Lafayette’s oil and gas industry is facing existential challenges that far outstrip the short-term subsidies being offered by the federal government’s coronavirus stimulus package.
Projections from local and national analysts warn that unemployment could hit 30% or more in the coming months due to the coronavirus. Lafayette is especially vulnerable because of the fall of oil and gas. Tens of thousands could be out of work by summertime.
Of roughly 1,000 local businesses surveyed between March 19 and March 25, 91% expected revenue to decline.
The challenges facing Lafayette’s economy may seem overwhelming but you can help right the ship by spending money or making it, and that means more than just shopping local.
In an effort to help fight community spread of the coronavirus, Gov. John Bel Edwards ordered the closure of all bars statewide and the closure of all dining rooms in restaurants until April 13. Restaurants can still serve takeout and drive-through (so please do what you can to support our local establishments), but these changes create major challenges to our area’s servers and bartenders.
On Monday, the price of oil had its greatest one-day plunge ever, and coronavirus officially arrived in Louisiana. These developments pose threats the Lafayette economy is particularly vulnerable to.
Since launching 2008, LUS Fiber has missed its financial projections by $70 million. That puts it in a vulnerable position.
This week’s agenda is notable for what’s not on it.
Only a few weeks in, and the new Parish Council is beginning to grapple with its budget woes.
Efforts to save hundreds of thousands of dollars by consolidating IT departments could create risks that cost Lafayette millions of dollars. We need experienced leadership in place first before considering this proposal.
The only big items on the agenda are two resolutions to approve restoration tax abatements for redevelopment projects.
Lafayette’s roads suck and both our city and parish budgets are in disarray. But that doesn’t mean we can’t do something about this problem. We just need to reprioritize maintaining the infrastructure we already have.
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