The Capital Region’s economic activity in 2014 surpassed projections according to Baton Rouge Area Chamber President Adam Knapp.
In late 2013, BRAC projected $57 million in direct payroll for 2014, and earlier this month the region surpassed that goal, reaching $58 million. The number of non-farm jobs exceeded 399,000 this year—another record number.
For the year ahead, BRAC projects positive developments—including a job growth rate of 2.5%, which would add some 17,000 jobs to the Capital Region over the next two years.
In the real estate market, specifically, as long as oil prices stay low and natural gas prices remain steady, local realtors expect this year’s growth in demand for commercial real estate across the office, retail and restaurant sectors to continue into 2015.
Demand for office space continues to grow as businesses that support the petrochemical industry flock to south Louisiana, attracted by the industrial boom, says Branon Pesnell with Beau Box Commercial Real Estate, who notes there’s already a shortage of space for companies to move into.
The retail sector has also benefited from the industrial boom. Improved employment numbers, coupled with the drop in prices at the pump, have led to more money in people’s pockets.
If activity in the local restaurant industry is any indication of the Capital Region’s economic well-being, 2014 will go down as a year of impressive growth and prosperity. Nearly two dozen restaurants opened or expanded during the past 12 months, and several more have announced plans to open in 2015.
And to celebrate the year past, downtown leaders and the city-parish are hosting the second Red Stick Revelry tonight.
Last year’s crowds were estimated to be around 15,000, and at least that many revelers are expected to crowd into North Boulevard Town Square this evening, as festivities kick off more than two hours earlier this year, at 6:30 p.m. instead of 9 p.m.
Here’s a rundown of some of the other top local stories making headlines in Daily Report this week:
—Though the state budget is already suffering from the impact of lower oil prices, industry officials, such as Don Briggs of the Louisiana Oil and Gas Association, say they aren’t worried about the prices affecting the anticipated industrial construction boom.
—A 1st Circuit Court of Appeal panel ordered the LSU Board of Supervisors to make public the names of four finalists in its presidential search that culminated in the appointment of F. King Alexander. Another order overturned a state judge’s 2013 ruling for the board to pay a $500 fine for every day it refused to turn over the records.
—A special committee created by the Metro Council to recommend three applicants for the vacant position of parish attorney will meet for the first time Jan. 12. Along with four council members, Kimberly Robinson, Freddie Pitcher and Dennis Blunt will sit on the committee, representing the LSU law school, Southern University’s law school and the Baton Rouge Bar Association, respectively.
—Jon Claitor is adding 123 additional parking spaces behind his Acadian-Perkins Plaza for dedicated employee parking thanks to a 2013 change in the city-parish Unified Development Code on the number of compact car spaces allowed.
—The opening of the downtown Matherne’s Supermarket has again been delayed after logistical complications arose. While Matherne’s had originally hoped to have the grocery store open by October or November, the opening was eventually announced for Jan. 5. Toni Matherne says Jan. 22 is now “a solid date” for the store to open its doors.
—Don White of Renaissance Investments, who has purchased, renovated and manages several Tigerland apartment complexes, has purchased another one, the 34-unit Camelot Apartments complex, for $1.04 million.
—A building the Metro Council approved for purchase in November to house the East Baton Rouge Parish Library System’s outreach services is under contract and in the inspection process. Assistant Library Director Mary Stein says she expects the deal to close in February.
