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New Orleans Is in Better Financial Shape Than Before Katrina – Moody’s

A new report by Moody’s Investors Service concludes that New Orleans is in better financial shape than it was before Hurricane Katrina hit nearly ten years ago.

A new report by Moody’s Investors Service concludes that New Orleans is in better financial shape than it was before Hurricane Katrina hit nearly ten years ago, but some challenges remain. ‘The city has recovered steadily in recent years and at this point we feel it is economically and fiscally in better shape today than it was before Katrina,’ said Tim Blake, Managing Director at Moody’s. Blake said that New Orleans’ property values have made a very strong recovery, driven by both residential and business investment. Blake also cited the federal government’s significant infrastructure investments after Katrina, including the rebuilding of the city’s levee system. But the story is mixed when looking at the health of the local economy, which is largely driven by the tourism and oil and gas industries. Tourism has seen steady improvement since Katrina. But like other communities, New Orleans has suffered from the energy downturn and has seen an increase in its unemployment rate.

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