent Growth Capital achieves this by maintaining a robust pipeline of reliable projects while pursuing more adventurous opportunities. This strategy has enabled the company to take calculated risks, pushing the boundaries of what’s possible while ensuring longterm stability.
Crescent’s focus on low-income communities and historic preservation further underscores its commitment to meaningful impact. By leveraging NMTCs and Historic Tax Credits, the company not only drives economic growth but also preserves the cultural and architectural heritage that makes cities like New Orleans unique.
LOOKING AHEAD
As Crescent Growth Capital celebrates over 15 years of success, Rabalais and his team remain focused on the future. The company’s vision includes expanding its work in New Orleans and continuing to support projects that align with its mission of economic development and community enrichment.
“We help overcome our region’s diminished economic stature and capital-raising challenges with first-class funding solutions often left unexplored by businesses in the nation’s top metros,” Rabalais said.
With a proven track record, a deep connection to its hometown, and a commitment to innovation, Crescent Growth Capital stands as a beacon of possibility in the ever-changing landscape of New Orleans and beyond. Its work reminds us that, with the right tools and vision, even the most daunting challenges can become opportunities for growth and transformation.
NEWLAB
During Climate Week NYC, GNO, Inc. joined Newlab at their annual showcase, New Climate Futures. Six startups in attendance participated in GNO, Inc.'s and Newlab's programs to deploy clean hydrogen and carbon management technologies in Louisiana.
FOOD INCUBATOR
JEDCO received $4.2M in funding to build a 15,000 sq ft. food and beverage incubator at Churchill Park. This will further growth in the regional culinary products industry.
TULANE ENERGY GNO, Inc. Workforce and Entrepreneurship Manager, Salem Habte, spoke at the Tulane Future Energy forum on how to cultivate a diverse, skilled, and adaptable energy workforce in Louisiana.
STARTUP NOLA NOW
GNO, Inc.'s October Startup NOLA Now was held at Nieux Society and hosted by The Idea Village. State leaders, elected officials, and local experts discussed how to continue building Louisiana's statewide innovation strategy.
NOLA BEAUTIFUL
GNO, Inc. partnered with Hands on NOLA and The City of New Orleans to beautify our city by planting trees and picking up litter in the Desire area. The half-day service made a $13,500 impact on our community, all while enjoying a gorgeous day!
Meta, Facebook’s parent company, is set to build its largest-ever data center in northeast Louisiana, a $10 billion investment Gov. Jeff Landry called "transformational" for the state’s role in the AI infrastructure boom. Spanning 4 million square feet—roughly the size of 70 football fields—the facility will be constructed on 2,250 acres near Holly Ridge, making it one of the largest private investments in Louisiana’s history.
Meta rendering courtsey of Louisiana Economic Development (LED)
GNO, Inc., LSU, and Louisiana Economic Development (LED) celebrated a significant milestone in low-carbon technology with the launch of a state-of-the-art carbon capture and sequestration (CCS) research well at LSU’s Petroleum Engineering Research, Training, and Testing Laboratory. Funded by the $50 million federal “H2theFuture” grant awarded two years ago, the well is designed exclusively for research to advance carbon capture safety and monitoring practices.
