Top 10 Capital Region business stories of 2024

Louisiana’s 6th Congressional District underwent significant changes in 2024, transforming from a Republican stronghold into a majority-Black district. The redistricting—intended to enhance minority representation—led to the dismantling of Rep. Garret Graves’ district. A legal challenge was denied by the U.S. Supreme Court for this year. Facing a dramatically altered constituency, Graves—who championed coastal restoration and infrastructure for the state—announced in June that he would not seek reelection. The newly drawn district stretching from Baton Rouge to Shreveport set the stage for Democrat Cleo Fields to take the office, marking a significant shift in Louisiana’s political landscape. Graves had been considered a top contender for transportation secretary in the Trump administration but was passed over for the Cabinet post in favor of Fox News host Sean Duffy.

In February, Blue Cross and Blue Shield of Louisiana ended its quest for Elevance Health to acquire it for $2.5 billion. The initiative was shrouded in controversy and opposed by doctors, hospitals, some policyholders and state lawmakers. Five months later, then-CEO Dr. Steve Udvarhelyi retired, and his successor, COO Bryan Camerlinck, promptly restructured and rebranded the company as Louisiana Blue.

Plans for major transformations came together this year for Baton Rouge’s entertainment and sports scene. Officials are nearing a deal with a single developer for the new $400 million LSU arena, aiming for completion in four years. While private funding will drive the project, a new sales tax and possible public funds could chip in. Meanwhile, the Raising Cane’s River Center is preparing for a convention-focused pivot, with plans for a headquarters hotel amid downtown concerns. Memorial Stadium is also set for an overhaul, featuring stadium upgrades, a sports complex, and a potential minor league team.

The Louisiana Legislature signed off on Gov. Jeff Landry’s tax reform package in a November special session—with a few modifications. Lawmakers approved a flat 3% individual income tax rate and a flat 5.5% corporate tax rate, while repealing the 0.275% corporate franchise tax on businesses operating in the state with more than $500 million in annual revenue. Proposals to make up the revenue loss by taxing services like car washing, dog grooming and lobbying failed, as did the elimination of tax incentives for the film industry and restoration of historic buildings. A new sales tax on digital goods and services remains in place. Overall, Louisiana’s state sales tax will rise to 5%, up from the current 4.45%.

One American Place, the second-tallest office building in downtown Baton Rouge, went on the auction block in a November sheriff’s sale. It sold for just shy of $20 million. The only bidder and buyer was Wilmington National Trust Association, which sued the owners of the building in June for defaulting on a $31.9 million loan from JPMorgan Chase. The 24-story building built in 1974 is home to several businesses, including Capital One Bank, KPMG and Breazeale, Sachse & Wilson. McGlinchey Stafford is moving to II Rivermark Centre in June.

The U.S. Justice Department sued in November to block UnitedHealth Group’s $3.3 billion purchase of Baton Rouge-based Amedisys, citing concerns the combination would hinder access to home health and hospice services. It comes after UnitedHealth acquired fellow home health and hospital provider Lafayette-based LHC Group. That deal made UnitedHealth and Amedisys the two largest providers of home health and hospice care in the country. This merger would result in UnitedHealth controlling 30% or more of the home health or hospice services in eight states.

Given its location on the Gulf Coast, Louisiana is accustomed to disaster declarations. But this one had nothing to do with hurricanes. Instead, it hit the dinner table. In March, Gov. Jeff Landry issued a disaster declaration for the state’s critical crawfish industry, as extreme weather disrupted this year’s harvest and triggered a shortage like no other. The industry brings in more than $300 million for the state’s economy each year. Losses totaled $140 million.

LSU athletics delivered big wins in 2023—most notably a historic women’s basketball championship–but struggled off the court with a $3.9 million deficit. Football remained the cash cow, raking in $105.7 million in revenue and posting a $54 million profit. Meanwhile, women’s basketball, despite its championship glory, tallied a $7.8 million deficit, driven largely by coaching salaries. The deficit comes in the year that followed the $1 million overpayment of LSU head football coach Brian Kelly and misclassification of nearly $6.7 million in severance payments.

An iconic eatery that got its start in the shadow of Tiger Stadium has officially moved on. In February, Walk-On’s Sports Bistreaux announced its headquarters were heading to Atlanta—a move co-founder and board Chair Brandon Landry characterized as the business being “a victim of our own success.” Its 27,000-square-foot offices on Burbank Drive are now inhabited by Thibodaux-based civil engineering firm Duplantis Design Group, which snagged the property for $3.8 million.