St. Tammany’s economy is looking much brighter

St. Tammany’s economy was looking up in the third quarter. According to the Economic Development Foundation’s latest quarterly Trends Report, unemployment stood at 5.4%, considerably lower than the state [7.8%] and nation [9.6%]. Residential building permits rose 1.9% over the fourth quarter of 2008, representing the first positive movement in this indicator in three years, and commercial permits rose 1.8% over 2008 whole-year data. Housing sales rose less than 1%, also the first positive movement in this indicator since the fourth quarter of 2006. Says Executive Director Brenda Reine-Bertus: “Positive movement in these three categories, even if modest, is a step in the right direction.” Retail sales fell 6.9% in quarter-over-quarter comparison, an improvement over the 8.3% drop in the second quarter. “The good news is that sales fell less than in the recent past,” Reine-Bertus says. “This could reflect an increase in consumer confidence among St. Tammany Parish residents, which bodes well for the fourth quarter and 2010. Our retail and consumer markets remain much stronger than other areas of the state and nation.” Reine-Bertus and other local leaders said local residents can help strengthen the economy even further by shopping locally. “When we spend our money locally, it stays local and goes to improving our own roads and infrastructure,” Parish President Kevin Davis says. “Let’s make an effort to spend our money right here in St. Tammany Parish. Our merchants are our neighbors, and we all benefit when we keep business at home.” To see the complete Trends Report, click here.