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Economist predicts continued job growth in Louisiana in 2010
Louisiana is predicted to have job growth in 2010 according to economist Loren Scott at a conference in Baton Rouge. New Orleans will add jobs as will Lake Charles, Monroe, Lafayette, Shreveport, Houma, and Alexandria. With the growth of jobs in Louisiana, people in St. Tammany Parish should see a rise in the number of interested homebuyers. If you are looking for a new home builder in Louisiana, look no further than Hearthstone Homes by Ron Lee.
The Monroe metropolitan area will be the fastest growing in the state with 1,900 new jobs in 2010 and 1,500 in 2011, said economist Loren Scott at a luncheon for business leaders held in Baton Rouge on October 7, 2009. Scott said Investments in the Foster Farms chicken processing plant, the V-Vehicle manufacturing facility, additional employment at Gardner Denver Thomas as well as construction work have significantly brightened the Monroe area's outlook. Other highlights from his economic forecast include:
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New Orleans, the largest MSA in the state, will add only 3,000 jobs in 2010 and 2,500 in 2011. While most of the growth will be driven by construction, upcoming layoffs at Lockheed Martin Space Systems and weak tourism numbers will offset many of the construction gains in the region.
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Lake Charles will add 1,000 new jobs in 2010 with 1,700 jobs in 2011. The growth, which will make Lake Charles the second fastest-growing MSA in the state, will be driven by construction on the Sugarcane Bay Casino resort, the Shaw Group’s Global Modular Solutions, which will build nuclear power plant modules, and several other large-scale construction projects.
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Monroe will be the fastest growing MSA in the state with 1,900 new jobs in 2010 and 1,500 in 2011. Investments in the Foster Farms chicken processing plant, the V-Vehicle manufacturing facility, additional employment at Gardner Denver Thomas as well as construction work have significantly brightened the MSA’s outlook.
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Shreveport/Bossier will have split growth, adding 3,000 jobs in 2010 because of expansions at Barksdale Air Force Base, exploration if the Haynesville Shale, an injection of highway funds and construction at the SWEPCO power plant. However, the GM Shreveport plant is set to close by 2012, leaving the MSA to grow by only 1,200 jobs in 2011.
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The Lafayette MSA will have 700 new jobs in 2010 and 1,000 in 2011 -- a much weaker forecast that assumes a proposed federal tax on the oil and gas extraction industry passes.
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That potential tax will also chill employment numbers in the Houma MSA, which is forecast to add 900 new jobs in 2010 and 800 in 2011. The shipbuilding sector and a boost from construction will help offset the impact.
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Alexandria will add 600 new jobs in 2010 and 600 in 2011. There are few sources of new growth in this MSA, although it gets a boost from construction spending at Fort Polk as well as $208.4 million in planned state road projects.
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