Economist Answers The Question About When Job Growth Will Occur In Lafayette Area

Economist Loren Scott said the Lafayette area will lose about 800 jobs in 2018, but should experience a recovery in 2019 with the addition of 1,600 jobs.
Scott made his 14th annual Louisiana Economic Output report to One Acadiana in Lafayette on Thursday morning.
“Louisiana is finally emerging from a 20-month recession due to a dramatic downturn in the state’s oil patch,” the report states.

Economist Loren Scott suggests in his Louisiana Economic Outlook that Louisiana may top the 2 million employment mark in 2019, if job strength continues to grow.

Acadiana's prosperity remains inextricably linked to oil and gas, a leading Louisiana economist says. That's the old news.

Here's what new: The Lafayette area is nearing bottom of a multiyear economic slump, the result of a lingering energy prices tailspin, but may see some rebound in 2019.

The short story, according to Loren Scott, LSU professor emeritus in economics?

The oil slump-stricken Lafayette area could begin to add jobs in 2019, about 1,600 of them, but likely will first experience another slight down year of 800 jobs in 2018, an economic forecast shows.

Louisiana’s energy industry is a fickle friend, cruel to some communities, uplifting in others.

One might glean that from economist Loren Scott’s “The Louisiana Economic Outlook: 2018 and 2019,” which the author presented at a One Acadiana breakfast in Lafayette this week.

In that report, Scott says:

Two newly approved policy measures will strengthen transparency and accountability for DOTD spending and project delivery: Constitutional Amendment No. 3 and Executive Order No. 17-25. 1A provided leadership in advancing both.

This month, 1A’s Transportation Infrastructure Committee hosted Lafayette Regional Airport Executive Director Steven Picou for an update and Q&A on the airport’s new terminal project.

1. Give us a brief history of your company.

LAGCOE is focused on energy. To facilitate the promotion of energy industry commerce, LAGCOE hosts events, such as LAGCOE’s biennial technical expositions and conferences, which bring together people from all areas of the energy industry looking to explore new technology, products, and services; conduct business to business meetings, and make lasting connections for long-term professional success.

2. What would you tell the rest of Acadiana makes you special?

LAFAYETTE, La. (KLFY) – When it comes to Lafayette’s economic outlook for 2018, respected economist Dr. Loren Scott says the Hub City has not bottomed out yet.

Despite recent job loss, Scott says the numbers have been worse, like during the oil bust of the 1980s.

“Your job loss now vs your job loss back in the 1980’s totally different – it was 19%, now you’re down 11%, Scott says.

Nearly 30 employers will be at the Ville Platte Civic Center on Oct. 18 for a career fair.

The Career Fair is being hosted by SLCC’s C.B. Coreil Campus in Ville Platte along with the city of Ville Platte, One Acadiana, the Lafayette Economic Development Authority, and the Louisiana Workforce Commission.

The event will begin at 10 a.m. and conclude at 1 p.m. The Ville Platte Civic Center is located at 704 N. Soileau Street.

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1A Sites Selection Investment Profile

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1A Sites Selection Investment Profile

Check out our Investment Profile featured in Site Selection to learn about Acadiana’s target industries, regional assets, recent business recruitment wins, and business leaders’ perspective on finding success in Acadiana.

Southern Louisiana Economic Development Guide 2015-2016

Look for coverage of Acadiana throughout Vol. 1 of the 2015-2016 Southern Louisiana Economioc Development Guide. Click the image to view.

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Click the play button above to watch a recording of the LOGA Gubernatorial Forum moderated by One Acadiana President & CEO Jason El Koubi. The Forum was held March 13, 2015 in Lake Charles.

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