The Greening of Louisiana’s Economy · real estate and equipment, while intangible assets include patents and trademarks. Activities such as managing, renting, selling, and appraising

Louisiana Workforce Commissionwww.LMI.LaWorks.net/Green

September 2011

The Greening of Louisiana’s Economy:the Real Estate and Rental and Leasing Sector

This workforce solution was funded by a grant awarded by the U.S. Department of Labor’s Employment and Training Administration. The solution was created by the grantee and does not neces-sarily reflect the official position of the U.S. Department of Labor. The Department of Labor makes no guarantees, warranties, or assurances of any kind, express or implied, with respect to such information, including any information on linked sites and including, but not limited to, accuracy of the information or its completeness, timeliness, usefulness, adequacy, continued availability, or ownership. This solution is copyrighted by the institution that created it. Internal use by an organization and/or personal use by an individual for non-commercial purposes is permissible. All other uses require the prior authorization of the copyright owner.

In 2009, Louisiana and Mississippi partnered to research economic

development opportunities and workforce needs associated with

the region’s green economy. Through a $2.3 million grant from the

U.S. Department of Labor, a consortium of the Louisiana Workforce

Commission, Louisiana State University, Mississippi Department of

Employment Security, and Mississippi State University conducted

an extensive study of economic activity that is beneficial to the

environment. This and other research products were developed as

part of that effort.

The Real Estate and Rental and Leasing Sector

i

Description of Sector ................................................................................. ii

Introduction to the Green Component

of the Real Estate and Rental and Leasing Sector ................................... 1

Green Goods and Services ........................................................................ 3

Renewable Energy ............................................................................... 4

Energy Efficiency ................................................................................. 4

Greenhouse Gas Reduction ................................................................. 5

Pollution Prevention and Clean-up ...................................................... 5

Recycling and Waste Reduction .......................................................... 5

Sustainable Agriculture, Natural Resource Conservation

and Coastal Restoration ...................................................................... 5

Education, Compliance, Public Awareness and Training .................... 6

Green Business Practices ......................................................................... 6

Renewable Energy ............................................................................... 6

Energy Efficiency ................................................................................. 7

Greenhouse Gas Reduction ................................................................. 7

Pollution Prevention and Clean Up ...................................................... 7

Recycling and Waste Reduction .......................................................... 7

Sustainable Agriculture, Natural Resources Conservation

and Coastal Restoration ...................................................................... 7

Education, Compliance, Public Awareness and Training .................... 7

Economic Factors ....................................................................................... 8

Public Policy ............................................................................................... 9

Technology ............................................................................................... 10

Job Growth and Workforce Development ............................................... 10

Key Players .............................................................................................. 11

Notes ........................................................................................................ 13

Contents

On the cover: house with solar panels outfitted by Zachary-based Structure Green. Photo © Omeed Badkoobeh

The Greening of Louisiana’s Economy

ii

Description of Sector

The North American Industry Classification System (NAICS) describes the Real Estate and Rental and Leasing sector, NAICS 53, as made up of establishments that rent, lease or allowing the use of other physical or intangible assets to others. Physical assets include real estate and equipment, while intangible assets include patents and trademarks. Activities such as managing, renting, selling, and appraising real estate for others are also included in this sector. This sector also includes Real Estate Investment Trusts that allow for real estate transactions to be treated as investments similar to owning stocks. The leasing of vehicles, computers, consumer goods, and nonfinancial intangible assets (such as copyrighted works) are also included.1 In Louisiana, this sector employs 31,531 people representing 1.71 percent of total nonfarm employment.2 In 2009, private entities in the sector were responsible for 18,505 million, or 8.88 percent, of Louisiana’s gross state product.3

The Louisiana Green Jobs Survey was conducted during the fourth quarter of 2010 as part of this research effort to quantify and characterize the green economy in Louisiana. The survey provides a baseline measure of green employment. The survey results show an estimated 30,205 primary green jobsa in Louisiana across all sectors, which represents 1.6 percent of Louisiana’s nonfarm employment. An estimated 67,591 support green jobsb raises the total number of jobs involved in green activity categories to 97,796 jobs or 5.3 percent of nonfarm employment. The survey found that Louisiana’s Real Estate and Rental and Leasing sector accounted for 779 primary green jobs and 1,076 support green jobs. These survey results reveal that 5.8 percent of jobs in the Real Estate and Rental and Leasing sector are green with 2.5 percent primary green jobs and 3.4 percent support green jobs.

a A primary green job is defined as one where more than 50 percent of an employee’s time is devoted to one of the seven green activity categories: renewable energy; energy efficiency; greenhouse gas reduction; pollution reduction and clean-up; recycling and waste reduction; sustainable agriculture, natural resource conservation and coastal restoration; and education, compliance, public awareness and training supporting the other categories.

b Support green jobs are defined as those essential to an organization’s involvement in one of the activity categories, but not requiring more than 50 percent of an employee’s effort.


