Louisiana's Making an Economic Comeback

Date: August 01, 2018

After two years of decline and recession, Louisiana is starting to make an economic turnaround.

The accolades and items of good news have been slowly accumulating recently. For example, Southern Business & Development magazine ranked the state No. 2 in the South for the strongest economic development in 2017 because of its capital investment and job creation projects, such as the DXC Technology job center in New Orleans, LNG and petrochemical facilities, and the Louisiana Economic Development’s FastStart program.

Louisiana also had a 2.3 percent GDP growth in the first quarter of 2018, which outpaced the national rate of 1.8 percent as well as the rates of 36 other states. This was the largest quarterly gain seen by the state in more than a year.

Meanwhile, all of these positive signs are contributing to small business optimism as well. In June 2018, NFIB’s Small Business Optimism Index reached its sixth-highest reading—107.2—in survey history. A net 10 percent, seasonally adjusted, of all small business owners have also reported higher nominal sales in the past three months compared with the previous three, and June represents the seventh consecutive month of sales gains.

“Our members have confidence in the direction of the economy,” NFIB/LA State Director Dawn Starns told The Ouachita Citizen. “Our members have confidence in the direction of the economy, so they’re more willing to add jobs, replace old equipment, and expand their businesses.”

Related Content: Small Business News | Economy | Louisiana

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