BRAC releases jobs update in monthly economic indicator dashboard
Baton Rouge, LA (February 9, 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.
“The job numbers from December show that the region recently hit a milestone: the Capital Region ended 2022 by exceeding the number of nonfarm jobs it had in March 2020, when the pandemic began,” said Andrew Fitzgerald, senior vice president of business intelligence for BRAC. “This was made possible in part due to a month-over-month increase in construction jobs, which as a sector has been a historical strength for Baton Rouge, but also one hit hard during COVID. With billions in announced industrial project activity, BRAC envisions even more robust job growth this year, even as seasonal holiday employment fades.”
Key findings from this month’s dashboard include:
- After nearly three years, Baton Rouge has recovered all pandemic-era job losses, with nonfarm jobs at March 2020 levels;
- Baton Rouge hit six straight months of job growth in December;
- The construction sector saw its best month for jobs since February 2022;
- While remaining historically low, Baton Rouge’s unemployment rate ticked up slightly in December;
- Revenues per hotel room and average daily rates start strong in 2023; and,
- In Louisiana, most new jobs come from pre-existing businesses while most jobs lost come from businesses downsizing as opposed to closing outright.
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.