8.31.23 – Daily Advertiser
The economic outlook for Louisiana has grown “notably stronger” over the last few months, the latest economic forecast from the University of Louisiana at Lafayette’s B.I. Moody III College of Business Administration shows.
The new forecast shows Louisiana gaining around 27,000 jobs over the next four quarters after adding 13,000 in each of the last two quarters. Nearly all of the state’s nine metropolitan statistical areas are expected to see job growth ramp up over the next year, the forecast shows.
“Apart from housing markets, the national and statewide economic outlooks have improved for the first time in more than one year,” UL Lafayette Economics Professor Gary Wagner wrote in the forecast. “Every metro region in the state, except for the Houma-Thibadoux area, is also expected to see faster job growth over the next year.”
Here’s what the forecast showed for Louisiana’s major cities:
Alexandria
The Alexandria area was projected to have around 62,100 total jobs in the second quarter of 2023, but it ended up with around 63,500 — beating the projections by around 2.3%. The previous forecast put the area at 62,900 jobs for the third quarter, but the latest forecast shows it at 63,600, an increase of 1.1% from the last forecast.
The previous report projected the region to lose 700 jobs between the first and second quarters, but it added around 700 jobs instead. The new forecast shows Alexandria adding 800 jobs in the third quarter, which was bumped up from 700 in the last forecast.
Alexandria has also exceeded its pre-COVID job total of 61,800 in February 2020.
Baton Rouge
Baton Rouge had around 424,300 jobs in the second quarter, beating the projection of 419,500 by around 1.1%. The new forecast projects the area will have around 427,300 jobs in the third quarter, around 7,200 jobs or 1.7% more than previously expected.
Between the first and second quarters, the Baton Rouge area added around 5,600 jobs — greatly exceeding the 800 jobs the area was expected to add over that period. The area is now expected to add another 3,000 jobs in the third quarter, up from the 600 projected in the previous forecast.
Baton Rouge has also beat out its pre-COVID job level of 409,700 in February 2020.
Hammond
The Hammond metro area had around 48,900 total jobs in the second quarter, up slightly from the 47,900 originally anticipated. For the third quarter, the latest report puts the region at 49,700 jobs, an increase of around 2,000 jobs or 4.2% from the 47,700 previously forecasted.
The area added around 900 jobs between the first and second quarter, when the last forecast projected the area would have no growth or loss. For the third quarter, the new report expects Hammond will add 800 jobs after initially being expected to lose 200.
Hammond is sitting above its pre-COVID job total of 46,900 in February 2020.
Houma-Thibodaux
The Houma-Thibodaux area had around 81,700 total jobs in the second quarter, falling just short of the 81,800 that was initially projected for the region. The area is expected to have 81,800 jobs in the third quarter, which is a slight downgrade from the 82,000 projected in the previous forecast.
The area had been expected to add around 600 jobs in the second quarter, but it added only around 400. It was previously expected to add 200 jobs in the third quarter, but the new forecast drops the expectation to 100 jobs.
The Houma-Thibodaux area remains well short of its pre-COVID employment total of 87,300.
Lafayette
The Lafayette Metropolitan Statistical Area, which includes much of Acadiana, had around 203,800 jobs in the second quarter, beating projections by around 2,000 jobs or nearly 1%. In the third quarter, the area is expected to have 205,500 jobs, an increase of 3,300 jobs or 1.6% from the earlier forecast.
In the second quarter, the area added 1,800 jobs after being projected to lose 100 in the previous forecast. In the third quarter, the region is anticipated to add 1,700 jobs — a significant boost from the 400 projected in the previous report.
Still, the Lafayette area remains below its pre-COVID job total of 205,900.
Lake Charles
The Lake Charles area had 96,900 jobs in the second quarter, topping the 96,100 that was projected in the earlier forecast. The latest forecast shows the area with 96,900 jobs in the third quarter, rising from the 96,100 projected earlier.
The area added 700 jobs in the second quarter after being projected to see no growth or loss. In the third quarter, Lake Charles is now expected to add 100 jobs after being projected to have no change previously.
Lake Charles, which has struggled to bounce back from two devastating hurricanes in 2020 and the COVID-19 pandemic, remains well below the pre-pandemic job total of 111,300.
Monroe
The Monroe area had 78,300 jobs in the second quarter, which was slightly better than the 78,200 that was anticipated. For the third quarter, the area is expected to have 78,700 jobs, up slightly from the 78,300 projected earlier this year.
The area added 300 jobs in the second quarter, which was slightly better than the 200 jobs that was projected. In the third quarter, Monroe is expected to add 400 jobs, which is a slight improvement from the 100 jobs projected in the previous forecast.
Monroe has beat out its pre-COVID job total of 78,100 recorded in February 2020.
New Orleans
The New Orleans-Metairie metro area — the state’s largest — had 568,100 total jobs in the second quarter, topping the projected 568,100. For the third quarter, the region is projected to have 576 total jobs, an increase of 7,600 or 1.3% from the previous forecast.
In the second quarter, the region added 4,300 jobs, beating the projected gain of 2,700 jobs. In the third quarter, New Orleans is now expected to add 7,900 jobs, a significant upgrade from the 2,200 previously projected.
Still, the area remains well below its pre-COVID job total of 581,600.
Shreveport-Bossier
The Shreveport-Bossier area had 178,300 jobs in the second quarter, beating the projection of 177,000. For the third quarter, the area is expected to have 179,800 total jobs, up by 3,000 or 1.7% from the 176,800 previously expected.
The region added 1,300 jobs in the second quarter, topping the expected job growth of 100 jobs. For the third quarter, the Shreveport-Bossier area is projected to add 1,500 jobs after the previous forecast showed it losing around 200 jobs over the same period.
The area remains slightly below its pre-pandemic job total of 179,400.