2020 Economic Outlook Predicts Continued Job Growth
BRAC’s Economic Outlook provides the most comprehensive analysis of
regional economic indicators available
Baton Rouge, La. (December 12, 2019) – In its 2020 Economic Outlook, the Baton Rouge Area Chamber (BRAC) forecasts that the region will see 4,900 new jobs next year, or 1.2 percent growth in non-farm jobs. The report was presented today at BRAC’s quarterly stakeholders’ breakfast of regional chamber and economic development partners. The report is available online at brac.org/reports and being distributed electronically to its investors.
“The Capital Region economy experienced modest job and income growth over the year, and we see evidence that the growth will have a faster pace in 2020,” said Adam Knapp, BRAC President and CEO. “With a large number of manufacturing expansions beginning in 2020, we anticipate the region will see its largest job growth since 2015.”
The Economic Outlook analyzes past trends in various economic indicators and provides forecasts for the upcoming year. In addition, it provides data collected from local business and community leaders regarding their perspectives about the region and state in the coming year.
Findings from the 2020 Economic Outlook include:
- BRAC anticipates 1.2 percent job growth in 2020, which would translate to approximately 4,900 new jobs.
- College enrollment in the region’s five largest institutions is nearly 53,000 – the first time this number has eclipsed 50,000 since 2013.
- Between 2008 and 2018, median household income climbed 19 percent in the Baton Rouge Area. Peer cities have seen a 16 percent increase, while Louisiana incomes overall are up 10 percent.
- The construction sector, which is the region’s third largest sector for job distribution, experienced a 4.4 percent dip in employment.
- For the sixth straight year, area businesses cited traffic as the number one obstacle for businesses in the Capital Region.
- BRAC’s Economic Competitiveness team began producing the annual Economic Outlook in 2007. Since its inception, the report has become the market standard for annual regional economic data, providing the most comprehensive snapshot of regional economic indicators and business survey data available.
View the full report at brac.org/reports.
About the Baton Rouge Area Chamber
The Baton Rouge Area Chamber (BRAC) leads economic development in the nine-parish Baton Rouge Area, working to grow jobs and wealth and to improve the business climate and competitiveness in the region. Today, BRAC investors include more than 1,400 small businesses, mid-sized firms, large industry and entrepreneurial startups, as well as individuals and organizations that support business and economic development. In this capacity, BRAC serves as the voice of the business community, providing knowledge, access, services and advocacy. The organization also provides custom business intelligence research for companies to analyze their business sectors, key indicators, the region, the labor market, or create GIS visualizations. More information is available at brac.org.