Wednesday, February 21, 2024

Louisiana has record GDP, 10th fastest growing economy in the nation

by BIZ Magazine

Louisiana had a record GDP of $256.45 billion in the first quarter of the year, according to the Bureau of  Economic Analysis (BEA).

That equals an annual growth rate of 3.8 percent and Louisiana has the 10th fastest growing economy in the U.S.

The state’s GDP was $255.5 billion in the previous quarter $247.2 billion in the first quarter of last year.

“This latest ranking is further proof that Louisiana’s economy continues to grow and move in the right direction,” said Gov. Edwards in an emailed statement. “Just this month, we have seen the largest unemployment decline since last year of any state, the lowest it has been in 11 years, personal income is at an all-time high and for the first time in a long time, our state debt is declining.”

Non-durable goods manufacturing was the main contributor to Louisiana’s first-quarter growth, contributing 2.09 percentage points. Retail trade contributed 0.82 percentage points and mining, quarrying, and oil and gas extraction contributed 0.80 percentage points.

“We are continuing to attract new business and industry while retaining and expanding our existing businesses and implementing programs in Louisiana to further strengthen our workforce,” Gov. Edwards’ statement added.

Edwards also pointed to Louisiana’s 4.3 percent unemployment rate, the lowest in 11 years. However, the rate still is above the national average and, as critics noted, the state’s labor force has shrunk since last year.

Click here to read the BEA report.

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