Annual report serves as decision-making tool for area businesses
Baton Rouge, La. (December 6, 2017) – The Baton Rouge Area Chamber (BRAC) today presented its 2018 Economic Outlook at its Regional Stakeholders Breakfast. The report is available online at brac.org/reports.
“Our data and business survey point to steady progress against the damage caused by the flooding in 2016,” said Adam Knapp, BRAC president and CEO. “Regional jobs have recovered, and we anticipate other indicators to follow a similar positive trajectory over the course of 2018.”
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 2018.
Findings from the 2018 Economic Outlook include:
- The Baton Rouge Area experienced a 2.2 percent growth in number of jobs through October 2017, already surpassing its projected growth rate of 1.5 percent for the entire year.
- BRAC anticipates 1.1 percent job growth in 2018, which would translate to approximately 4,500 new jobs.
- Between 2006 and 2016, median household income has risen 22 percent in the Baton Rouge Area. Nationally, incomes are up 19 percent in that timeframe, while Louisiana incomes are up 15 percent.
- While median income dropped in 2016, likely due to the flood, jobs have recovered and BRAC anticipates income recovery to follow.
- The Baton Rouge MSA population will reach approximately 840,000 residents by the end of 2017, and is projected to reach between 843,000 and 850,000 in 2018.
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.