Louisiana Economic Development (LED) has committed over $375 million in taxpayer dollars through cooperative endeavor agreements in just two years, funding everything from a $5.8 billion Hyundai steel mill to Super Bowl marketing and festival sponsorships. The deals are part of a growing strategy to lure major businesses and boost economic development across the state.
Topping the list is a $200 million agreement with Hyundai for a steel plant in Donaldsonville. The state will front $100 million to purchase land and send Hyundai $20 million per year through 2031 for construction costs. In return, the company has committed to investment and job creation. The deal also includes road upgrades and a new workforce training center.
Another major agreement involves $88 million for a microchip facility in Ruston. The project, led by Louisiana Tech and Radiance Technologies, is tied to military needs and includes long-term state payments through 2043. Louisiana Tech will manage workforce training, while the state gradually releases funds as milestones are met.
Of the 96 cooperative agreements signed since Governor Jeff Landry took office in 2024, 65 remain active. These agreements typically exchange public funds, tax breaks, or infrastructure for private-sector jobs and capital investment. While Louisiana’s constitution bans public giveaways to private entities, exceptions are made for arrangements that deliver a clear public benefit.
Payments tied to the agreements are rising. In 2023, the state spent $25 million; by 2025, that number jumped to $95 million.
LED is also funding tourism-driven events. The state pledged over $18 million for the New Orleans Super Bowl, $1.2 million for the Essence Festival, $7.2 million for a Saudi-owned LIV Golf tournament, and hundreds of thousands more for air shows and state fairs.
In the film and media sector, $2.5 million has been allocated to training programs at Louisiana colleges, including LSU, Tulane, Loyola, and Baton Rouge Community College.
LED Secretary Susan Bourgeois defended the deals as vital to competing with other states for investment. The agency argues the contracts are long-term economic investments—not simple budget line items.
