BRAC’s Economic Outlook provides the most comprehensive analysis of regional economic indicators available
Baton Rouge, La. (December 3, 2020) – The Baton Rouge Area Chamber (BRAC) today presented findings from its 2021 Economic Outlook Report during a BRAC Business Webinar. The report is available online at brac.org/research.
“Despite unprecedented challenges in 2020, the region’s economy is holding its own, and local businesses are cautiously optimistic that the coming year will bring modest growth,” said Adam Knapp, president and CEO of BRAC. “Workforce issues top the list of business concerns, but with positive in-migration and our region’s higher education institutions bucking national trends and increasing enrollment, the opportunity to retain and upskill talent has never been greater.”
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 perspectives about the region and state in the coming year.
Key findings from the 2021 Economic Outlook include:
- Many sectors have bounced back faster than expected, except for Leisure & Hospitality and Construction;
- Positive in-migration may kickstart population growth;
- Local businesses expect revenues and jobs to be level or slightly grow, with roughly a quarter expecting losses in 2021;
- Over half of businesses have adopted remote work policies;
- Baton Rouge household income is higher than that of peer cities and growing at a faster rate;
- Black household income growth rate has increased, but isn’t significantly closing the gap;
- Workforce overtook traffic as the top concern locally going into 2021; and
- Top higher education institutions achieved record aggregate enrollment.
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, providing the most comprehensive snapshot of regional economic indicators and business survey data available.
View the full report at brac.org/research.
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 1,400 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. The organization also provides custom business intelligence research for companies to analyze their business sectors, key indicators, the region, the labor market, or create GIS visualizations. More information is available at brac.org.