Formosa Announces $9.4B, 1,200+ Job Project
The Advocate | 4/23/2018
Taiwan-based Formosa Petrochemical Corp. has selected St. James Parish in Greater New Orleans for a $9.4 billion manufacturing complex, that will create over 1,200 new direct jobs, paying an average of $84,500, plus benefits.
The project will also result in 8,000 new indirect jobs, for a total of more than 9,200 jobs in the River Parishes and surrounding region of southeast Louisiana. Finally, over 8,000 will be employed in construction of the facility. Overall, this is one of the largest economic development announcements in history for Greater New Orleans.
With over 100,000 employees worldwide, Formosa Plastics Group operates three existing Louisiana facilities, with 410 employees, in East Baton Rouge and Pointe Coupee parishes. Years in the making, the St. James Parish complex will create one of the world’s most innovative single-site ethylene hubs. Production at the Louisiana complex will support a range of plastic goods, from sports equipment and food packaging, to clothing and healthcare, to technology products.
An economic impact study by LSU economist Jim Richardson forecasts that through 2035, the project will yield over $725 million in new tax revenue, $4.7 billion in new personal earnings, and $18.5 billion in new business transactions. It will approximately double the tax base of St. James Parish.
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