BRAC releases economic updates in monthly dashboard
Baton Rouge, LA (June 8, 2023) – The Baton Rouge Area recorded 423,900 jobs in April, marking a consecutive record-high for the region, according to the monthly economic indicator dashboard released today by the Baton Rouge Area Chamber (BRAC). The dashboard, which examines and analyzes the state of the regional economy, can be downloaded directly here.
“In the face of record-low unemployment, the Capital Region continues its jobs hot streak: for the second straight month, Baton Rouge set a record for nonfarm jobs,” said Jake Polansky, BRAC manager of economic and policy research. “How long this trend persists will depend on the Capital Region’s ability to attract talent to supplement its dwindling labor pool. Consider two big motivating factors behind a person’s decision to move – jobs and housing. Baton Rouge has available jobs – more than 32,000 in April including 5,400 in healthcare and professional services – but housing growth is slow. If East Baton Rouge wants to see the population growth visible in the region’s suburban parishes, growing its housing stock is a good place to start.”
Key findings from this month’s dashboard include:
· April marks consecutive months of record job counts in the BR Metro;
· Unemployment rate is tied with December ‘22 for the region’s lowest on record;
· Jobs in construction have grown 9.5% in the last year, reflecting the sector’s strong post-pandemic rebound;
· Baton Rouge had the highest annual percentage job growth compared to peer metros once again in April;
· Education & healthcare jobs reached a record-high with over 60,000 jobs;
· Graduation weekend led to strong hotel performance in mid-May; and,
· The Capital Region’s housing stock is growing faster than that of Louisiana overall.
BRAC’s Economic Indicator Dashboard looks at a number of data points to illustrate the economy’s current state. With data from a number of regional stakeholders, the dashboard is the most real-time analysis of the Baton Rouge metro economy available.
Riverbend Research, BRAC’s standalone research consulting firm, provides custom research services on a competitive fee-for-service basis, including labor market research, economic impact modeling, demographic and economic data, and general research and consulting. Interested businesses can learn more or submit research project requests at riverbendresearch.org.
About the Baton Rouge Area Chamber
The Baton Rouge Area Chamber (BRAC) is an aggressively ambitious regional economic development organization with a bias for action. BRAC seeks to push Baton Rouge beyond the status quo, unleash its potential, and support a vibrant business community that believes the finish line does not exist. BRAC seeks to accelerate economic opportunity in the Baton Rouge Area, for everyone, through BRING IT! Baton Rouge, its five-year, regional strategic plan. Learn more about BRAC at brac.org.