1

Introduction to the Green Componentof the Real Estate and Rental and Leasing Sector

The Real Estate and Rental and Leasing sector includes lessors of real estate, brokers, property managers, car and truck rental companies, and equipment rental establishments. This sector is helping to connect interested consumers with environmentally beneficial assets such as energy efficient homes and commercial real estate, hybrid and electric vehicles, and machinery and equipment that can run on clean burning fuel. Public awareness for environmentally beneficial options when renting vehicles, leasing office space, or purchasing a home has helped to increase the availability of these assets overall and helped to enhance the economic returns from investments in green buildings and vehicles.

In a 2009 study by McGraw-Hill Construction, 70 percent of homebuyers indicated that they were more inclined to buy a green home in a down economy than a conventional home.4 And the 2010 Green Building Survey sponsored by the National Real Estate Investor and the U.S. Green Building Council (USGBC), again showed that interest in green buildings remained high despite the recession. According to the Green Building Survey, green design was stressed as an important factor in site selection by 95 percent of corporate respondents with 82 percent of executives specifically naming energy efficiency as a key factor in a decision to buy or lease a building. The benefits of green buildings cited by the National Real Estate Investor and USGBC include lower operating costs, higher tenant retention, and filling vacancies more quickly. Most participants identified energy efficiency as the biggest benefit of a green building with a majority also citing improved indoor air quality as a component. Despite the interest in green facilities by corporations, real estate developers have been slower to respond with a supply of environmentally conscious facilities. According to the Green Building Survey, profits for developers are available with or without going to the extra lengths to create green buildings. Developers also face a lack of available financing that has made taking on any new projects difficult let alone green projects which usually carry higher initial costs.5

While there is a growing awareness of the environmental and economic benefits of green property available for sale, rent or lease, the Real Estate and Rental and Leasing sector is still adapting to the requirements of selling, renting, or leasing environmentally beneficial properties and products. Appraising the value of solar panels and other big ticket, visible environmental and operational improvements to a property is becoming more common place. However, methods for factoring in less obvious, yet still environmentally significant features of a living or work space remain difficult.6 Each real estate or rental car market brings different sophistications and expectations with regard to environmental performance and must be matched with equally aware appraisers and financial institutions to provide appropriate sales prices and returns on investment.7 In spite of challenges, the Real Estate and Rental and Leasing sector is offering goods and services that benefit the environment and help conserve natural resources. The sector is also modifying its own business practices in order to lessen its environmental impact.


2

This report will focus on the environmentally beneficial activities of the Real Estate and Rental and Leasing sector in Louisiana in two major areas: goods and services and business practices. Discussions of this sector’s involvement in environmentally beneficial activities will be provided where significant involvement by the industry is found. As with other components of this project, green was defined based on seven green activity categories:

1. Renewable Energy

2. Energy Efficiency

3. Greenhouse Gas Reduction

4. Pollution Reduction and Cleanup

5. Recycling and Waste Reduction

6. Sustainable Agriculture, Natural Resource Conservation and Coastal Restoration

7. Education, Compliance, Public Awareness and Training Supporting the Other Categories

Each activity category includes: the research, development, production and distribution of a final good or service; the supply of unique parts or inputs to a final good or service; and production processes and business practices regardless of the final good or service produced. The table below indicates which environmentally beneficial categories will be featured in this report.

Renewable Energy

Energy Efficiency

Greenhouse Gas Reduction

Pollution Prevention & Clean Up

Waste Reduction & Recycling

Sustainable Agriculture, Natural Resources Conservation, & Coastal Restoration

Education, Compliance, Public Awareness & Training

Goods & Services • • •

Business Practices • • • •


3

Green Goods and Services

Consumers interested in purchasing homes, offices, vehicles, or other equipment that have been designed with environmental performance in mind need assistance connecting to the products that best meet their needs. To facilitate that need, professionals in the Real Estate and Rental and Leasing sector have developed the means to provide their clients with access to goods and services that benefit the environment and help conserve natural resources.

