The Baton Rouge metro area could gain 11,500 jobs next year and 13,000 in 2025, according to the latest version of the Louisiana Economic Forecast led by economist Loren Scott, which would represent local employment growth of 2.7% and 3%, respectively.
Scott expects the state to add almost 81,000 jobs during that span, which is perhaps the most optimistic projection in the history of the annual forecast, he says. He foresees a “very short and shallow recession” next year but expects the Louisiana economy “will hardly be touched” by the national downturn.
Some $11.6 billion in projects are under construction in the Capital Region, while another $19 billion have been announced and are awaiting a final investment decision. Turner Industries, to name only one major industrial contractor, has hired 3,000 new construction workers in anticipation of the expansion, Scott says.
Air Products is planning a $4.5 billion “blue” hydrogen complex in Ascension Parish, while Ascension Clean Energy is proposing to spend $7.5 billion in three phases over the next five years on a clean ammonia complex. Other industrial companies with major projects underway, planned or under consideration in the region include Methanex, Shintech, REG, BASF, CF Industries and ExxonMobil.
Community Coffee, Blue Runner Foods and Capitol City Produce also are among the local companies planning expansions. And the Amazon fulfillment center at the former site of Cortana Mall, which has been delayed more than once amid supply chain issues, is expected to finally open in mid-2024, Scott says.
Scott is the keynote speaker at today’s Louisiana Business Symposium, hosted by Business Report. We’ll have more from his presentation in Daily Report PM.
