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Ten years after Hurricane Katrina, colleges and universities in and around New Orleans continue to suffer from weak enrollment, according to a Moody's analysis released this week.
The damage incurred during Katrina caused institutions to shutter for the entire fall 2005 semester. Today those colleges and universities continue to struggle with enrollment -- which is down 15 percent from pre-Katrina levels -- due to demographic declines and persistently weak state funding for public universities, Moody's found. Five of the region's eight institutions have experienced enrollment declines.
Moody's notes that colleges and universities had to manage plummeting revenues while paying for cleanup and recovery costs. While the federal government assumed some of the recovery and facility replacement costs, the pace of reimbursement posed liquidity challenges, Moody's reported. And some Katrina-related expense submissions are still under federal review 10 years later.
