New Orleans City Business

Road Recovery in N.O. Has Long Way to Go

Our ruined roads remain major roadblocks to recovery. In a bit of encouragement, Mayor C. Ray Nagin held a ribbon- cutting ceremony March 7 celebrating the completion of the $4.8- million Robert E. Lee Boulevard repavement in Lakeview.

Robbery Reaction: 14 Banks Robbed in New Orleans Area in 2008

Fourteen banks have now been robbed in the New Orleans area in 2008 -- five in New Orleans, four in Jefferson Parish, one in Terrebonne Parish, three in St. Tammany Parish and one in St. Charles Parish -- compared with 26 all last year, according to the Federal Bureau of Investigation. Special Agent Jim Bernazzani said such a spike typically indicates crimes being committed by serial offenders. The FBI and banks never release the amount of money taken for fear it will encourage copycat robbers.

Why Stay? Massachusetts Native Helps with Recovery

Nathan Rothstein, 24, moved to New Orleans in 2006 with a temporary job gutting Katrina-ravaged homes. Two years later, the Massachusetts native is still here and so are many of the gutted vacant homes he worked on in those first months in town. "People haven't had the money to return," said Rothstein, director of the NOLA Young Urban Rebuilding Professional Initiative.

Film Tax Credits in La. Near Sunset

Louisiana's film infrastructure incentives expire at the end of 2008 and, despite mounting competition from other states for a piece of the industry, film officials say the sunset is OK for now. During the 2007 legislative session, lawmakers amended the motion picture tax credit program to provide tax credit time limits and amount caps.

What Others Say

'America's most laid-back political culture acquires a few rules,' The Economist, March 6 Louisiana being Louisiana, a session focused on ethics was not without its hiccups. An effort to strip pensions from lawmakers convicted of crimes went nowhere, as did another to bar cash contributions to political campaigns. There were cringe-worthy moments, too. For instance, during the debate on the bill limiting meal-tabs to $50, one New Orleans legislator complained that such a low ceiling was going...

Soaring Oil Prices Mean Millions in State Revenues in La.

The price of crude oil shattered record upon record last week hitting an all-time trading high of $110.20 per barrel Wednesday on the New York Mercantile Exchange before easing slightly below the $110 mark. Crude's continuing climb portends a pricier time for motorists at the pump. But Louisiana government, industry officials and analysts anticipate a huge increase in energy-related activity and state mineral revenue.

March 17 - April 13

March 17 The New Orleans Biotech Networking Group and the New Orleans BioInnovation Center present an opportunity for networking for entrepreneurs, researchers and facilitators at 5:30 p.m. at the Renaissance Pere Marquette, 817 Common St.

Top 100 Private Companies in New Orleans Metro Area : Special Focus

The top 100 privately held businesses in the New Orleans metro area have banked the boom following the bust of Hurricane Katrina. Stability and consolidated gains are now among the top goals of businesses blending recovery work with recharging the economy. The CityBusiness Top 100 Private Companies combined to post a record $11.1 billion in combined 2006 revenues compared with $8.9 billion a year ago -- an impressive gain of nearly 25 percent.

Top 100 N.O.-Area Private Companies Generate $11.1b

2007 was another banner year for the top 100 private companies in the New Orleans metro region. The Top 100 reflects a diversified economy with health care, food, investments, construction, auto sales, ocean transportation, life insurance, manufacturing and mens accessories all represented in the top 10.

Declining Cemetery Sales Drop N.O.-Based Stewart Earnings

Stewart Enterprises experienced a 25 percent decline in its first- quarter net earnings, dropping from $11.9 million in the first quarter of 2007 to $8.9 million this year. "Operating income was negatively impacted by a decline in cemetery revenue and above average increases in merchandise costs," said CEO and President Thomas Crawford. "While the overall first quarter performance did not meet our financial expectations, we were encouraged by the performance of our funeral operations."

Mapp Big Exception As Construction Cash Recedes in N.O.

