We could see more activity in Acadiana from the service and manufacturing companies, but we’re still going to have higher prices, say two local economists.
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Oil
A generational shift that raises an important question: How can we replace the jobs we’ve already lost and those we stand to lose in the future?
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The elephant in the room is how much longer this damn pandemic will last and who will be left standing when it finally ends. But that’s not the only aspect of our local economy with an uncertain fate.
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All the way up to Election Day, we’ll be asking readers to sound off on the amendments.
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All the way up to Election Day, we’ll be asking readers to sound off on the amendments.
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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.
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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.
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UL Economist Gary Wagner predicts around 1% job growth for Acadiana this year, a rate that would beat statewide projections but still lag behind the nation.
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GDP, personal income, employment, retail and real estate sales are all increasing, but without oil and gas recovering our economy is trending towards mediocrity.
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While one economist may be projecting the end of Lafayette’s recession, more context is needed to understand the situation our economy is in
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The day started with the news that LAGCOE was leaving for New Orleans and ended with a pitch competition that’s a symbol for a future where Lafayette is a hub for healthtech startups.
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Much of our GDP has been lost to an industry that seems unlikely to ever fully recover. And none of our industries are on pace to have the kind of billion-dollar growth our economy needs to get back on track.
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