The National Association of Realtors (NAR) established the Green Resource Council in 2008 to broaden the availability of green real estate practices among agents and property managers to meet the growing interest in buildings designed to have a low impact on the environment. The second core mission of the Green Resource Council is to encourage the production of more green homes and commercial properties.8 The two key services offered by the Green Resource Council have been the development of a “green” Multiple Listing Service (MLS) that helps agents identify environmentally beneficial features and certifications on available homes and properties through data entry fields, and the development of the NAR’s Green Designation for real estate professionals. Agents and property managers can receive the Green Designation after completing courses on the energy efficiency and sustainability issues and features of the real estate market.9 Not only do professionals with the Green Designation from NAR learn about how environmental concerns impact the real estate market, but also receive access to promotional materials and online tools that can help agents communicate their environmental knowledge to interested property buyers.10

Vehicle and equipment rental businesses also provide service to customers interested in products that benefit the environment or help conserve natural resources by allowing them to rent and test them before they buy. Renting vehicles with a small environmental footprint not only displaces the environmental impacts that would have been caused by the use of less efficient vehicles, but also provides educational and experiential service that helps to promote the wider adoption of hybrid and electric vehicles.

Rental establishments can also help save energy and eliminate waste by allowing customers to avoid the purchase of vehicles or equipment that they might only need occasionally. Filling short term needs is the core business of equipment rental companies and recently, car rental companies have begun to offer shorter rental periods at lower costs to assist customers who may only need a vehicle for an hour or two on rare occasions. Short term rental services such as the one instituted at Loyola and Tulane Universities with WeCar and Enterprise allows students, faculty and staff to rent a hybrid vehicle for hourly or daily use.11

Renewable Energy

No evidence of significant involvement for this activity category was found in the Real Estate and Rental and Leasing sector.


4

Energy Efficiency

Professionals in the Real Estate and Rental and Leasing sector are providing goods and services that promote energy efficiency through discussions of energy performance during property evaluation and by providing hybrid vehicles at rental locations. According to the National Association of Realtors, 92 percent of homebuyers list energy efficiency as at least somewhat important in their buying decisions, and 46 percent rank energy efficiency as very important in those decisions. In order to assist property buyers with their energy considerations, real estate professionals are reviewing energy preferences with clients as part of the property review process and providing consulting services to their clients to help make them aware of offerings from the finance industry that can support more energy efficient purchases.12 Realtors with the NAR’s Green Designation have received special training in energy efficiency and sustainability features that apply to residential and commercial properties to better assist their clients. The NAR also recently began offering a product to agents called the Selling Green Pocket Card which helps agents evaluate the energy preferences of their clients alongside other home features.13

Tulane University and Loyola University New Orleans offer car sharing through WeCar by Enterprise to its students, faculty and staff.Photo © Enterprise Rent-A-Car.


5

Energy efficiency gains are one of the most valuable economic and environmental advantages provided by hybrid vehicles. As the popularity of hybrid vehicles has increased around the United States, rental companies have also begun offering them in their fleets. Hertz, a rental car company, began developing its fleet of hybrid cars in 2007 and has also fostered a “green collection” of vehicles that get 31 miles to the gallon or more. Hertz charges a $5 to $10 per day premium on hybrid vehicles which they claim is easily overcome by fuel cost savings. Enterprise also offers hybrid vehicles and operates designated “hybrid branches” carrying a high concentration of hybrid vehicles.14


Real estate professionals assisting property buyers or renters interested in lowering the greenhouse gas emissions associated with a property can most effectively meet those customers’ needs through home features that improve energy efficiency. Rental vehicle and equipment companies are now able to offer goods that help reduce greenhouse gases and other tailpipe emissions by providing their customers access to all electric vehicles or EVs. Electric vehicles run on electricity stored in on-board batteries rather than fossil fuels burned in an internal combustion engine. Because they use electric motors instead of engines, they produce no greenhouse gas or other tailpipe emissions.

In mid-2010, Enterprise announced that it would offer the Chevrolet Volt15 and the all-electric Nissan Leaf to customers in select markets as well as charging stations at their rental locations. Hertz and its partners plan to implement a full scale EV rental program beginning in 2011 in select markets around the world. Enterprise also offers a carbon offset program that allows customers to invest in certified projects that remove carbon from the atmosphere in order to neutralize the carbon impacts of their rental car. For $1.25 per rental, customers fund offset projects and initiate a dollar for dollar contribution from Enterprise to TerraPass, a carbon offset company. In its first year of operation, the carbon offset program attracted 175,000 customers resulting in 42,000 metric tons of carbon being removed from the atmosphere.16