Construction sector revenues in 2007 stayed high for the second running year as New Orleans-area companies continue to drive the pilings of the city's post-Katrina rebuilding. Revenues dropped slightly from the record-high grosses immediately following the storm, but industry leaders say contracts continue to pour in. "In 2006 we were in emergency mode, working long days, seven days a week," said Robert Boh, president and CEO of Boh Brothers Construction Co. "We aren't in that (mode) any more...

Ruth's Chris in N.O. Donates Original Site to City

Ruth's Chris is donating its birthplace back to New Orleans. Hurricane Katrina flooded the Ruth's Chris headquarters at 711 N. Broad St., the seminal Ruth's Chris Steak House founded in 1965 by Ruth Fertel.

Mapp Avoids Recovery Pitfalls by Investing Its Faith in N.O.

Two and a half years after Hurricane Katrina, CEO Michael Polito of Mapp Construction said his company's faith private investment would return to New Orleans is being rewarded. 2007 revenues at the 224-employee company climbed 51 percent from $109 million in 2006 to $165 million. The spike sets Mapp apart from other top construction companies where gross income receded last year from a knockout 2006 when profits were bolstered by massive contracts for rebuilding storm-battered infrastructure.

Real Estate Market in N.O. Stabilizes After Storm

Revenues slipped at New Orleans real estate companies last year as the post-Hurricane Katrina housing spike flattened and home inventories grew. "2007 was a rebound year from a very unnatural post-Katrina boom," said Marty Mayer, president and CEO of Stirling Properties in Covington.

Sealy & Co. To Build $4.4m Freight Center in St. Charles Parish

Sealy & Co. is building a $4.4-million service center for Ceva Logistics, an international supply chain management firm with its U.S. base in Houston, at James Business Park. The Sealy Business Center III will be a 49,800-square-foot, one- story Class A warehouse distribution building with surface parking and wide truck courts built on a 3.8-acre parcel at the industrial office park between Louis Armstrong New Orleans International Airport and Interstate 310.

Cox Sports Tv Reaches Deal with Dish Network to Service La.

Cox Sports Television has reached an agreement with Dish Network Corp. to launch a regional 24-hour sports channel on the satellite network. The multiyear deal, terms of which were not disclosed, will distribute CST to Dish customers within 75 miles of New Orleans and Baton Rouge who subscribe to the America's Top 100 Plus programming package on Dish Network channel 421.

Revenue Slide Doesn't Shake Sterbcow's Belief in N.O. Realty

A dip in revenue doesn't mean a loss of confidence for one New Orleans-based real estate company. Latter & Blum revenue dropped 20 percent to $61 million from a record-setting $76 million in 2006, a reflection of the U.S. economic slowdown and post-Katrina market flattening. Latter & Blum officials say they see the current slowdown as an opportunity.

City of N.O., La. Officials Call for Tulane Avenue Upgrade

The New Orleans City Council wants to speed infrastructure improvements on Tulane Avenue, an underdeveloped area quickly transforming into the next hip place for real estate developers. A resolution sponsored by Councilwoman-at-large Jacquelyn Brechtel Clarkson requests city and state transportation officials make immediate improvements to the 25-block corridor, including new streetlights, signage, trees and sidewalk and road repairs.

Premier Lift, Brandt Bump Lead All Auto Profit Gains in N.O.-Area

New Orleans-area auto dealers braced for a slower 2007 after a record-breaking 2006 driven by residents replacing flood-damaged vehicles. Most of the largest car dealerships reported a dip in 2007 revenue compared with the year before.

New Orleans Construction Briefs: March 17, 208

The Jefferson Parish Council is withholding payments to Entergy Louisiana for streetlight maintenance work, saying the utility company must present a plan to make repairs in a more timely manner. Entergy's streetlight repair and maintenance contract "outlines specific performance (goals) ... that I don't believe are being met," said Councilman Chris Roberts, who proposed the resolution.