Louisiana has faced lengthy economic struggles, causing massive outmigration to surrounding states like Texas, Mississippi, and Arkansas.
However, recent analytics show that Louisiana may be bucking its economic trend. President and CEO of Gulf Coast Bank and Trust Company, Guy Williams, joined WWL to talk about a report that bodes well for the Bayou State.
“Louisiana is in an unusual position right now,” says Williams. “Moody Analytics did a detailed study, and the headline is that a significant number of US states appear to already be in a recession. A number of states are just sort of bubbling on the surface, not growing, not shrinking, but nothing special. But when you get past the bad news of states in recession, states bubbling, you actually get down to the part that's wonderful for us."
What's so wonderful about the news?
"Louisiana is one of the states that's growing," Williams explains. "So compared to the rest of the country, we're in the top third.”
Across the state, areas that have seen long-term decline are making significant economic strides.
“Shreveport-Bossier is projected to be adding 5,700 jobs," Williams says. "That's 3.3% growth. They're attracting another data center. They've got the cyber research park in the old GM facility. So Shreveport-Bossier, which had been dead, is doing well. Lake Charles may be taking off. It is set for really good growth: 8,600 jobs over the next few years. Probably the fastest growth in the state.”
"Lafayette, despite the oil price being down, is still growing. You're adding 1,700 jobs." Williams continues. "And really good news for shipbuilding: The Coast Guard has finally awakened to the fact that we need to build some icebreakers. And who would think icebreakers are built in New Orleans? But they are... they're built down the bayou, but they'll be building six new icebreakers for the Coast Guard."
Another facet, Williams says, indicates a positive outlook is an upswing in community college enrollment.
“The community colleges are doing well. We have a couple of unfortunate exceptions, one UNO, the other McNeese," explains Williams. "But other than that, the other community colleges are doing very well. In our area, Delgado, Nunes, Southeastern, and Hammond are all growing. So we've got a template for success, and we just need to replicate that for the other community colleges.”