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.
An influx of spending related to hurricane recovery and federal coronavirus stimulus is masking a still struggling economy.
The gist: April sales numbers released by LEDA highlight the economic fallout from the state’s coronavirus lockdown. Total retail sales in the parish in March and April fell $112 million in 2020 when compared to the same months in 2019.
The gist: Retail sales in February point to what may be the strongest first quarter in parish history, pending data from March. With $952 million in combined sales between January and February, up from $889 million last year, the first two months of 2019 topped the previous all-time high of $950 million in 2015.
Recent headlines indicate 2018 might be the year our economy started recovering. But there’s ample evidence that any optimism should be guarded given the situation our economy’s in.
The gist: Year-to-date sales in Lafayette Parish approached $5.5 billion through November 2018, according to a release from LEDA, on pace to surpass $6 billion. That puts local commerce in shouting distance of 2014’s $6.4 billion peak with a month of reports to go.