Baton Rouge, LA (November 10, 2022) – 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.
“Newly released data show strong net in-migration, with nearly 9,000 more people moving to the region than leaving. This equates to 25 new residents moving to the Capital Region every day,” said Andrew Fitzgerald, senior vice president of business intelligence for BRAC. “East Baton Rouge was a major part of this in-migration, with a net number north of 8,000 residents. As the labor market remains tight, and the competition for talent remains fierce, continuing to be a top destination for movers is key. We’ll have a more in-depth breakdown of migration data in BRAC’s 2023 Economic Outlook Report, which will be released December 6.”
Key findings from this month’s dashboard include:
· Baton Rouge has added 6,800 jobs in the last three months including 1,200 new jobs in September;
· This month marks six straight months of job growth for the Leisure & Hospitality sector;
· Baton Rouge has had the second highest rate of job growth over the last two months compared to peer metros;
· The Capital Region’s unemployment rate fell to 3.2% this month, and there are 2.2 job postings for each unemployed worker;
· Hotel revenues are below 2021, above 2020 levels; and,
· 2021 was a strong year for people moving to Baton Rouge: the metro netted 8,858 new residents from migration, largely due to in-state movers.
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.
BRAC’s business intelligence team 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 may contact Senior Vice President of Business Intelligence Andrew Fitzgerald at andrew@brac.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.
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