Pollution Prevention and Clean-up


Recycling and Waste Reduction


Sustainable Agriculture, Natural Resource Conservation and Coastal Restoration

Businesses in this sector provide services to protect or restore natural resources through financial donations to conservation groups. Enterprise has teamed with the Arbor Day Foundation and the U.S. Forest Service to underwrite the planting of 50 million trees over 50 years. In 2010, the initiative resulted in its 5 millionth tree planting. Other financial resources provided by Enterprise include $100,000 to the Florida Everglades Foundation, $30 million to the Missouri Botanical Garden and $5 million to Forest Park in St. Louis.17 Hertz has also made donations to the National Parks Foundation and purchases 100 percent recycled, chlorine-free paper products.18


6

Education, Compliance, Public Awareness and Training

Real estate and rental and leasing establishments provide informationl and public awareness that support products and facilities that benefit the environment or conserve natural resources when they engage their customers in discussions about the advantages of buildings employing green features or designs or they inform customers about the advantages of hybrid or electric vehicles.

Realtors also provide services through the National Association of Realtors’ “Green Office Guide.” This guide provides information about how business owners can improve their facilities to achieve cost savings, environmental benefits, and an increase in property value. The resource also draws on the expertise of partners such as the Department of Energy, the EPA, ENERGY STAR, the U.S. Green Building Council, and others.19

Rental car companies offering hybrid and electric vehicles are offering hourly rental programs as a kind of test-drive educational program for consumers interested in learning more about environmentally-friendly vehicles.20

Green Business Practices

The Real Estate and Rental and Leasing sector is adjusting its business practices to have a more favorable impact on the environment. Real estate agents in Louisiana are adapting to a market with more renewable energy systems and taking steps to reduce resource use at their offices. Vehicle rental locations are adding after-market equipment to their cars to reduce emissions and installing water saving features at their car washes. Some establishments in this sector across the United States are also investing in buildings designed to meet high environmental performance standards. Enterprise has pledged $150 million over five years for sustainable construction projects including new and retrofitted facilities. The rental facility at O’Hare airport in Chicago is an example of green building within this sector. It is the first LEED Silver independent rental facility and the third facility for Enterprise to have achieved an environmental certification. It includes a living roof, storm water retention systems, energy efficient lighting, and a water recycling car wash.21

Renewable Energy

In Louisiana, the number of homes and businesses with installed renewable energy systems is growing across all sectors due to generous state and federal tax credits. Real estate agents can benefit from installing these systems within their own offices as well as specialize in serving the market with interest in properties equipped with renewable energy systems.

National rental car companies are also promoting renewable energy sources through adjustments to their business practices. Enterprise has established an Institute for Renewable Fuels in partnership with the Donald Danforth Plant Science Center to develop new fuel sources like algae.22 Enterprise has also begun moving their airport shuttle buses at nine airports, to fuel blends containing 5 percent biodiesel.23


7

Energy Efficiency

Customers not willing to pay premiums to rent hybrid or electric vehicles can still benefit from more efficient fleets at rental companies. Major rental companies provide gas mileage information about the cars available to customers and have taken steps to choose vehicles for their conventional fleets that are more fuel efficient.



Pollution Prevention and Clean Up

Gasoline and diesel powered vehicles emit Nitrogen Oxides (NOx) and Sulfur Oxides (SOx) in addition to greenhouse gases like carbon dioxide. The rental company Hertz has installed vapor recovery controls on 99 percent of their vehicles that significantly reduce the emissions they give off during the refueling process.24

Recycling and Waste Reduction


Zachary-Based Structure Green, a solar panel installation company, is one of several businesses which takes advantage of the new State and Federal tax credits for renewable energy.Photo © Omeed Badkoobeh.


8

Sustainable Agriculture, Natural Resources Conservation and Coastal Restoration

Vehicle rental companies within the Real Estate and Rental and Leasing sector consume natural resources when they wash and maintain their vehicles. Hertz has instituted a water recycling system at all Hertz car washes to allow for the reuse of 80 percent of all wastewater.25

Real estate companies and professionals usually rely on paper documents for their transactions. However, companies are beginning to offer paperless versions of these forms that create a completely paper-free title process.26

Education, Compliance, Public Awareness and Training


Economic Factors

Establishments in the Real Estate and Rental and Leasing sector are adding environmentally beneficial products and services to their inventories to meet consumers’ demands. Car rental agencies are carrying more environmentally conscious car fleets, and real estate agents are facilitating the market for green properties. Many consumers are willing to pay a premium upfront for products with green attributes in part to satisfy preferences toward environmentally beneficial products and in part to attain future cost savings. However, in the context of real estate consumers sometimes have concerns about the performance or aesthetic appeal associated with green products. Businesses in the rental industry can help address these concerns by providing services and experiences that introduce consumers to green products without consumers having to cover the entire upfront investment. Increased experience with and knowledge of these goods and services can bolster consumer preferences for them over and above the long-term cost savings potential.

