BRAC releases economic updates in monthly dashboard
Baton Rouge, LA (October 12, 2023) – The Baton Rouge Area ranked first among peer metros for year-over-year job growth and followed an annual regional trend of economic expansion following the summer months 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.
“As summer turned to fall, Baton Rouge’s schools welcomed students returning from summer vacation while the college football season kicked off at Southern and Louisiana State Universities. Both bring positive economic impacts – state and local governments in the Capital Region added a combined 3,900 jobs in August as K-12 public schools and higher education institutions ramped up hiring prior to the start of the school year. And nearly three out of every four hotel rooms in Baton Rouge were occupied when LSU hosted Arkansas in mid-September,” said Jake Polansky, BRAC manager of economic and policy research. “Overall, August’s 4,300 net new jobs marked Baton Rouge’s best month for job growth since August 2022. However, Baton Rouge job postings saw their largest one-month drop in five years and the number of Louisiana workers voluntarily quitting their jobs declined for the second straight month. While these could be signs of a tightening labor market, there are still more than two job postings for each unemployed Capital Region worker.”
Key findings from this month’s dashboard include:
- The Baton Rouge Metro added 4,300 jobs in August, is up 2.7% from this time last year;
- Baton Rouge ranks first among peer metros for year-over-year job growth;
- Jobs in state and local government increased as schools ramped up hiring while welcoming back students from their summer vacations;
- The number of job postings in Baton Rouge saw its largest one-month drop in five years;
- Almost three-quarters of all hotel rooms in Baton Rouge were occupied when LSU hosted Arkansas in mid-September; and,
- Housing affordability in Baton Rouge has declined significantly over the last two years.
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.
###