Lafayette ranked No. 1 for growth

Lafayette has bested Baton Rouge in the latest ranking of economic and job growth. Area Development magazine named Lafayette the best overall in a study of 380 metropolitan areas with the goal to “identify which cities across America are emerging from the recession as economic front-runners—and why.” Seven other metropolitan areas in Louisiana were also included in the study, including Baton Rouge at No. 85. Earlier this month, a study by Business Facilities magazine ranked Baton Rouge No. 1 in a similar list. “The growth in Lafayette’s economy over the past several years can be greatly attributed to steady growth in the energy and health care industries, which account for 40% of the area’s GDP,” Lafayette Economic Development Authority President and CEO Gregg Gothreaux told the magazine. “These industries remain relatively recession-proof and will continue to contribute to Lafayette’s steady economic growth, while providing an impetus for our growing finance and entertainment industries.” The magazine looked at 21 economic indicators to develop the rankings. Lafayette also took first in economic strength, year-over-year growth and employment growth. Lafayette experienced the nation’s largest increase in employment between December 2011 and December 2012 with an 8.6% gain, according to the Bureau of Labor Statistics. Read the full story here.