BRAC releases economic updates in monthly dashboard
Baton Rouge, LA (February 8, 2024) – The Baton Rouge Area gained nearly 12,000 jobs year-over-year between December 2022 and December 2023 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.
“Baton Rouge job counts continue to grow year-over-year, and national estimates suggest this growth will continue at the local level. However, the Capital Region’s economy is showing signs of rightsizing,” said Andrew Fitzgerald, BRAC’s senior vice president of business intelligence. “After years of an extremely hot labor market in which there were often tens of thousands more job postings than unemployed workers, the region is finally seeing its ratio of job postings to unemployed workers return to a level that looks more like pre-COVID conditions. Importantly, total unemployment claims remain low across the Capital Region and initial unemployment claims, which can serve as a proxy for layoffs, are the lowest they’ve been in the last four years. This means the economic rightsizing the region is experiencing is not having a noticeable impact on current employment. Also worth noting is the construction sector added 500 jobs this month, continuing its impressive run of sustained job growth. Construction jobs are up more than 30% since the beginning of 2022.”
Key findings from this month’s dashboard include:
- Jobs in the Capital Region totaled 431,700 in December, nearly 12,000 more than a year ago;
- The construction and trade/transportation/utilities sectors were up 500 jobs each in December;
- Baton Rouge leads all peer metros in annual job growth;
- Job postings appear to be returning to levels more in-line with historical trends;
- Average daily rates for Capital Region hotel rooms have been about the same over the past three years; and,
- Jobs in Baton Rouge’s manufacturing sector have increased by 25% over the past 14 years, placing the Capital Region somewhere in the middle of its southern peer metros.
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.