Yet there is one sector that is not only flourishing in the city's rebirth, but may be also helping to lead it - entrepreneurial activity.

The Wall Street Journal reported that, thanks to entrepreneurial support centers and generous tax breaks, New Orleans has become a hub of innovation and entrepreneurial activity.

"It's a very special time in New Orleans," Kyle Berner, a native New Orleanian and founder of flip-flop retail business Feelgoodz, told the Journal. "There's just this entrepreneurial feeling that's happening right now in the city."

The good news for entrepreneurs considering starting a business in New Orleans is that they would most likely not have any trouble finding clients, as New Orleans has become the fastest growing city in the country, the news provider reported.

However, the crime rate still remains high, and pre-existing small businesses are "struggling to reinvent themselves," said the Journal.

While New Orleans may a focal point for entrepreneurship, other cities have gotten attention for their thriving startup culture - Inc. magazine recently recognized Washington D.C. as the home of the most fast-growing private companies.