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Officials say oil bust leads to report on shrinking economy - KTBS.com - Shreveport, LA News, Weather and Sports

Officials say oil bust leads to report on shrinking economy

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SHREVEPORT - BOSSIER CITY, La. (KTBS) -

Shreveport-Bossier's economy is going down fast.

The area has earned that unlucky #1 spot as the fasting-shrinking economy nationwide for the second year in a row. The report came from the folks at 24-7 Wall Street and city officials say all of the information they collected came after Haynesville shale dried up. Officials on both sides of the river say, if you look outside of energy production, the area's economy continues to grow.

"I don't see that, I don't feel that, we're still continuing growth, we're still continuing development." David "Rocky" Rocket is the Executive Director of Bossier's Economic Development Foundation. He says the report is only looking at the oil and gas industry, and that's not the best way to go to find out how we're doing economically. "We can go out and point to publications that have put us in those top tiers. Haynesville Shale should not be viewed as a 'boom' because when you have 'booms' you also have busts."

Shreveport's mayor, Cedric glover and his office lead economic development on this side of the river. He says that if you look at emerging arts, digital media, and healthcare opportunities in the area-you'll see the expansion. Going forward, Glover notes the Shreveport Caddo Economic Development Association, or SCEDA, which has been held up for years, should help spur economic growth, "That we ultimately end up with a Shreveport Caddo specific professional entity that ends up being responsible for those duties."

In the meantime, Glover says he has a plan to make sure Shreveport stays off of the negative end of those lists. "You retain and expand your existing business base, and then you also go out and look to try and figure out how to effectively position yourself to attract those that are either starting up or looking to relocate."

Midland, Texas made the top of the list as the fastest growing city in the nation. 
Absent from the list was Detroit, Michigan; which has faced some tough economic times in recent years.

 

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