BRAC releases economic updates in monthly dashboard
Baton Rouge, LA (March 23, 2023) – The Baton Rouge Area Chamber (BRAC) today released its monthly economic indicator dashboard that examines and analyzes the state of the regional economy. To download this month’s indicator dashboard directly, click here.
“With the federal Bureau of Labor Statistics making large upward adjustments to the Capital Region job numbers to end last year, it is clear that Baton Rouge has not only fully recovered from pandemic-induced loss but is back around its all-time high. In fact, after these revisions, Baton Rouge had a higher year-over-year job increase than any peer metro area,” said Andrew Fitzgerald, senior vice president of business intelligence for BRAC. “The region also has the largest labor force in its history, while unemployment remains low at 3.2%. Although COVID-related issues like inflation still negatively impact the national economy, locally we have experienced a full jobs recovery more than a year ahead of some economists’ expectations.”
Key findings from this month’s dashboard include:
- The Baton Rouge Metro was near its all-time high for nonfarm jobs last November/December thanks to revised job counts from the federal government;
- Baton Rouge led all peer metros in year-over-year percentage job growth;
- Seasonal layoffs between December and January were the fewest they’ve been in 6 years;
- While job postings have fallen for two consecutive months, there are still 1.7 job postings per unemployed worker;
- Hotel revenues are 40% above 2019 levels; and,
- Wage gains in the leisure & hospitality sector outpaced inflation in seven of the nine Capital Region parishes during 2022.
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.