Thursday, July 18, 2024

Louisiana GDP is highest figure on record for state

by BIZ. Staff

BATON ROUGE – The Gross Domestic Product (GDP) figure of $249.7 million released by the Bureau of Economic Analysis (BEA) for the second quarter of 2018 represents the highest figure on record for Louisiana.

On Nov. 14, 2018, the BEA released a report showing GDP growth for states for the second quarter of 2018. The report shows that GDP grew in Louisiana for the second quarter (Q2) of 2018 at a rate of 4.3 percent, outpacing the national average of 4.2 percent.

Quarterly GDP data for Louisiana is available from the first quarter of 2005 through the second quarter of 2018. The second quarter of 2018 had the highest quarterly GDP on record, followed by the first quarter of 2018. Third is the third quarter of 2014.

“Louisiana’s economy is continuing to recover, but we are making tremendous strides,” said Gov. John Bel Edwards.  “This latest report represents the highest our GDP has been since the state began recording this information.  We are not out of the woods, but after reviewing this data, we have to acknowledge that Louisiana is on a much better path than it has been. Thanks to a bipartisan budget agreement and the fact that the state is now handling its finances more responsibly, I’m confident this trend will continue.  It’s critically important for us to continue working together to make meaningful investments in programs that promote job creation and economic growth to continue moving Louisiana forward.”

The latest report follows an earlier report by the BEA showing that Louisiana’s GDP growth outpaced the nation in the first quarter of 2018 as well.

2018 Q2 GDP Facts:

  • Outpaces the national average of 4.2%
  • Ranks 12th in the nation fastest growing economy
  • Beats out nine other states in the Southeast region including Alabama, Georgia and Mississippi

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