Alexandria, LA (7/31/2024) – The Louisiana State University of Alexandria College of Business releases its July 2024 issue of the Central Louisiana Economic Dashboard.
The latest economic data for Central Louisiana reveals mixed trends in employment, consumer spending, and housing markets. The Alexandria Metropolitan Statistical Area (MSA) and Natchitoches Parish saw a rise in the unemployment rate in June.
In June, employment in the Alexandria MSA rose 489 from May to 60,796 with the unemployment rate in Alexandria rising a full percentage point to 4.4%. Natchitoches posted a 1.3% increase in the unemployment rate to 5.3%%, with employment down 265 to 16,120.
Randall Dupont, Dean of LSUA College of Business, stated, “Alexandria’s job market is tough, with 2,200 fewer employed in 2024.” Meanwhile, Natchitoches showed resilience, setting a post-pandemic high in April and averaging 250 more employed.
Furthermore, consumer spending grew modestly across most local areas. In Rapides, sales tax revenue increased by 4% in June. Similarly, Alexandria and Pineville both saw a 3% rise in June sales tax revenue. However, Natchitoches experienced a 2% decline in June collections.
Additionally, online sales tax collections in Central Louisiana rose by 21% year-over-year in June. Year-to-date, they increased by 27%.
Dupont noted, “The growth in online sales is encouraging and reflects changing consumer behaviors. It is crucial for local businesses to adapt to this trend in addition to in-person service.”
The housing market in Central Louisiana showed mixed signals. The 30-year fixed mortgage rate was 6.78% as of July 25, slightly down from May. Active listings for single-family homes increased significantly, with Alexandria up 42%, Leesville up 71%, and Natchitoches up 83% from a year ago. Median listing prices had a modest decline across all tracked jurisdictions, with Alexandria at $230K, Leesville at $219K, and Natchitoches at $298K. “The increase in active listings indicates a more competitive housing market,” said Dupont. “However, the decline in median listing prices suggests potential opportunities for buyers.”
The Central Louisiana Economic Dashboard is a service of the LSUA College of Business to help business and community leaders monitor the economic pulse of central Louisiana. To view the July 2024 CENLA Economic Dashboard, click here.
Written by Randall Dupont, Ph.D. | LSUA College of Business
Photo credit – LSUA Strategic Communications
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