LED leverages big data to find international economic development leads

The Louisiana Economic Development department is using a computer model to help target countries for foreign investment in the state, and the agency says it has hit the mark on some projects. LED built the predictive investment computer model to help hone its strategy about two years ago, leveraging a $170,000 federal grant through the U.S. Economic Development Administration in 2017. The agency tapped into a customized database that parses through investments made across the U.S. by companies in industries suited for Louisiana's existing infrastructure. "You go fishing where the fish are biting," said Larry Collins, executive director of the Office of International Commerce. The fishing expedition produced a five-year snapshot of companies ranging from advanced manufacturing to chemical makers.