Commercial investment in Lafourche breaks record
By: John Harper
Lafourche Parish has already broken its previous record for commercial investment, reigning in an appraised $53.8 million in projects through September.
The numbers confirm the parish’s role in a regional commercial investment boom.
The previous investment record for a full year was $50.5 million, set in 2010. The 2013 numbers already represent about a 260 percent increase in investment over last year when the parish approved around $15 million in projects.
Thibodaux real estate agent Andy Andolsek said he sees most investment activity occurring in the oil and gas sector.
“Nothing that I can report on has taken place in the last year,” Andolsek said. “The national retailers are holding out. Most of the investment is in the oilfield, Houma and south Lafourche.”
The Port of Fourchon, which is the largest oil and gas service port in North America, is in the midst of a $15 million expansion to build a new 7,000-foot slip.
Port Executive Director Chett Chiasson signaled last month that the port will continue its expansion after the Slip C project, although details on the size of further expansion have not been released.
While Terrebonne has not yet broken its all-time commercial investment record, it is projected to either approach or surpass 2010’s $208 million mark by year’s end.
Terrebonne’s Planning Department has approved permits for $147 million in commercial property investment through September, including more than $32 million last month alone, records show.