Industry News

Report: Progress, pitfalls in New Orleans recovery

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Rent and home prices are on the rise in the New Orleans area as housing rehabilitation and demolition are under way, the Brookings Institution reports in a one-year review. "Across the most hard-hit parishes in the New Orleans area, the pace of demolitions has accelerated in the last six months while the number of permits issued for rehab has nearly doubled in the city," according to the "One-Year Review of Key Indicators of Recovery in Post-Storm New Orleans" report. "Yet, housing is less affordable as rent prices in the region have increased by 39 percent over the year and home-sale prices have spiked in suburban parishes." Public services and infrastructure remains "thin and slow to rebound," the report also states, with about half of the bus and streetcar routes in operation. About 17 percent of buses are in use; gas service is reaching about 41 percent of the pre-Katrina customer base; and electricity services reach about 60 percent of this total. The labor force in the New Orlea...