BATON ROUGE – Professor Emeritus of Economics Loren Scott and Harris J. and Marie P. Chustz Endowed Professor of Economics James Richardson of the LSU E. J. Ourso College of Business unveiled the 2015-2016 Louisiana Economic Outlook at The Greater Baton Rouge Business Report’s annual Top 100 Luncheon. The event, held Wednesday, October 15 at the Crowne Plaza, was part of the Louisiana Business Symposium.
According to Scott, the 33rd edition of the LEO, which is published by the college’s Division of Economic Development, contains “an abundance of very good” news.
“Louisiana is in the midst of an industrial boom unlike any other in our history, with over $100 billion in industrial projects either under construction or at the front-end engineering and design phase,” Scott said.
According to the LEO, non-farm employment is expected to surpass the 2 million mark for the first time in the state’s history in 2015. However, Scott and Richardson do expect that growth to be divided geographically, with regions below I-10 showing more dynamic growth than the central and northern areas of the state.
Scott added that he expects varying growth rates for the eight largest metropolitan areas in the state. Most notably, the New Orleans MSA is projected to add about 17,300 jobs annually, with the Baton Rouge MSA adding 19,600 new jobs over the next two years. The Lake Charles MSA is expected to add 12,000 new jobs over 2015-16, making it by far the fastest growing MSA in Louisiana.
Key factors driving this boom period projected in 2015-16 include the continuation of oil exploration. Scott and Richardson predict that there will be a slight decline in oil prices, from $100 a barrel to $92 a barrel.
For more information about the LEO, click here.
This year’s Gold Sponsors for the LEO are BlueCross BlueShield of Louisiana, ExxonMobil, Home Bank and Cleco.
Copies of the LEO are available for purchase by calling 225-578-3777 or emailing firstname.lastname@example.org.
The Division of Economic Development and Forecasting at LSU’s E. J. Ourso College of Business conducts applied economics research on a wide variety of topics and produces the Louisiana Economics Outlook, which analyzes the state’s economy and that of major metropolitan areas to forecast Louisiana employment for the next two years. Additionally, DED works with a variety of state agencies on numerous research projects. For more information, visit www.business.lsu.edu/ded or call 225-578-3785.
“Like” us on Facebook at LSUOursoCollege, follow us on Twitter @lsuoursocollege or join us on LinkedIn through our LSU E. J. Ourso College of Business Alumni page.