Louisiana projected GDP drop means job growth also likely to slow in 2023
Most of Louisiana’s nine major metro areas are expected to see more job growth than initially expected through the rest of the year, but worsening economic conditions are still putting a strain on the state, a new forecast from the University of Louisiana at Lafayette shows.
As The Daily Advertiser reports, the forecast by economics professor Gary Wagner shows that the state’s gross domestic product is expected to fall 1.3% over the next five quarters. While most of the major cities will see improved job growth in the short term, Wagner expects unemployment to tick up over the next year.
“The outlook for the state is once again being downgraded because of the weakened national outlook,” Wagner writes. “GDP growth in the state is expected to contract over the next year, which will further dampen job growth and lead to higher unemployment.”
The Baton Rouge area exceeded job growth expectations in the third quarter and its outlook for the end of the year increased significantly in Wagner’s forecast.