Building Our Region’s Future
The Economic Impact of BRF
A STUDY BY
LOREN C. SCOTT AND ASSOCIATES, INC.
BRF’s Total Impact 2018 & 2019 including University Health Shreveport
The Total Impact of BRF and its Associated Entities in the Shreveport-Bossier MSA
The Impact of BRF in 2019
The Total Impact of BRF and its Associated Entities in the Shreveport-Bossier MSA
“IN 2019, HOUSEHOLD INCOMES GENERATED BY BRF ACTIVITIES WERE LARGER THAN THE EARNINGS IN ALL THE AMUSEMENTS, GAMBLING AND RECREATION EMPLOYEES IN CADDO PARISH – $55.3 MILLION.”
– DR. LOREN C. SCOTT
“For every 10 new jobs created in a dozen different industries by BRF and its associated entities, another 11 jobs are created elsewhere in more than 20 different industries in the MSA economy. These numbers demonstrate the economic stability and diversity that BRF adds to the Shreveport-Bossier area. Jobs created by BRF and its activities have wages that are approximately 18 percent higher than the average wage in the MSA.”
– Dr. Loren C. Scott
New Sales for Businesses
The following industries in the MSA were the largest beneficiaries from new sales in 2019:
Jobs for Citizens
The following industries in the MSA were the largest beneficiaries of new indirect jobs in 2019:
“For every 10 new jobs created in a dozen different industries by BRF and its associated entities, another 11 jobs are created elsewhere in more than 20 different industries in the MSA economy. These numbers demonstrate the economic stability and diversity that BRF adds to the Shreveport-Bossier area. Jobs created by BRF and its activities have wages that are approximately 10 percent higher than the average wage in the MSA.”
– Dr. Loren C. Scott
“BRF was able to take over management and ownership of the Shreveport and Monroe hospitals when no other entity would do so and significantly streamlined operations and improved services to patients. This study reflects the importance of BRF’s retention of the Shreveport hospital to our local economy. Diversifying and growing our region’s economy comes about through not only growing new enterprises but also preserving and making better what we already have. We will continue seeking new opportunities to retain the best of Shreveport-Bossier and see it grow.”
– Lennis S. Elston, BRF Board of Directors Chairman
LOOKING BACK TO 2018
OUR IMPACT WITH UNIVERSITY HEALTH SHREVEPORT
The Impact of BRF and its Associated Entities in the Shreveport-Bossier MSA, including University Health Shreveport in 2018
BRF owned and operated UHS 2013 – 2018
“BRF was able to take over management and ownership of the Shreveport and Monroe hospitals when no other entity would do so and significantly streamlined operations and improved services to patients. This study reflects the importance of BRF’s retention of the Shreveport hospital to our local economy. Diversifying and growing our region’s economy comes about through not only growing new enterprises but also preserving and making better what we already have. We will continue seeking new opportunities to retain the best of Shreveport-Bossier and see it grow.”
– Lennis S. Elston, BRF Board of Directors Chairman
Loren C. Scott and Associates’ Methodology
Measures of BRF and associated entities’ construction spending and annual operational spending determined direct impacts on income and employment. Indirect impacts were calculated by applying the multiplier effect – the chain reaction caused elsewhere in the economy due to spending related to BRF activities. Purchases from and sales to other firms in the MSA economy by BRF, its associated entities and their employees are examples of the multiplier effect. Those sales and purchases create new earnings at non-BRF establishments, which are in turn spent elsewhere. Study impact results included measures of the following entities:
• Firms occupying BRF facilities in the InterTech Science Park
• Firms that receive services or access to capital via BRF’s Entrepreneurial Accelerator Program
• BRF and its business units
• University Health Shreveport (2018 only)
DR. LOREN C. SCOTT
President and founder of Loren C. Scott & Associates, a 40-year-old firm that provides economic consulting services
Professor Emeritus of Economics at LSU
Chair of LSU Economics Department 1983-1996
Co-developer of the Louisiana econometric
model used for providing annual forecasts of the
Louisiana economy
Member of the National Business Economic Issues Council and Economic Advisory Board of the U.S. Council on Competitiveness
BREAKING DOWN OUR IMPACT
To measure the impact of its economic development activities, BRF commissioned Loren C. Scott and Associates, a Baton Rouge consulting firm led by Dr. Loren C. Scott, to conduct an economic impact study of BRF activities during 2018 and 2019 in the Shreveport-Bossier Metropolitan Statistical Area (MSA), which includes Caddo, Bossier, DeSoto and Webster parishes.
