Louisiana is 10th Fastest-Growing Economy in the Nation says Gov. in July 25 Statement

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Gov. Edwards released a statement on Louisiana’s record high GDP of $256.45 billion, an annual growth rate of 3.8% in 2019Q1. According to the Bureau of Economic Analysis (BEA), Louisiana has the 10th fastest growing economy in the U.S., the Governor’s Office said on July 25.

“This latest ranking is further proof that Louisiana’s economy continues to grow and move in the right direction,” said Gov. Edwards. “Just this month, we have seen the largest unemployment decline since last year of any state, the lowest it has been in 11 years, personal income is at an all-time high and for the first time in a long time, our state debt is declining.”

“We are continuing to attract new business and industry while retaining and expanding our existing businesses and implementing programs in Louisiana to further strengthen our workforce.”

Louisiana’s GDP is at a new record high: $256.45 billion, compared to $247.2 billion in 2018Q1 and $255.5 billion in 2018Q4.

Non-durable goods manufacturing was the main contributor to growth, contributing 2.09 percentage points.

Retail trade contributed 0.82 percentage points and mining, quarrying, and oil and gas extraction contributed 0.80 percentage points.

In a related story, the Governor’s Office announced that Louisiana has the largest drop in unemployment rates of all states since last year.

Louisiana’s seasonally adjusted unemployment rate in June 2019 is 4.3 percent, which is a .7 of a percentage point decline since June of 2018, the largest such drop for any state.

Louisiana’s unemployment rate is the lowest it has been since January 2008.

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