BRAC Economic Outlook highlights region’s potential to be a young professional hot spot
BATON ROUGE, La. (December 6, 2022) — The Baton Rouge Area Chamber (BRAC) today released its 2023 Economic Outlook report, highlighting increased college student enrollment, regional growth in entrepreneurship, an increase in population migration, and overall business optimism for the new year. The report is available for download at brac.org/research.
“The report shows, to no one’s surprise, that workforce needs are expected to be of greatest importance to business owners heading into 2023,” said Adam Knapp, president and CEO of BRAC. “The good news is that net migration is rapidly improving, and we continue to see an increase in Capital Region population growth and expect a steady increase through 2025. Our opportunity comes in increasing young professional talent retention, which we see net migration loss for ages 25 to 34, but an increase in ages 35 to 44. Baton Rouge has the potential to be a hot spot for young talent, as we see another year of college student growth, abundant job openings, and increased wages.”
The report, prepared by BRAC’s Senior Vice President of Business Intelligence Andrew Fitzgerald and BRAC’s Manager of Economic and Policy Research Jake Polansky, offers insights, analysis and a forecast of the Capital Region’s economy for the upcoming year based on BRAC analysis and surveying.
Key takeaways from the 2023 Economic Outlook include:
- The Capital Region’s entrepreneurial spirit is strong with 38,000+ new business applications and 2,700+ new establishments in the last two years;
- The construction sector, responsible for most of the region’s job losses, is poised for a big year in 2023;
- Migration is up overall, and better retaining our record number of college students is important for growing our economy; and,
- Business leaders are optimistic heading into the new year, but workforce issues continue to impede greater growth.
In addition to presenting the 2023 Economic Outlook, BRAC announced that the Capital Region saw 16 notable economic development project wins in 2022, accounting for 627 new jobs and $2.6B in capital investments.
BRAC 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.
BRAC’s business intelligence team provides custom research services for businesses. Businesses interested in labor market research, economic impact modeling, demographic and economic data, general research, and consulting should contact Senior Vice President of Business Intelligence Andrew Fitzgerald at firstname.lastname@example.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.