“Our data and business survey point to steady progress against the damage caused by the flooding in 2016,” said Adam Knapp, BRAC president, and CEO. “Regional jobs have recovered, and we anticipate other indicators to follow a similar positive trajectory over the course of 2018.”
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 2018.
Louisiana business: Warner Brothers, BRAC's Economic development. Summit in Baton Rouge; Jefferson Chamber--LABI, Stephen Waguespack, Michael Hecht
Findings from the 2018 Economic Outlook include:
- The Baton Rouge Area experienced a 2.2 percent growth in number of jobs through October 2017, already surpassing its projected growth rate of 1.5 percent for the entire year.
- BRAC anticipates 1.1 percent job growth in 2018, which would translate to approximately 4,500 new jobs.
- Between 2006 and 2016, median household income has risen 22 percent in the Baton Rouge Area. Nationally, incomes are up 19 percent in that timeframe, while Louisiana incomes are up 15 percent.
- While median income dropped in 2016, likely due to the flood, jobs have recovered and BRAC anticipates income recovery to follow.
- The Baton Rouge MSA population will reach approximately 840,000 residents by the end of 2017, and is projected to reach between 843,000 and 850,000 in 2018.
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. 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.