The financial viability of some green goods and services in the sector is still being established. For example, the impact of renewable energy systems on real estate values is still unclear. Many buyers and leasers see solar arrays as a positive selling point for their benefit to utility bills and the environment while others are turned off by the aesthetics of the systems or the upkeep required for maintaining their effectiveness. The length of time currently required to fully recoup the costs of these solar systems also makes them problematic for real estate purposes as property owners would need to remain in their homes for at least ten years in most cases to achieve a positive return on investment.

Nevertheless, studies are beginning to show that solar panels can add value to a home. According to a 2006 comparison study by the National Renewable Energy Laboratory of the U.S. Department of Energy in San Diego, photovoltaic solar systems were shown to add value to a property and reduce property turnover. In the study, owners sold 5 percent of homes with solar panels during the first 3.5 years while 13 percent of similar homes without solar systems were resold during the same period. The mean dollar gain per month owned also improved on homes with solar systems: for solar equipped homes the mean dollar gain per month was $14,500 compared to $9,300 for comparable non-solar homes.27


9

The NAR’s Green Real Estate Survey for 2010 indicated that companies remain interested in energy efficient buildings with half of executives citing green buildings as more important now than two years ago. Another 43 percent of the executives surveyed indicated that it was as important as it had been one year previous to the survey. Another key finding from the survey was that corporations considering green buildings were looking for state and local initiatives, preferably through tax incentives, to make green retrofits.28

Public Policy

Activities by the Real Estate and Rental and Leasing sector that promote or support environmentally beneficial actions can be influenced by federal and state policy. Policy can help to increase the supply of green buildings to the commercial and residential real estate market, and it can encourage the development projects that create environmental improvements like brownfields redevelopment and infill.

Redeveloping brownfields sites, properties with known or potential contamination issues from hazardous substances or pollutants,29 can be difficult for the real estate industry and the finance and insurance industries. Real estate transactions involving these properties are often complicated by issues of environmental liability. Under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA, also known as Superfund), the owners of contaminated land or facilities are liable for all clean up and remediation costs,30 costs which can easily overcome the value of the property itself. This concern makes the sale or redevelopment of brownfields more difficult. In 2002, the Small Business Liability Relief and Brownfields Revitalization Act gave states, not the federal government, the right to determine cleanup standards at a site. The law also provided landowners clarification about what specific steps they were required to take before and after acquiring a contaminated property in order to ensure that they qualified for liability protections.31

State and federal incentives are also helping to add more properties with environmental benefits to the market. In Louisiana, tax credits are available for solar-electric and solar hot water heater systems. Since 1994, the state of Louisiana has also considered residential solar energy systems as personal property assets which are not counted toward property value or property tax.32 In 2007, ACT 371 established a 50 percent state tax credit on solar and wind systems costing up to $25,000 (a credit up to $12,500) for residential and apartment complexes that went into effect in January of 2008.33 A 30 percent federal tax credit for residential and commercial solar power and solar water heating systems was also established in 2005 that returned a maximum of $2,000 to purchasers of these renewable systems. Since these tax credits came into effect, Louisiana has seen a dramatic increase in the popularity of solar systems. Tax returns reported during FY 2008-2009, the first year the state credit was available, showed no credits granted to corporate tax payers but almost $1.2 million in credits paid back to individuals.34 Tax returns from FY 2009-2010 indicate $76,500 returned for corporate installations of solar systems and $6.9 million returned to individuals.35 The accumulation of housing stock with these renewable energy systems creates a growing opportunity for real estate agents interested in specializing in green properties.


10

The Louisiana Department of Natural Resources, with funding from the American Recovery and Reinvestment Act of 2009, established the Home Energy Rebate Option Program for new homes, existing homes, and commercial retrofits. These tax incentive programs reward home owners and building owners for achieving higher levels of energy efficiency than are required by the 2004 International Energy Conservation Code (IECC 2004). New homes must show a 50 percent improvement over the IECC 2004, existing homes must improve their energy efficiency by 30 percent over their previous performance, and commercial buildings must reduce energy usage by 10 percent through upgrades.36

Technology

Technological advancement does not play a major role in the adoption of green goods and services or business processes by the Real Estate and Rental and Leasing sector. However, new technology from vehicle manufacturers is providing more environmentally friendly options for rental companies to offer their customers. The availability of hybrid and, even more recently, electric vehicles from rental companies is on the rise and will likely increase with availability. Developing the infrastructure to support this technology will likely increase its popularity.

