Louisiana

2023 Louisiana Economic outlook appears better than most thought

Published

2 years ago

October 5, 2022

2023 Louisiana Economic outlook appears better than most thought

BATON ROUGE, La. (WAFB) – CEOs and enterprise homeowners braced themselves for the worst on Tuesday on the Louisiana Financial Forecast occasion. Speaker Dr. Loren Scott, an area economist, wasted no time beating across the bush.

“Folks needs to be ready for a nationwide recession. It’ll begin most likely within the first quarter of subsequent 12 months and the final three quarters,” stated Dr. Scott.

Attendees have been shortly relieved to search out out Louisiana is positioned to catch a break, apart from raised rates of interest and a weakened housing market. Dr. Scott predicts Baton Rouge alone will add 4,500 jobs subsequent 12 months and seven,900 jobs in 2024, which might make the Capitol Area’s financial system the third quickest rising within the state, with three most important drivers.

“One is the opening of the Amazon Success Heart, that’s 2,000 jobs, loads of jobs. You’re gonna have much more industrial building exercise related to the crops coming. We even have an enormous quantity, most likely round $3 billion in flood abatement cash that’s coming to us from the Federal Reserve, from the Feds excuse me,” Dr. Scott added.

He additionally says Europe goes to have a tough winter, pointing the blame at their full dedication to casting off fossil fuels.

In accordance with Dr. Scott, the worth of pure fuel in Europe is 10 occasions what it’s right here. This places us better off with our abundance of pure fuel and chemical crops.

“We’re on the point of profit from that as a result of loads of European corporations at the moment are going to return to South Louisiana and significantly to the Baton Rogue space because it seems,” Dr. Scott defined.

That’s music to the ears of somebody like Financial institution of St. Francisville CEO Carter Leak.

“Yea, I’m much more inspired than I used to be after I walked in there’s little doubt about it. I respect Dr. Scott’s opinion of an area financial system, an incredible deal. And he actually has his pulse on the economic market, the economic building market, the oil and fuel, it was much more constructive than I assumed. We see what rates of interest are doing and what central banks try to do to the financial system…and it appears like will probably be quite a bit higher domestically than it would nationally,” Leak stated.

Dr. Scott stated nationwide recessions don’t have an effect on Louisiana as a lot when customers cease buying issues like automobiles and different dwelling items, largely attributable to our small sturdy items sector.

Dr. Scott additionally predicts Louisiana as a complete so as to add greater than 14,000 jobs in 2023 and greater than 30,000 jobs in 2024. That leaves the state simply 38,000 jobs in need of our pre-COVID employment numbers.

RELATED STORY: Professor: Louisiana’s financial system rising

Click on right here to report a typo.

Source link

Click to comment

Louisiana

Roundup: Steelmakers / Louisiana teachers / FDIC rules

Published

47 mins ago

September 17, 2024

Press Room

Expect a drop: U.S. steelmakers are projecting lower quarterly profits as automotive companies and equipment manufacturers dial down production. Higher interest rates, rising operating costs, a strengthening U.S. dollar and lower selling prices for commodities are damping activity at factories across the country. Read the full story from The Wall Street Journal.

Education pay: Recent legislative efforts to address teacher pay and support in the classroom have brought temporary relief, but many argue that taxpayer funding falls short, leaving teachers struggling to manage their workloads and administrators their budgets. Read more from The Center Square.

New rules: The Federal Deposit Insurance Corp. on Tuesday proposed a new rule forcing banks to keep detailed records for customers of fintech apps after the failure of tech firm Synapse resulted in thousands of Americans being locked out of their accounts. The rule, aimed at accounts opened by fintech firms that partner with banks, would make the institution maintain records of who owns it and the daily balances attributed to the owner, according to an FDIC memo. Read more from CNBC.

Source link

Louisiana

Louisiana’s Major Disaster Declaration request approved

Published

8 hours ago

September 17, 2024

Press Room

Louisiana’s Major Disaster Declaration request approved

BATON ROUGE, La. (WAFB) – President Biden approved Governor Jeff Landry’s request for a Major Disaster Declaration for the State of Louisiana following Hurricane Francine.

This covers the following parishes

Ascension
Assumption
Lafourche
St. Charles
St. James
St. John the Baptist
St. Mary
Terrebonne Parishes.

More parishes may be added as damage is assessed.

“This federal assistance is vital to help Louisiana rebuild in the aftermath of Hurricane Francine. I appreciate the hard work our federal delegation, local officials, and our administration put in to get this over the finish line, ” said Governor Jeff Landry.

Residents and business owners who sustained losses in the designated areas can begin applying for assistance at DisasterAssistance.gov, by calling 800-621-FEMA (3362), or by using the FEMA App.

Click here to report a typo.

Source link

Louisiana

President Joseph R. Biden, Jr. Approves Louisiana Disaster Declaration | The White House

Published

16 hours ago

September 17, 2024

Press Room

President Joseph R. Biden, Jr. Approves Louisiana Disaster Declaration | The White House

Today, President Joseph R. Biden, Jr. declared that a major disaster exists in the State of Louisiana and ordered Federal aid to supplement State, tribal, and local recovery efforts in the areas affected by Hurricane Francine from September 9 to September 12, 2024.

The President’s action makes Federal funding available to affected individuals in the parishes of Ascension, Assumption, Lafourche, St. Charles, St. James, St. John the Baptist, St. Mary, and Terrebonne.

Assistance can include grants for temporary housing and home repairs, low-cost loans to cover uninsured property losses, and other programs to help individuals and business owners recover from the effects of the disaster.

Federal funding also is available to State, tribal, and eligible local governments and certain private nonprofit organizations on a cost-sharing basis for emergency work in the parishes of Ascension, Assumption, Lafourche, St. Charles, St. James, St. John the Baptist, St. Mary, and Terrebonne.

Finally, Federal funding is available on a cost-sharing basis for hazard mitigation measures statewide.

Ms. Sandra L. Eslinger of the Federal Emergency Management Agency (FEMA) has been appointed to coordinate Federal recovery operations in the affected areas.

Damage assessments are continuing in other areas, and more parishes and additional forms of assistance may be designated after the assessments are fully completed.

Residents and business owners who sustained losses in the designated areas can begin applying for assistance at www.DisasterAssistance.gov, or by calling 800-621-FEMA (3362), or by using the FEMA App. Anyone using a relay service, such as video relay service (VRS), captioned telephone service or others, can give FEMA the number for that service.

FOR FURTHER INFORMATION MEDIA SHOULD CONTACT THE FEMA NEWS DESK AT (202) 646-3272 OR FEMA-NEWS-DESK@FEMA.DHS.GOV.

###

Source link