Economic impact of BRF activities in Shreveport-Bossier MSA released in Loren C. Scott and Associates study
A comprehensive economic impact study of BRF and its associated entities by economist Dr. Loren Scott has been released. The study analyzes the 2018 and 2019 economic impacts of BRF and its associated entities in the Shreveport-Bossier metropolitan statistical area (MSA) which includes Caddo, Bossier, DeSoto and Webster parishes.
According to Dr. Scott, “In 2018 and 2019, BRF activities created an average of 5,453 direct and indirect jobs per year in the Shreveport-Bossier MSA. For every 10 new jobs created in a dozen different industries by BRF and its associated entities, another 11 jobs are created elsewhere in more than 20 different industries in the MSA economy. In 2019, the average wage of these jobs is approximately 18% higher than the average wage in the Shreveport-Bossier MSA. These numbers demonstrate the economic stability and diversity that BRF activities add to the Shreveport-Bossier MSA.”
The study notes that 2018 activities of BRF and its associated entities, which at that time included the BRF-owned and -operated University Health Shreveport hospital, created the following impacts:
- $799 million in new sales for businesses in the MSA,
- $460 million in new household earnings for citizens in the MSA,
- 9,617 direct and indirect jobs for MSA citizens, and
- $20 million in additional taxes and fees for local governments in the MSA.
In 2013, BRF stepped forward with considerable financial and administrative resources to retain the LSU hospitals in Shreveport and Monroe –forming UHS — when no other entity offered to take on ownership of these two safety net hospitals as part of the state’s privatization plan. BRF sold UHS in late 2018 to Ochsner LSU Health System of North Louisiana which has continued the significant growth of the hospitals begun under BRF ownership and management.
After the sale of UHS in 2018, the study reports that BRF and its associated entities created the following economic impact in 2019:
- $91 million in new sales for businesses in the MSA,
- $67 million in new household earnings for citizens in the MSA,
- 1,288 direct and indirect jobs for MSA citizens, and
- $3 million in additional taxes and fees for local governments in the MSA.
Dr. Scott observed, “In 2019, the household earnings generated by BRF activities are larger than the $55.3 million in earnings of all amusements, gambling and recreation employees in Caddo Parish.”
Dr. John George, BRF President and CEO, stated, “Looking forward, BRF divisions and initiatives will focus our activities on advancing three important economic development areas which include retaining the companies that we have in the MSA, starting new companies in the MSA and recruiting new companies to the MSA. In pursuit of this objective, we are pleased to announce Shreveport Next, BRF’s newest initiative to recruit new companies to the MSA. Shreveport Next will work to recruit small to midsize companies with revenues of $5 million to $500 million to relocate or build new facilities in the Shreveport Bossier MSA.“
Dr. George continued, “Though the COVID-19 pandemic continues to significantly impact economic activities in the MSA and the State, we believe that BRF and its associated entities will continue to diversify our economy in a wide range of industry sectors while creating good, high paying jobs in 2020-2021 and beyond. We look forward to collaborating with our area and state economic development entities in this most important effort.”
See more results of Dr. Loren Scott’s economic impact study on BRF activities at www.BRFImpact.com. Learn more about other BRF activities including Shreveport Next in the BRF Annual Report, available at www.brfla.org.