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. —Kelly Connelly
Read the complete Daily Report Week in Review.
