BRAC Releases 2017 Economic Outlook
Annual report serves as decision-making tool for area businesses
Baton Rouge, La. (November 17, 2016) – The Baton Rouge Area Chamber (BRAC) today presented its 2017 Economic Outlook at its Regional Stakeholders Breakfast. The report is available under the Publications section.
“The overall theme from this year’s regional forecast is that the economy remains strong, but market data and the business survey show tempered optimism,” said Adam Knapp, president and CEO of BRAC.
The Economic Outlook analyzes past trends in various economic indicators and provides forecasts for the upcoming year. In addition, it provides data collected from local business and community leaders regarding their expectations for economic, employment and revenue growth for 2017.
Findings from the 2017 Economic Outlook include:
– The Baton Rouge Area experienced a 2.3 percent growth in number of jobs through the third quarter of 2016, already surpassing its projected growth rate of 1.9 percent for the entire year
– BRAC anticipates 1.5 percent job growth in 2017, which would translate to approximately 6,000 new jobs
– Over the last 10 years, median household income has risen 28 percent in the Baton Rouge Area. Nationally, incomes are up only 15 percent in that timeframe, while Louisiana incomes are up 16 percent.
– If income growth continues at the rates experienced in the past five years, median income in Baton Rouge could surpass that of the United States in 2019
– The Baton Rouge MSA population will reach approximately 838,000 residents by the end of 2016, and is projected to reach between 841,000 and 846,000 in 2017
BRAC’s Economic Competitiveness team began producing the annual Economic Outlook in 2007. Since its inception, the report has become the market standard for annual regional economic data.
About the Baton Rouge Area Chamber
The Baton Rouge Area Chamber (BRAC) leads economic development in the nine-parish Baton Rouge Area, working to grow jobs and wealth and to improve the business climate and competitiveness in the region. Today, BRAC investors include more than 1,500 small businesses, mid-sized firms, large industry and entrepreneurial startups, as well as individuals and organizations that support business and economic development. In this capacity, BRAC serves as the voice of the business community, providing knowledge, access, services and advocacy. More information is available at brac.org.