GNO, Inc. Sunday Night Highlight – $6 Billion & a Plan

South Korean manufacturer Hyundai Motor Group recently announced a decision to invest $5.8 billion in Louisiana. The first-of-its-kind site will be Hyundai’s inaugural North American steel facility, establishing a fully integrated, made-in-America supply chain to support its automotive manufacturing operations across the United States. The ultra-low carbon electric-arc steel production plant (70% lower emissions than a traditional mill) will be located in Donaldsonville, Louisiana (my ancestral hometown!). Hyundai is expected to create more than 1,300 direct new jobs with an average salary of $95,000. Louisiana Economic Development estimates the project will result in about 4,100 indirect new jobs, for a total of 5,400 potential new jobs in Louisiana. The State and Louisiana Economic Development worked on the project for approximately 15 months, including a trip to Asia to meet with Hyundai leadership, where former GNO, Inc. Chair and trade expert Greg Rusovich joined.

You can read more about the Hyundai project here.

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This major announcement was followed up last week by the release of Louisiana’s 2025 Comprehensive Statewide Strategic Plan, the state’s first all-new economic development strategy in over 15 years. Developed in partnership with McKinsey & Company, the plan is organized around five core pillars:

1. Ease of doing business:  Position Louisiana to compete and win by making it the easiest and best place to do business
2. High wage employment:  Ensure every Louisianan has the opportunity for ever-growing wages
3. Thriving regions:  Create thriving regions that attract and retain talent and are continually capitalizing on opportunities
4. Asset industries:  Optimize Louisiana’s asset (traditional) industries for growth and innovation to lead in the future as they have in the past
5. Global impact:  Drive Louisiana’s business ecosystem towards global impact

Strategic initiatives in the plan include:

• Whole-of-Government Economic Strike Force: A cabinet-level collaboration to break silos and drive coordinated economic development
• Louisiana Opportunity Campaign: A marketing push to attract talent and business investment
• Business Development Process Excellence: Redesign LED’s approach to better support relocation, expansion, and growth
• LA.IO and the Louisiana Growth Fund: A new $50M fund for startups, with a focus on AI and innovation
• Small Business Capability Building:  Help small firms scale through tech, capital, and training access

Finally, key metrics/goals include:

• Reach #1 wage growth rate among Southern peer states
• Achieve positive population and migration in all regions
• Reach #1 VC per capita among Southeast peer states
• Maintain Top 3 ranking in national Foreign Direct Investment
• Maintain #1 CapEx per capita nationwide

The full 2025 Comprehensive Statewide Strategic Plan can be accessed here.