Economist-Lafete recovery is better than other areas, still left behind by the oil and gas industry

The Lafayette area is recovering from last year’s closure of other markets in Louisiana, but has been delayed due to struggles in the oil and gas industry, said economist Lauren Scott.

Speaking on the sidelines of the Annual Economic Forum on Wednesday morning, Scott described how he has taken steps to recover lost work, including the SafeSource Direct PPE production facility, which runs about 1,200 local jobs, but has struggled with that growth. In the Permian Basin and North Dakota oil markets.

In Lafayette, the percentage of total jobs related to that sector is only behind the second highest in the region, Homa.

According to Scott, they did not return as quickly as other areas. “The Gulf of Mexico is hanging in there, but you guys do a lot of work for chess players in West Texas and North Dakota, and the counting there is occasionally on the floor, but even today it’s half the time before Cowid. That will affect the sales of your business in that area.

The cholera epidemic began in March 2020 and lasted for 19 months, leading to a recession. As of April 2020, 286,800 jobs have been lost, and employment across the country has dropped to 1.73 million.

As the region recovers from the economic downturn caused by the cholera epidemic, the Lafaye Metro area is projected to reach 207,900 jobs by the end of 2023.

By the end of the year, the Lafayette region is expected to recover 69% of its lost jobs by 2020, according to Louisiana’s economic outlook.

The annual report was compiled by Lauren Scott, a long-time economist and LSU professor at the Emirates, who presented the data to the top 100 private companies on Tuesday. The report is based on national government interviews with industry executives about future plans.

In general, states like Texas or Arkansas are recovering from the epidemic as they are not dependent on tourism or casinos and natural disasters such as Hurricane Laura have disappeared.

“We are not working as well as our neighbors,” said Scott.

The forecast is for projects that are relatively slower than the national average at the national level. The forecast is about $ 65 per barrel of crude oil, more than $ 3 billion in natural gas, and inflation below 4 percent, which is projected to be 6.6% of GDP growth by 2021.

But In 2023, there will be some major hurricanes, such as tax changes and additional federal regulations, Scott said.

“I believe that by 2023, the economy will be declining sharply due to higher taxes,” he said.

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How many jobs were lost?

The Lafete Metro lost 24,200 jobs by the end of April 2020, about a month after the March 2020 restrictions began.

Throughout Louisiana, 286,800 jobs have been lost since April 2020, and employment has declined to 1.73 million across the country.

How many jobs can you bring back?

A.D. By 2022, the metro area is expected to add another 9,200 jobs, a growth rate of 4.7%.

Since then. By 2023, the region will increase another 2,100 jobs or 1% growth rate.

Nationally, there will be 1.99 million jobs by the end of 2023.

Which industries should be seen?

Oxfam is expected to work with the Director of SafeSeek to build a new Amazon Application Center in Karenro, in order to build a 1,200-person private equipments manufacturing facility in Brussard.

The proposed $ 70 million delta biofilm biomass plant is located near Geneva and construction is expected to begin at a $ 5.1 million Westfield hydraulic facility in Lafayette. Turner Industries In 2023, it wants to hire 800 workers at the Iberian port.

Staff Writer Adam Dougle contributed to this report.

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