Potential changes to the multiple listing service (MLS) relied on by real estate professionals to list and evaluate properties and their features to include energy efficiency ratings or other environmental design features could constitute a technological change that would have an impact on the ability of the industry to connect clients to environmentally efficient properties.

Job Growth and Workforce Development

Considering primary and support jobs, green employment in the Real Estate and Rental and Leasing sector is projected to increase by 8.3 percent over the ten year period from 2010 to 2020. The growth in this sector is expected to be consistent throughout the projection horizon. In the first year, green employment is expected to increase from 1,855 in 2010 to 1,876 in 2011. The increase in green employment will continue in 2012 bringing the total to 1,895. The growth is expected to continue throughout the remainder of the projection horizon reaching 1,936 in 2015 and 2,009 in 2020.

The growth in green employment in the Real Estate and Rental and Leasing sector is expected to be slightly faster than growth in total employment within the sector. The most recent industry projections for Louisiana indicate that total employment will increase by 7.5 percent over the ten-year period from 2008 to 2018. Those 2018 projections were revised in 2011 to reflect new information available since the initial projections release including new developments identified through the Green Jobs Consortium research effort.


11

Those engaged with the green activities in the sector may require additional training or may need to acquire additional understanding of the green aspects of their industry. For property owners and the real estate market as a whole to see the full value of the environmental improvements to homes and facilities it is important to have real estate professionals trained to recognize the worth of a property’s green features. Appraisers and others in the real estate industry must work together with representatives from the finance and insurance sector to ensure a full valuation of green building features.

Real estate professionals seeking to distinguish themselves as knowledgeable about the environmental benefits and features of properties can take courses to achieve the National Association of Realtors’ Green Designation. This designation signifies additional training in both green building and sustainable business practices to help professionals better identify and market environmentally designed properties. Initially, the core course required for this designation has only been available to Louisiana residents as an online course. Beyond the core course, real estate professionals must also complete live or online versions of an elective course specifically geared toward residential, commercial or property management.

The anticipated employment growth of green jobs in the Real Estate and Rental and Leasing sector will be comprised of a combination of the creation of new green jobs and the gradual greening of existing jobs. While the contribution of each factor has yet to be determined, training providers should consider the unique training needs brought on by each of these changes. For some green occupations, existing workers will need training to enhance their skills. For other occupations, curricula may be needed to provide a more comprehensive training for new workers or those entering a new occupation.

Key Players

Enterprise Holding Company: www.enterpriseholdings.comParent company of Enterprise Rent-a-Car, Alamo, and National which together represent the largest car rental service provider in the world by revenue.

Green Resource Council of the National Association of Realtors: www.greenresourcecouncil.orgA subsidiary of the NAR, this group aims to increase knowledge of green real estate practices throughout the industry. Offers the Green Designation credential for real estate professionals.

Hertz: www.hertz.comThe largest airport rental car company in the world and one of the largest equipment rental businesses.

Louisiana Realtors Association (LRA): www.larealtors.orgMembership organization assisting and promoting real estate issues and practice in the state.


12

This page intentionally left blank.


13

1 “Sector 53—Real Estate and Rental and Leasing.” North American Industry Classification System. U.S. Census Bureau. Web. 11 Apr. 2011. < http://www.census.gov/cgi-bin/sssd/naics/naicsrch?code=53&search=2007%20NAICS%20Search>.

2 Louisiana. Louisiana Workforce Commission. Labor Market Information. Employment and Wages 2nd Quarter 2010. Louisiana Workforce Commission. Web. 11 Apr. 2011. <http://www.laworks.net/LaborMarketInfo/LMI_WageData2002toPresent.asp?year=2010&qtr=2>.

3 United States. Department of Commerce. Bureau of Economic Analysis. Economic Downturn Widespread Among States in 2009: Advance 2009 and Revised 1963-2008 GDP-by-State Statistics. Washington, D.C.: U.S. Department of Commerce, 2010. Regional Economic Accounts. Bureau of Economic Analysis, 18 Nov. 2010. Web. 11 Apr. 2011. <http://www.bea.gov/newsreleases/regional/gdp_state/gsp_newsrelease.htm>.

4 “Why Earn NAR’s Green Designation.” NAR’s Green Designation: Green Real Estate Designation: Green REsource Council. Green Resource Council of the National Association of Realtors. Web. 22 Mar. 2011. <http://www.greenresourcecouncil.org/earn_nars_green_designation.cfm>.

5 Kalette, Denise. 2010 Green Building Survey: Despite the Harsh Economy, Companies Are More Committed than Ever to Green Initiatives. Rep. National Real Estate Investor. National Real Estate Investor and Retail Traffic. National Real Estate Investor - Research. Penton Media Inc., 17 Nov. 2010. Web. 21 Mar. 2011. <http://nreionline.com/research/2010_green_building_survey/index.html>.

