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Turnaround? Louisiana GDP Growth outpaces nation in Q2 - 4.3%
Posted on 11/15/18 at 7:49 am
Posted on 11/15/18 at 7:49 am
We may have finally turned the corner. Louisiana was in a recession for 2016 and 2017.
Baton Rouge Business Report
quote:
Louisiana’s gross domestic product grew by 4.3% in the second quarter of 2018, outpacing the national average of 4.2%, and marking the second straight quarter of growth for the state after a two-year slump.
All 50 states saw their GDP rate increase in the second quarter, ranging from a high of 6% in Texas to a low of 2.5% in Delaware, according to a report released this morning by the U.S. Bureau of Economic Analysis.
Baton Rouge Business Report
quote:
Louisiana GDP is up for the second straight quarter. The state posted a growth rate of 4.7% in the first quarter of 2018, revised from earlier estimates of 2.3%. The trend signals an economic turnaround for Louisiana, which last year posted the slowest GDP growth rate in the nation, with an annual decline of 0.2%, following a 0.4% decline the year prior.
“The good news is we’re not negative anymore,” says local economist Loren Scott. “We emerged from a 28-month recession in the fourth quarter of 2017. We’re growing, but it’s weird, bifurcated growth in the sense that the Houma and Lafayette oil and gas industry is not doing so well, whereas Lake Charles and Baton Rouge economies are doing very well.”
14
Posted on 11/15/18 at 7:50 am to member12
Why didnt Little Bobby get us this growth?
Posted on 11/15/18 at 7:50 am to member12
JBE doing work
Posted on 11/15/18 at 7:51 am to member12
MAGA
Posted on 11/15/18 at 7:51 am to member12
Most of the growth was in plant construction. Once those plants are fully built, the growth will decline. It's a crap number.
Posted on 11/15/18 at 7:51 am to member12
quote:
Louisiana GDP Growth outpaces nation in Q2 - 4.3%
Well when you’re at the bottom, you can only go up.
This post was edited on 11/15/18 at 7:52 am
Posted on 11/15/18 at 7:54 am to member12
10-15 billion dollar sasol plant being constructed in LC
Posted on 11/15/18 at 7:56 am to TH03
quote:
Well when you’re at the bottom, you can only go up.
Considering the size of Louisiana's economy, 4.3% is an average recovery.
I think the state still needs oil and gas to boom in order to beat the national GDP growth.
Posted on 11/15/18 at 7:56 am to DVinBR
Let's just keep building 15 billion dollar plants then. We could be the world leader in 15 billion dollar plants. I really should run for governor.
Posted on 11/15/18 at 8:25 am to Sun God
quote:
Let's just keep building 15 billion dollar plants then. We could be the world leader in 15 billion dollar plants. I really should run for governor.
Well can you find a way to raise taxes on plants and industries so that they will go to other states? Will you shite our tax money away and not have a clue on how to spend it and use it correctly? Those are the kinds of things we look for in Louisiana politics
Posted on 11/15/18 at 8:31 am to CoachChappy
quote:Formosa Plastics getting ready to build a 10 billion dollar ethylene facility in St.James - 3 yr time line. U say crap?
Most of the growth was in plant construction. Once those plants are fully built, the growth will decline. It's a crap number.
Posted on 11/15/18 at 8:38 am to SabinBear
quote:
MAGA
Could be even greater growth if the soybean fields weren't rotting because of his dumbass ego.
I bet those farmers lives aren't great again.
Posted on 11/15/18 at 8:42 am to skinny domino
quote:
Formosa Plastics getting ready to build a 10 billion dollar ethylene facility in St.James - 3 yr time line. U say crap?
Yep. And Shell Geismar may be about to do a big expansion.
Not sure why people are making fun of this kind of stuff. Even after construction, these places will have pretty good jobs available.
Until someone in leadership in this state figures out how to lure some tech companies or other good white collar jobs, we damn sure will take these petro-chem projects.
Posted on 11/15/18 at 8:49 am to member12
After two years of decline, a quarter of positive growth is good news even if it is just right in line with the national average.
Posted on 11/15/18 at 8:54 am to member12
quote:
Turnaround?
Every now and then I get a little bit lonely and your never comin round.
Posted on 11/15/18 at 9:30 am to member12
Louisiana isn’t turning shite around ever. Don’t even get your hopes up on that happening.
Get out while you can
Get out while you can
Posted on 11/15/18 at 9:32 am to member12
Hail king Edwards!
Posted on 11/15/18 at 9:39 am to member12
Film industry has come back with a vengeance thanks to the film incentives. This is another major reason for the growth in addition to Petro & Chemical industries.
Posted on 11/15/18 at 9:53 am to CoachChappy
Most of the companies I've interviewed with recently are bringing on more people because of more work. Everyone that told me said that their business has picked up >30% over the past year or two, one was 45% with no new products produced
Posted on 11/15/18 at 10:11 am to DVinBR
quote:
10-15 billion dollar sasol plant being constructed in LC
They cancelled or delayed the most expensive part of it, the Gas to Liquids unit, last Thanksgiving day. Now the Magnolia and Driftwood LNG facilities ($4.3 billion and $30 billion respectively) are in a bit of a holding pattern to see if China drops their retaliatory tariffs on LNG. Good news is the Chinese president said a couple weeks ago that they were going to drop a lot of the tariffs on foreign goods.
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