Dr. Daniel Groft who is our Southwest Louisiana economist with the SWLA Alliance and McNeese State University as the Director of H.C. Drew Center for Business and Economic Analysis provided this current information: 

• The latest unemployment rate for the Lake Charles area is 4.1%. This is below the state measure of 4.5% (not seasonally adjusted) and only slightly above the national figure of 3.5% (not seasonally adjusted).
• From December 2022 to December 2023, the area added 1,500 jobs for a 1.6% increase. 
• From March 2023 to March 2024, the area lost 400 jobs for a 0.4% decrease. 

What’s behind this drop?
Most of this drop came from the 1,300 lower jobs in construction. Other industries such as Leisure and Hospitality (+400 jobs) and Manufacturing (+200 jobs) gained employment over this period. In fact, taking out Construction results in the area
gaining almost 1,000 jobs over the year. 

What we have is one or two industries (construction) preventing growth in the totals. In fact, the Lake Charles employment numbers are above Pre-Laura levels. Construction is the only industry to not be above those as it’s still 2,800 jobs below
August 2020. 

Since August 2020, Manufacturing is 1,000 jobs higher (+9.6%) and Leisure and Hospitality is up 1,200 jobs (+9.9%).       
Earnings measures have all increased over the year.

• Average weekly wages have increased 4.4%,
• Average hourly wages increased 3.2%, and
• Average weekly hours increased 1.2% over the year.
   

The latest figures show there were about 1.3 job openings per unemployed person
in Lake Charles.
 
1st Quarter Calcasieu Sales Tax Collections for the first quarter of 2024 were up $5.3 million (+5%) compared to the 1st quarter of 2023.
 
Total Taxable sales for the first quarter of 2024 were up $44.6 million (+2.4%) compared to the 1st quarter of 2023.
 
Food sales increased $6.1 million (+3.6%), Apparel increased $1.5 million (+3.7%), General merchandise increased $26.4 million (+6.9%).and Restaurants increased $1.8 million (+1.6%)
 
These categories reflect that general consumer spending was all up. Total taxable sales in the first quarter increased from the previous year in spite of some categories falling dramatically as the “come down” from the recovery continues. Building materials fell $21.6 million (-1.8%). Furniture fell $4.6 million (-5.5%), and Motor Vehicles fell $3.2 million (-2.5%). Once again, this shows the mixed nature of the industries in the area. Some are doing well while others need to recover.
 
On the Upside
Gaming revenues in the area were $21.1 million higher in 2023 than 2022 with revenues per admission at elevated levels. The SWLA gaming institutions (Horseshoe, Golden Nugget, L’Auberge, Delta Downs) make up over 40% of the
state total Adjusted Gaming Revenues. The figures are higher because they do not include the Coushatta Casino Resort which does not have to report to the state.
 
The three LNG facilities in SWLA continue to export almost 2/3 of the nation's LNG export total.

Departing and Arriving passengers from the Lake Charles Regional Airport are both over 20,000 higher in 2023 than in 2022.

The Lake Charles GDP per capita (average production per person) was over $64,000, by far the highest of all areas in the state.

According to the Calcasieu Parish School Board Tax Office, Calcasieu Parish saw an increase of 153 new businesses in 2023 compared to 2022.

Another bright spot for the area is The Port of Lake Charles which has moved to number ten on the list of busiest ports in the nation. Port Director Ricky Self said the ranking is based on tonnage shipped in and out of the port in 2022. This is a
major boost for our area and the port is expected to move up the list even more.

We are seeing pretty good labor market outcomes, more sales, more gaming revenues and visitation, and more international trade activity. The region’s economy will get stronger when additional LNG facilities are on line. This is a
good time to reassess your business plan and be ready for opportunities that come your way.