Tepid recovery continues across indicators
Baton Rouge, La. (November 17, 2020) – The Baton Rouge Area Chamber (BRAC) today released its COVID-19 economic indicator dashboard that examines and assesses the impact of the COVID-19 pandemic on the regional economy. The dashboard is available online at brac.org/recovery.
“The best way to describe what the Capital Region economy is going through is a ‘broken-record recovery.’ Week after week there is continued incremental improvement in unemployment and jobs, and ongoing stability just below pre-COVID numbers in consumer spending, hotel occupancy, and other similar metrics,” said Andrew Fitzgerald, senior director of business intelligence for BRAC. “Barring external forces, such as renewed restrictions or the arrival of a COVID vaccine, the pace of recovery is more or less static. A full recovery is practically impossible until consumer behavior returns to relative normality, and an effective vaccine is the best way to speed that eventuality along.”
Key findings from this week’s dashboard include:
- Weekly unemployment claims dropped for the 16th straight week, and have fallen 71% over that timeframe;
- Consumer spending is slightly down from January in Livingston, Ascension, and East Baton Rouge;
- Hotel occupancy and revenues dropped marginally both over-the-week and over-the-year as the travel sector’s struggles continue; and
- Overall mobility was mostly flat, although a majority of Capital Region parishes saw a small dip in travel to work.
The 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.
To download this week’s indicator dashboard directly, click here.
BRAC is regularly updating brac.org/recovery with business resources and guidance related to COVID-19.
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. More information is available at brac.org.