BRAC releases economic updates in monthly dashboard
Baton Rouge, LA (April 13, 2023) – The Baton Rouge Area sees the construction sector rebound with the addition of nearly 4,000 jobs year-over-year, 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 regional economy continues to show strength through the first quarter of 2023, and job growth can be seen in nearly every sector,” said Andrew Fitzgerald, senior vice president of business intelligence for BRAC. “Construction, in particular, has rebounded and added nearly 4,000 jobs year-over-year. Total wages paid nearly doubled in the industry from 2021 to 2022. With billions of dollars of investment anticipated in emerging technologies like carbon capture and sequestration, the state and region could see further growth in this high-wage industry – average construction earnings statewide are over $80,000 annually, significantly higher than the state’s median household income of about $53,000.”
Key findings from this month’s dashboard include:
- Baton Rouge added 2,300 new jobs between January and February including 1,600 new construction jobs;
- The size of the Capital Region’s labor force hit a new record in February thanks to 2.5% growth over the last two months;
- The professional services sector added jobs for the first time in four months;
- The region’s unemployment rate fell to 3.1% in February;
- After falling for two consecutive months, job postings were stagnant in February;
- The average daily rate for area hotels is almost 33% above pre-pandemic rates; and,
- Healthcare leads all industries for total wage gains since 2020.
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.