The Bureau of Economic Analysis (BEA) released information stating that Louisiana has the 10th Fastest Growing Economy in the country.
The BEA backs up their findings by citing Louisiana’s record high Gross Domestic Product (GDP) of $256.45 billion, an annual growth rate of 3.8% in the first quarter of 2019.
The BEA noted in the official report that the manufacturing of non-durable goods made a major contribution to the state’s growth.
Non-durable good manufacturing contributed 2.09 percentage points. Retail trade contributed 0.82 percentage points to the states growth. Mining, quarrying, and oil and gas extraction contributed 0.80 percentage points.
Governor Edwards released the following statement in response to the positive news on the state’s economy:
“This latest ranking is further proof that Louisiana’s economy continues to grow and move in the right direction. Just this month, we have seen the largest unemployment decline since last year of any state, the lowest it has been in 11 years, personal income is at an all-time high and for the first time in a long time, our state debt is declining. We are continuing to attract new business and industry while retaining and expanding our existing businesses and implementing programs in Louisiana to further strengthen our workforce.”
The state is also celebrating rising employment rates, according to new data from the Bureau of Labor Statistics (BLS). Their report shows that from June 2018-2019 Louisiana added 5,719 people to the workforce.
In that time, Louisiana’s unemployment rate went from 6.1 percent in 2018, to 5.8 percent in 2019.
The BLS released the following information about the change in unemployment rates over the past year in major metropolitan areas.
• Alexandria: 5.7 percent, down from 6.6 percent in June 2018.
• Baton Rouge: 4.9 percent, down from 5.5 percent in June 2018.
• Hammond: 6.2 percent, down from 7.0 percent in June 2018.
• Houma: 5.2 percent, down from 6.1 percent in June 2018.
• Lafayette: 5.2 percent, down from 6.1 percent in June 2018.
• Lake Charles: 4.3 percent, down from 4.8 percent in June 2018.
• Monroe: 5.8 percent, down from 6.3 percent in June 2018.
• New Orleans: 5.0 percent, down from 5.8 percent in June 2018.
• Shreveport: 5.7 percent down from 6.5 percent in June 2018.
For more information on the Bureau of Economic Analysis log on to www.bea.gov. For more information on Louisiana’s unemployment rate log on to www.laworks.net.