How bad was the 2008 recession in Louisiana?

It was very bad. We didn’t turn the corner in Louisiana until late in 2019.

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Katrina money was still pouring in, which delayed things relative to the rest of the country. I don't remember 2008 being that bad. 2010/11 was brutal. I lost two jobs over that stretch, and my live-in-girlfriend (sinful, I know) lost her job as well. I remember driving her to an interview for a waitress position for a new restaurant on Magazine St, and there were already ~50 people in line. As bad as things have been with inflation, those years definitely had more desperation to them.

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Big insulator of recession back then was oil prices, offshore and Haynesville Shale was kicking.


Recession finally hit with the BP oil spill as regulations changed oil and gas exploration in the gulf and operators wanted to be less risk adverse knowing what happened to BP, and more fracking continued to build steam in west Texas making Louisiana fields less attractive and a lot of oilfield related companies moved west or consolidated into other companies as oil prices began to fall in the later Obama years and into the 1st Trump administration.


The next big blows were the 2020 and 2021 hurricanes that demolished Lake Charles in 2020 and Houma/Thibodaux in 2021. Some of that continues to this day as insurance costs are nearing mortgage payment prices on some housing stock.

I was in eighth grade, and did not know we were in a recession. A few years ago, my father showed me something on a social security website, and it had his wages listed all the way back to 1978. He made 48k in 2007, and it jumped up to 65k for 2008. So not everyone got screwed!

Was a good time to buy a house but not to sell one.

Personally, things are far worse now than they were during the crash of ‘08.

All the jobs that were worked by teenagers suddenly got taken by out of work people in their 40’s and 50’s. I was in high school at the time, looking for summer jobs, and they all disappeared fast. It was easy to get a summer job at the mall or a restaurant in 2007. It was impossible in 2008 and 2009.

That said, Louisiana was far better off than most places because the financial crisis coincided with a boom in oil & gas. That boom ended with the BP Oil Spill, however.

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How bad was the 2008 recession in Louisiana?

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It was bad in South Carolina.

People were taking any second or third job they could.

Thankfully my husband's place of work didn't lay off a lot of people but what they did do was cut everyone down to 30hr work weeks.

Food went up, sundries, electric and gas, actual gasoline.... it was brutal.

I'd say it was worse then. Or it might be we are just better insulated this time around.

Earnings wise it was one of my best years ever. Net worth wise was another story. Now I view it as a learning experience. When people were fearing another depression, I stayed put and maxed out contributions to my 401k. Best decision ever financially. Live and learn.

Wasn't bad in Lafayette because oil prices were high and any broke dick who could swing a hammer could get a $50k a year job in the oilfield.