6 Nagy, Jerome. “It Ain’t Easy Going Green.” Appraisal Insight. National Association of Realtors, 25 Jan. 2011. Web. 21 Mar. 2011. <http://appraisalinsight.blogs.realtor.org/2011/01/25/it-aint-easy-going-green/>.

7 Finlay, James F. “The Resource Appraisal - A Due Diligence Report for Energy/Resource Performance Retrofit Financing.” Proc. of Strengthening the Green Foundation - Research and Policy Directions for Development and Fianance, Tulane University, New Orleans, LA. Federal Reserve Bank of Atlanta, 10 Mar. 2011. Web. 17 Mar. 2011. <http://www.frbatlanta.org/news/conferences/11green_foundation_agenda.cfm>.

8 “Making Green Real Estate Practices Available to Everyone: The Green REsource Council Mission.” NAR’s Green Designation: Green Real Estate Education: Green REsource Council. Green Resource Council of the National Association of Realtors. Web. 22 Mar. 2011. <http://www.greenresourcecouncil.org/mission_statement.cfm>.

9 “How to Get NARS Green Designation.” NAR’s Green Designation: Green Real Estate Education: Green REsource Council. Green Resource Council of the National Association of Realtors. Web. 22 Mar. 2011. <http://www.greenresourcecouncil.org/how_to_get_nars_green_designation.cfm>.

10 “Member Benefits.” NAR’s Green Designation: Green Real Estate Member Benefits: Green REsource Council. Green Resource Council of the National Association of Realtors. Web. 22 Mar. 2011. <http://www.greenresourcecouncil.org/designation_member_benefits.cfm>.

11 Woodward, Alex. “New Orleans Car Sharing.” Gambit New Orleans News and Entertainment. Gambit, 19 Apr. 2010. Web. 23 Mar. 2011. <http://www.bestofneworleans.com/gambit/new-orleans-car-sharing/Content?oid=1278458>.

12 Martin, Carlos. “Home Purchase Counseling: The Untapped Green Financing Tool.” Proc. of Strengthening the Green Foundation - Research and Policy Directions for Development and Fianance, Tulane University, New Orleans, LA. Federal Reserve Bank of Atlanta, 10 Mar. 2011. Web. 17 Mar. 2011. <www.frbatlanta.org/documents/news/.../11green_paper_martin.pd>.

13 “Selling Green Pocket Card.” Real Estate Education, Information, Marketing Resources & Much More. National Association of Realtors. Web. 22 Mar. 2011. <http://www.realtor.org/prodser.nsf/products/186-08?opendocument#detail>.

14 “Carbon Offset Program.” Driving Futures - Enterprise Holdings Sustainability. Enterprise. Web. 22 Mar. 2011. <http://www.drivingfutures.com/innovation/#carbon-offset-program>.

15 The Chevrolet Volt is marketed as an “extended range” electric vehicle because it contains a gasoline engine that is utilized by the vehicle to continue to provide power to the electric batteries if additional range is required. When driven 35 miles or less, the Volt is an all-electric vehicle and therefore assists with greenhouse gas and tailpipe emissions reduction. Up to 375 miles of driving are available with the assistance of the internal gasoline engine. The EPA has rated this vehicle as 93 MPGe (electric); 35 MPG city (gas), and 40 MPG highway (gas).

16 “Carbon Offset Program.” Driving Futures - Enterprise Holdings Sustainability. Enterprise. Web. 22 Mar. 2011. <http://www.drivingfutures.com/innovation/#carbon-offset-program>.

17 “50 Million Tree Pledge.” Driving Futures - Enterprise Holdings Sustainability. Enterprise. Web. 23 Mar. 2011. <http://www.drivingfutures.com/foresight/#50-million-tree-pledge>.

Notes


14

18 “Green Initiatives at the Hertz Corporation.” Hertz Rent-a-Car. Hertz Corporation. Web. 24 Mar. 2011. <https://images.hertz.com/pdfs/green_initiatives_2010.pdf>.

19 http://www.realtor.org/prodser.nsf/products/e135-50?opendocument 20 “New Clean Technology.” Driving Futures - Enterprise Holdings Sustainability. Enterprise. Web. 22 Mar. 2011.

<http://www.drivingfutures.com/innovation/#new,-clean-technology>. 21 “Sustainable Construction.” Driving Futures - Enterprise Holdings Sustainability. Enterprise. Web. 22 Mar. 2011.

