Will Green, President and CEO of the Louisiana Association of Business and Industry (LABI), discusses recent events and their impact on Louisiana’s business landscape. He reflects on a historic week that included an inauguration, unusual weather, and a trip to Washington, DC for the Washington Mardi Gras, which serves as a precursor to legislative conversations.
Green emphasizes the importance of the upcoming legislative session, noting that much depends on the outcome of February’s polls. The potential changes to the state constitution could significantly impact tax cuts and legislative decisions. LABI’s annual meeting will be a critical precursor for these discussions.
He highlights the importance of tax reform, referencing the 2017 Tax Cuts and Jobs Act. Green stresses the need to renew its provisions, warning that failure to do so could harm job creation and economic growth. A study by the National Association of Manufacturers indicates that not renewing these provisions could result in the loss of 5.9 million jobs nationally and 76,000 jobs in Louisiana, along with significant reductions in employee compensation and GDP.
Green praises the positive impact of tax reform on manufacturing, noting that the industry experienced significant job creation and capital spending growth in 2018. He explains that manufacturers use tax savings to grow their businesses, create jobs, raise wages, and add benefits, leading to a domino effect of economic growth.
He also highlights the role of small businesses in Louisiana’s manufacturing sector, emphasizing their importance to local economies. Green mentions notable companies like Dow Chemical and Turner Industries, which have created jobs and contributed to the state’s economic development. He underscores the need to continue supporting and promoting growth in the manufacturing industry to sustain economic progress.