The Capital Region is projected to gain almost 17,000 new jobs over the next two years, after adding almost 12,000 over the past year, the Baton Rouge Area Chamber says.
However, the region lost more residents last year than it gained for the first time since 2018, even as economic growth increased the demand for talent.
“In terms of this year’s economic data, the numbers are uniformly strong: more businesses, more jobs, and more wages paid than at any point in history,” BRAC’s Andrew Fitzgerald says. “To sustain the record-setting growth we’ve experienced post-pandemic, the region must prioritize attracting talent from other parts of the country, while also retaining people currently learning, living, and working in the Capital Region.”
Other takeaways from BRAC’s 2024 Economic Outlook report include:
- While the construction sector led the way, health care, financial services and manufacturing all saw notable job growth.
- The Baton Rouge metro area had 16,477 business applications in 2022, a 49% increase over 2019.
- The region set records for the number of jobs, number of businesses and total wages paid.
- Most business leaders responding to a BRAC survey (65%) expect their business to bring in more revenue next year, while a plurality (49%) expect to add employees.
- Lack of qualified talent, inflation and rising wages–in that order–were the top concerns of survey respondents.
- The region’s income growth (10.2%) outpaced that of the state (6.4%) and the nation (7.2%).
- The number of people in the Baton Rouge metro living in poverty fell by almost 12,000.
- The region lost 2,762 more residents aged 25 to 29 than it gained in 2022, accounting for most of the overall loss of 3,361.
Read the full report here.
