BRAC releases economic updates in monthly dashboard
Baton Rouge, LA (September 14, 2023) – The Baton Rouge Area’s manufacturing and construction sectors boosted the metro’s GDP by almost $2.2 billion between 2021 and 2022 according to the monthly economic indicator dashboard released today by the Baton Rouge Area Chamber (BRAC). The dashboard, which examines and analyzes the state of the regional economy, can be downloaded directly here.
“The Capital Region’s goods-producing industries – sectors that make things, like buildings or products – are thriving post-COVID. Between 2021 and 2022, Baton Rouge’s manufacturing and construction sectors boosted the Baton Rouge metro’s GDP by almost $2.2 billion, representing 37% of total regional GDP growth. In the last year alone, jobs in chemical manufacturing are up 4%, heavy & civil engineering jobs are up 10%, and jobs in specialty trades are up 11%,” said Jake Polansky, BRAC manager of economic and policy research. “These job-related stats are important because they demonstrate Baton Rouge’s ability to put people to work, develop talent, and attract a workforce even in a time of high interest rates. As the region continues to attract billions of dollars in carbon capture, green hydrogen, and other transitional energy investments, our workforce is showing they’re more than capable of bringing these projects to fruition.”
Key findings from this month’s dashboard include:
- Goods-producing industries like construction and manufacturing are driving Capital Region job growth;
- July marked 28 consecutive year-over-year job gains despite the region losing 8,400 jobs over the last two months;
- Baton Rouge ranks second among peer metros for year-over-year job growth;
- The healthcare and government sectors accounted for about one-fifth of all July job postings;
- Hotel revenues and occupancy are above previous typical years; and,
- The number of unemployed workers in the construction sector fell by 25% during the first quarter of this year.
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.
Riverbend Research, BRAC’s standalone research consulting firm, 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 can learn more or submit research project requests at riverbendresearch.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.