St. Tammany’s economy has its ups and downs last quarter

Unemployment in St. Tammany Parish rose to 4.2% during the first quarter of 2009, up from 2.9% during the same period a year earlier. But that’s good news, says St. Tammany Economic Development Foundation Executive Director Brenda Reine-Bertus says that’s good news. “Economists believe unemployment rates that hover near 5% are a healthy economic indicator,” she says. “For companies seeking to locate here, the availability of labor is a significant draw. Lower unemployment rates discourage site-selectors from considering or choosing a location for development or expansion.” Louisiana’s unemployment rate was 5.4% during the same period; the national rate was 8.2%. The foundation’s report also indicates residential building permits fell more than 50% during the first quarter of 2009 from the previous year’s period, but commercial building permits climbed 41.2%, which Reine-Bertus says is an encouraging sign. New business starts climbed nearly 25%. Says Reine-Bertus: “In the big picture, St. Tammany is faring very well and is very well-positioned in the current economy.” To see the full report, click here.