BRF was founded in 1986 with the mission to diversify and grow our region’s economy. This mission is advanced through BRF’s seven initiatives: the Entrepreneurial Accelerator Program (EAP), the Center for Molecular Imaging and Therapy (CMIT), the Digital Media Institute at InterTech (DMII), Shreveport Next, Envision Research, InterTech Science Park, and EdVentures.
Previous BRF initiatives have included University Health System (UHS). In 2013, BRF stepped forward with considerable financial and administrative resources to retain the LSU hospitals in Shreveport and Monroe — forming UHS — when no other entity offered to take on ownership of these two safety net hospitals as part of the state’s privatization plan. That action saved over 3,200 direct jobs and more than $800 million in annual economic impact and, over the five years of BRF ownership, significantly streamlined operations and improved service to patients.
BRF sold UHS in late 2018 to Ochsner LSU Health System of North Louisiana, which has continued the significant growth of the hospitals begun under BRF ownership and management. During and following its ownership of UHS, BRF pivoted its economic development activities to focus on three main areas:
Starting
new businesses
Recruiting
new businesses
Retaining
current businesses
BRF’s Latest In Economic Development
Shreveport Next
Shreveport Next’s mission is to recruit high-growth small to mid-sized businesses from across the country to relocate or build new facilities in the Shreveport-Bossier area, diversifying the region’s business base and bringing new jobs, taxable property, payroll, and revenue to Northwest Louisiana.
What sets Shreveport Next apart is its focus on proactively recruiting small to medium companies combined with BRF’s ability to provide incentives that may be otherwise unavailable.
Shreveport Next will meet with the leadership of 100 small and mid-sized companies a year to promote the region’s assets and help companies establish facilities in our community that grow our region’s economy.
Center for Molecular Imaging and Therapy
The Center for Molecular Imaging and Therapy (CMIT), formerly BRF’s PET Imaging Center, was established in 1995 as the first positron emission tomography imaging center in Louisiana and one of the few non-academic comprehensive PET centers in the nation.
CMIT specializes in the production and distribution of radiopharmaceuticals, participation in technologically advanced clinical trials, and assisting scientists by providing unique research capabilities and opportunities.
In 2019, CMIT embarked on a three- year, $19.5 million initiative to expand and elevate drug discovery and healthcare delivery with the goals of advancing research, increasing access to healthcare, and improving scientific collaboration. The project includes consolidating all CMIT activities from three facilities to one, upgrading equipment, expanding research capabilities, and promoting economic development through jobs and a robust research program.
Entrepreneurial Accelerator Program
The Entrepreneurial Accelerator Program (EAP) serves as the region’s startup accelerator and small business resource, analyzing the viability of ideas and products, matching entrepreneurs with informed investors and other funding opportunities and nurturing them through the critical steps toward market.
EAP provides a suite of services to build sustainable and profitable companies in North Louisiana. EAP, through its North Louisiana Entrepreneurial Accelerator Program (NorLEAP), has expanded its services across 21 North Louisiana parishes and spearheads North Louisiana university pitch competitions. In 2020, EAP celebrated six years of exceeding operations and startup growth milestones.
News
Economic impact of BRF economic development activities released in Loren C. Scott and Associates study
November 19, 2020
BRF has released the results of an economic impact study of its economic development activities in North Louisiana. The results of the study by LSU economist Dr. Loren C. Scott are included in BRF’s Annual Report and at BRFImact.com and show the organization’s impact on new sales for businesses, new household incomes, …
Read More
Learn More
In this report, we outline BRF’s significant impact on our local economy and how we are positioned to continue this work with our economic development efforts focused in three main areas: retaining current businesses, starting new businesses and recruiting new businesses. We also detail our accomplishments from 2019-2020, financial status and future goals.
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Latest Videos
A recent study by noted Louisiana Economist Dr. Loren Scott details the impact BRF is having on Northwest Louisiana.
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