Top Deals & Hot Markets 2009

Several Southern Markets Enjoy Their Best Year Yet in 2008

By Lee Burlett

       As with every year, there were some outstanding economic development performances in the South in 2008. As you know, 2008 was anything but a typical year. Many experts compared last year with the worst economic conditions ever experienced in this country. There are some who would totally disagree with that assessment; like the states and communities that are being honored here in our annual Top Deals & Hot Markets report.

       Not only have the following states and markets excelled over their peers in an incredibly difficult year, they performed almost as well as states and markets that we've cited in good years. In fact, for some, 2008 was their best year ever.

       We will admit though, that this year's Top Deals & Hot Markets report is void of trends you almost always see in our rankings and that can only be attributed to the dire conditions that are still being felt with this economy. For example, for the first time in 16 years, no markets are being honored from the state of Florida, and only one each in the states of North Carolina and Georgia. Those three states have been economic development superstars over the years. Not this year.

       Virginia and its many attractive small, mid and large markets didn't do much better than the aforementioned states either, with only two markets being cited. And one of those (Northern Virginia) had its worst point performance in 16 years, even though it placed third in the mega-market division. 

       Of the South's 17 states, only nine have one or more markets being honored this year. That is a little less than normal, but it's the states in the eastern portion of the South that are noticeably absent. By carefully looking over which markets accomplished the most in 2008, you will discover one glaring trend. Arkansas, Louisiana and Texas are the states where more big deals landed in the South than anywhere else in the region. For those who are geographically challenged, Arkansas, Louisiana and Texas are all contiguous and are located in the western portion of the South.  Their economies are also heavily involved in the oil and gas industries.

Co-State of the Year: Louisiana, 310 Points

No. 1 in Points per Million Residents

       Louisiana has come a long way since the mid-1990s. Back then we remember a couple of years when the biggest job deals were new Wal-Mart stores. Those days are gone, replaced by a Louisiana economy that is as vibrant as any in the South. In fact, over the last three years no state in the South has performed better than Louisiana, as evidenced by 2007 and 2009 "State of the Year" honors and an "Honorable Mention" in 2008.

       This year Louisiana is sharing “State of the Year” honors with Tennessee. Louisiana led all Southern states in the all important points per million residents average and its 310 points topped Georgia, Florida, North Carolina, Alabama and Virginia straight up. That's a pretty good year.

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