BRAC releases economic updates in monthly dashboard
Baton Rouge, LA (May 11, 2023) – The Baton Rouge Area recorded 422,400 jobs in March, marking a 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.
“The Capital Region hit an important milestone in March, as the metro area hit an all-time high with over 422,000 jobs, several thousand more than our pre-pandemic high, and 14,000 more than one year prior,” said Andrew Fitzgerald, senior vice president of business intelligence for BRAC. “Construction, a high-wage industry in the region, led the way with nearly 5,000 job gains year-over-year. One thing to watch out for, though, is a tight labor market that may limit further growth – while there were nearly 32,000 unique job postings in the region throughout March, fewer than 13,000 residents were out of a job and looking for one, meaning there were about 2.5 open jobs for each person looking.”
Key findings from this month’s dashboard include:
- Baton Rouge Metro recorded 422,400 jobs in March, a record-high for the region;
- Baton Rouge had the highest annual net and percentage job growth compared to peer metros in March;
- Unemployment rate was down to 2.9% in March as employment grew;
- Construction industry jobs have increased by 10.3% in the last year;
- Nearly all industries besides Transportation & Utilities added jobs this month;
- Blues Fest and other events drove increased hotel revenues and occupancy compared to previous years; and,
- There were hundreds of new business establishments in the BR Metro in 2021; total establishments have increased every year since 2018.
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.