<http://www.drivingfutures.com/innovation/#sustainable-construction>. 22 “Carbon Offset Program.” Driving Futures - Enterprise Holdings Sustainability. Enterprise. Web. 22 Mar. 2011.

<http://www.drivingfutures.com/innovation/#carbon-offset-program>. 23 “New Clean Technology: Renewable Fuels Research.” Driving Futures - Enterprise Holdings Sustainability.

Enterprise. Web. 22 Mar. 2011. <http://www.drivingfutures.com/innovation/#renewable-fuels-research>. 24 “Hertz Offers Hybrid Cars for Rent.” Hybrid Rental Car.com. Hybrid Rental Car. Web. 22 Mar. 2011. <http://www.

hybrid-rental-car.com/hertz-offers-hybrid-cars-for-rent/58>. 25 “Hertz Offers Hybrid Cars for Rent.” Hybrid Rental Car.com. Hybrid Rental Car. Web. 22 Mar. 2011. <http://www.

hybrid-rental-car.com/hertz-offers-hybrid-cars-for-rent/58>. 26 “Green Title Process.” Stewart Green Initiative. Stewart Title Guaranty Company. Web. 22 Mar. 2011. <http://

green.stewart.com/green-title-process>. 27 Farhar, B.C., and T.C. Coburn. A New Market Paradigm for Zero-Energy Homes: The Comparative San Diego

Case Study. Tech. no. NREL/TP-550-38304-01. Vol. 1. Golden, CO: National Renewable Energy Laboratory, 2006. Web. 21 Mar. 2011. <www.nrel.gov/docs/fy07osti/38304-01.pdf>.

28 Kalette, Denise. 2010 Green Building Survey: Despite the Harsh Economy, Companies Are More Committed than Ever to Green Initiatives. Rep. National Real Estate Investor. National Real Estate Investor and Retail Traffic. National Real Estate Investor - Research. Penton Media Inc., 17 Nov. 2010. Web. 21 Mar. 2011. <http://nreionline.com/research/2010_green_building_survey/index.html>.

29 “Brownfields Definition.” Brownfields Definition | Brownfields and Land Revitalization | US EPA. U.S. Environmental Protection Agency. Web. 23 Mar. 2011. <http://epa.gov/brownfields/overview/glossary.htm>.

30 “Summary of Superfund | Laws and Regulations | US EPA.” US Environmental Protection Agency. U.S. Environmental Protection Agency. Web. 24 Mar. 2011. <http://www.epa.gov/regulations/laws/cercla.html>.

31 “Small Business Liability Relief and Brownfields Revitalization Act| Brownfields and Land Revitalization | US EPA.” US Environmental Protection Agency. U.S. Environmental Protection Agency. Web. 24 Mar. 2011. <http://epa.gov/brownfields/laws/hr2869.htm#subtA>.

32 “Louisiana Incentives/Policies for Renewables and Efficiency.” DSIRE: DSIRE Home. North Carolina State University, 15 Dec. 2010. Web. 24 Mar. 2011. <http://dsireusa.org/incentives/incentive.cfm?Incentive_Code=LA01F&re=1&ee=1>.

33 “Louisiana CleanTech Network - Solar Energy Tax Credit Overview.” Louisiana CleanTech Network - Promoting the Growth of the Clean Technology Industry in Louisiana. Louisiana Clean Tech Network. Web. 22 Mar. 2011. <http://www.lacleantech.net/taxcredit.htm>.

34 Louisiana. Department of Revenue. Tax Administration. Annual Report 2008-2009 Tax Collection. Baton Rouge: Louisiana Departmet of Revenue, 2009. LDR: Publications: Annual Reports. Louisiana Department of Revenue. Web. 22 Mar. 2011. <http://rev.louisiana.gov/sections/Publications/ar.aspx>.

35 Louisiana. Department of Revenue. Tax Administration. Annual Report 2009-2010 Tax Collection. Baton Rouge: Louisiana Departmet of Revenue, 2010. LDR: Publications: Annual Reports. Louisiana Department of Revenue. Web. 22 Mar. 2011. <http://rev.louisiana.gov/sections/Publications/ar.aspx>.

36 “Empower Louisiana.” Home Energy Rebate Option Program. Louisiana Department of Natural Resources. Web. 24 Mar. 2011. <http://www.empowerlouisiana.org/HeroProgram.aspx>.

1001 North 23rd StreetP. O. Box 94094Baton Rouge, LA70804-9094www.laworks.net

Documents

The Greening of Louisiana’s Economy · real estate and equipment, while intangible assets include patents and trademarks. Activities such as managing, renting, selling, and appraising