Capital Region Median Income at All-time High
BRAC Releases 2019 Economic Outlook
Baton Rouge, La. (December 13, 2018) – The Baton Rouge Area Chamber (BRAC) today presented its 2019 Economic Outlook at its Regional Stakeholders Breakfast. The report is attached and available online at brac.org/reports.
“The Baton Rouge Area continues to have a healthy regional economy that has boosted household incomes across the region to an all-time high,” said Adam Knapp, BRAC president and CEO. “Our area continues to gain jobs, our residents continue to enjoy a low unemployment rate, and more people are moving into the region. It’s also encouraging to see that the top concern of the business community for the third straight year – traffic – will be seeing positive action beginning in 2019 with the passage of MovEBR, the I-10 widening, and the nearly $1.5 billion in infrastructure investments underway or planned in our region.”
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 2019.
Findings from the 2019 Economic Outlook include:
- The Baton Rouge Area experienced a 1.0 percent growth in number of jobs through October 2018, and will likely meet or exceed BRAC’s projected growth rate of 1.1 percent.
- BRAC anticipates 1.3 percent job growth in 2019, which would translate to approximately 5,100 new jobs.
- Between 2007 and 2017, median household income rose 29 percent in the Baton Rouge Area. Nationally, incomes are up 19 percent in that timeframe, while Louisiana incomes are up 13 percent.
- While median income dropped in 2016, it has since recovered and hit an all-time high for the region at $57,401 annually.
- The Baton Rouge MSA population dipped in 2017, likely due to displacement from the flood. Baton Rouge is projected to gain approximately 7,000 new residents by 2020, putting its total population at about 847,000 residents.
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.