Wednesday, June 12, 2024

Gov. Edwards touts Louisiana’s GDP growth, continued record high GDP

by BIZ Magazine

BATON ROUGE — Gov. John Bel Edwards said Louisiana’s quarterly gross domestic product, which is the highest quarterly GDP on record for the state, shows the state is on the right track.

Louisiana’s GDP grew at a rate of 1.7 percent, the 29th fastest in the nation, outpacing other Southern states like Georgia, Kentucky, North Carolina and Tennessee, according to data from the federal Bureau of Economic Analysis. 

“Louisiana continues to see growth in its gross domestic product, which is at a record high level and growing faster than many other states. We’ve made positive strides in growing our economy through job creation. Right now, our unemployment rate is the lowest it has been in more than a decade, people are taking home more money in their paychecks and our GDP has hit historic levels for our state,” said Gov. Edwards.
Just yesterday, Louisiana was named a top 10 state for best business climate and my administration has announced more than 175 major economic development wins that will pump more than $41 billion in new capital investment into our state and create more than 35,000 new jobs. We’re on the right track in Louisiana and growing stronger every day. Just last night, in fact, the White House praised Louisiana’s economic performance, saying our state is ‘booming’.”

Facts about Louisiana’s Second Quarter GDP: 

  • Louisiana’s quarterly GDP in 2019 Second Quarter is $263.09 billion, the highest state quarterly GDP on record. 
  • Louisiana’s quarterly GDP grew by $2.67 billion, an annual rate of 1.7 percent, from the first to the second quarter of 2019. This growth outpaced other Southern states like Georgia, Kentucky, North Carolina and Tennessee. 
  • When comparing the second quarter of 2018 to the second quarter of 2019, Louisiana’s GDP grew by $6.44 billion. 
  • The Bureau of Economic Analysis also revised Louisiana’s annual GDP for 2018 up by more than $5 billion, a revision of 2.1 percent.

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