New figures show Louisiana’s economy slowed in 2015, but expanding refineries and chemical plants kept growth alive—despite low oil prices, a shrinking private service sector and lower government activity.
The Associated Press reports that gross domestic product numbers by the federal Bureau of Economic Analysis released Tuesday indicate that Louisiana’s economy grew 1.7% in 2015, down from 1.9% in 2014.
Nationwide, economic output rose 2.4% during 2015. Louisiana, with a $242 billion-plus economy, tied for 24th for growth among states.
California and Oregon grew the most—4.1%. Economies shrank in Alaska and North Dakota, states that are most dependent on oil.
Louisiana’s growth trailed off in the fourth quarter, with the economy flat during 2015’s final three months.
Numbers may be revised later.
Gross domestic product numbers released by the federal Bureau of Economic Analysis aim to measure all the economic output of each state.
—Associated Press
