According to a report from Software.org, the software industry has created more than 20,000 direct and indirect jobs in Louisiana—a 21.7 percent increase in job creation since 2014. This growth has contributed to the $1.5 billion of direct value to the state’s GDP. Each year, more software and tech companies are choosing to open their doors, expand their business, and locate here, with many settling in South Louisiana because of the benefits the region offers to both the company and its employees.
Incentives That Develop a Better Bottom Line
From award-winning programs that partner with local universities and train new talent to attractive tax incentives and a world-class fiber optics network, South Louisiana is quickly becoming an important hub for the bits and bytes of the software industry. The benefits the industry offers to the region’s recent tech boom, sparked by both public and private investments, has created a choice location for growth. That’s why CGI—the fifth-largest independent information technology and business process services firm in the world—now occupies two 50,000 square foot state-of-the-art facilities located in the research park center of the University of Louisiana at Lafayette and the Versailles Centre in downtown Lafayette.
Companies like CGI are taking advantage of Louisiana’s Digital Interactive and Software Development Incentive, which offers a 25% tax credit on qualified payroll for in-state labor and 18% for qualified production expenses. Incentives coupled with a world-class workforce training program (FastStart) and the University of Louisiana at Lafayette’s initiative to triple the number of computer science degrees awarded annually creates a healthy business environment for software companies in the region—one that keeps their bottom line in mind. The influx of tech companies making the move to South Louisiana has earned the area the nickname “Silicon Bayou”.
High Quality of Life. Low Cost of Living.
South Louisiana also offers employees and their families a low cost of living compared to other states and even other regions in Louisiana. The cost of living averages 5% below the national average, and residents also enjoy historically low housing and utility costs when compared to centers in the U.S., such as New York and Silicon Valley. The unique culture of the region also continues to attract top talent and help make relocation easier.
In terms of infrastructure, South Louisiana is also making progress in becoming classified as a smart city. By adopting modern technologies and continuing to grow its fiber optic network—classified as one of the best in the nation—the region is building the infrastructure that works to make life easier and business operations more effective and efficient. Investments such as these made way for businesses like hampr, an application that provides laundry services through gig-based washers to expand from South Louisiana to multiple states across the nation.
If you’re a software company looking for a more business-friendly environment that caters to corporations and gives businesses the benefits they need to encourage growth, look no further than South Louisiana. It’s the perfect combination of quality of life, low cost of living, talent pipeline, and attractive incentives to help you thrive whether you’re brand new or looking to expand. Contact us today to learn more about how the region can connect you to success.