BRAC releases economic updates in monthly dashboard
Baton Rouge, LA (July 13, 2023) – The Baton Rouge Area recorded 425,900 nonfarm jobs in May, marking the third consecutive month of record-high jobs 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.
“While the Baton Rouge Metro recorded a record-high nonfarm jobs count for the third consecutive month, it looks like the Federal Reserve’s rate hikes may be beginning to have an effect locally as the unemployment rates climbed slightly to 3.4% this month and unemployment claims across the nine-parish region are at their highest levels in eighteen months,” said Jake Polansky, BRAC manager of economic and policy research. “Year-to-date sales tax collections across the City-Parish, up this year in nominal terms, are down about 5.5% when adjusted for inflation. Other factors are more positive such as new data showing Louisiana residents are self-reporting greater feelings of financial security. Due perhaps to the income growth being seen by some workers, Louisiana adults are reporting greater confidence in their ability to pay monthly bills like groceries, gas, and their rent or mortgage.”
Key findings from this month’s dashboard include:
- Nonfarm jobs in the Baton Rouge Metro hit a record-high for the third consecutive month;
- A large regional youth soccer tournament drove impressive hotel numbers this month;
- Construction jobs reached a four-year high in May;
- The number of unemployed workers increased, and the number of job postings fell for the first time this year;
- Baton Rouge continues leading its peer metros in annual net, percentage job growth; and,
- Louisiana residents are feeling more financially secure now than they were late last year.
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.