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BATON ROUGE – Based on figures released today by the Bureau of Economic Analysis (BEA), Louisiana’s gross domestic product (GDP) of $263.09 billion in the second quarter of 2019 is the highest figure on record.
In the second quarter of 2019, Louisiana’s GDP increased by $6.44 billion – from the second quarter of 2018 and by $2.67 billion from the first quarter of 2019.
Additionally, Louisiana’s annual GDP in 2018 was revised from $252.12 billion to $257.29 billion, an increase of $5.17 billion. This was the third-highest revision among states at 2.1 percent of GDP.
“Louisiana’s gross domestic product has continued to grow, which enables the prosperity and growth for all Louisiana residents,” said Louisiana Workforce Commission Secretary Ava Dejoie. “Our economy continues to expand because organizations understand that Louisiana is a great business environment under the leadership of Governor John Bel Edwards.”
News released this morning by the BEA supplements recently released Bureau of Labor and Statistics (BLS) seasonally adjusted data showing strong growth across Louisiana, most notable in the Baton Rouge and New Orleans area.
• BLS seasonally adjusted preliminary data released on Oct. 18 shows the Baton Rouge Metropolitan Statistical Area (MSA) is at a series high for employment at 412,600 jobs. The New Orleans MSA has added jobs over the year for 15 straight months, and is at its highest level of employment since August of 2005, pre-Hurricane Katrina.
• When looking across Louisiana’s employment sectors, the Education and Health Services sector is at a series high for employment at 328,400 jobs, and the Healthcare and Social Assistance subsector is at a series high for employment at 281,400 jobs.
• Louisiana has also remained at full employment for the sixth straight month with a seasonally adjusted rate of 4.3 percent.
Recent BEA personal income data also shows that Louisiana’s personal income grew by $2.67 billion to $224.43 billion between 2019 Q1 and 2019 Q2 – a new series record. Louisiana’s personal income has grown for 13 consecutive quarters since 2016 Q1.
About the Louisiana Workforce Commission
The Louisiana Workforce Commission is an agency of state government that administers programs designed to enhance workforce growth and provide family-sustaining jobs for Louisiana residents. The commission monitors employment, administers unemployment compensation and tax funds, provides training resources for employers and employees and oversees worker compensation benefits. The agency also gathers and supplies information on the labor market and occupational sectors in Louisiana.
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