The latest economic output data indicates Lafayette is still in flux as it recovers from the economic impact of the pandemic. We’re gaining ground, but not as quickly as we need.
From 2020 to the end of the second quarter, they’ll have reaped more than $85 billion, according to estimates, and the gains are forecast to continue at least through the rest of this year.
It’s a vindication of the sector’s new business model that prizes profits over production growth. For consumers, it’s a sign that shale is no longer willing to fund money-losing drilling projects that ensured years of ample crude and natural gas supplies.
UL’s Acadiana Business Economist Endowed Chair Gary Wagner’s quarterly economic forecast shows a local and state economy still struggling to recover in the face of increasing national headwinds.
After crashing from 2014-2016, Lafayette Parish’s GDP had shown signs of recovery. Then 2020 happened, blowing a billion dollar hole in Lafayette’s economy.
A generational challenge has no easy solutions. But there are opportunities to pivot using what we already have at our disposal.
Few will admit it out loud: What has been Lafayette’s most important economic sector will likely never recover the ground it lost.
The latest WARN update from the state includes 36 layoffs at Halliburton in Broussard, 180 losses at ASRC Omega’s Port of Iberia operations, 350 cuts at Turner Industries in Port Allen and an undisclosed workforce reduction for ENSCO’s Gulf of Mexico operations.