Alexandria, LA (June 3, 2024) – The Louisiana State University of Alexandria College of Business releases its May 2024 issue of the Central Louisiana Economic Dashboard.
The latest CENLA Economic Dashboard for the Alexandria Metropolitan Statistical Area (MSA) and Natchitoches reveals a rebound in employment and consumer spending, says Randall Dupont, Dean of the LSUA College of Business. Employment in the Alexandria MSA showed a significant rebound in April, with 1,401 more people employed locally compared to January.
“This rebound in employment is a testament to the resilience of our local economy and the determination of our workforce,” said Dupont. “Although employment remained slightly below figures from a year ago, the trend is clearly positive since the first of the year.” Natchitoches set a new post-pandemic high with 16,764 employed in April, marking the fourth such high in the past year.
“Consumer spending has been on the rise as well,” says Dupont. All local tax jurisdictions reported increased tax revenue from sales activity in March, reflecting a surge in consumer spending. Sales tax revenues in Rapides Parish were up 24% from March, with Alexandria and Pineville reporting increases of 22% and 28%, respectively. “The increase in consumer spending is a positive indicator of economic health and consumer confidence,” commented Dupont.
Online sales activity in central Louisiana continued its upward trend, with online sales tax collections during the first four months of 2024 up 28% over the same period in 2023. In March alone, online sales activity increased by 16% over the previous month and were 38% above March 2023. Rapides Parish posted online sales tax revenue activity of $653,000 in March, up 15% from February and 40% higher than a year ago. Natchitoches posted $189,000 in online sales tax revenue activity in March, up 18% from a month earlier and up 63% from a year ago.
Sixty-one new businesses were established in Rapides Parish in March and April 2024, down from 82 during the same period last year. So far this year, 128 new businesses were established in Rapides compared to 164 in 2023, marking a 22% decline. New business applications in Louisiana are down sharply so far this year, having declined every month. Statewide, business applications fell in April by 10% from a month earlier and are down 12% for the year.
Dupont cautions that national economic headwinds may affect central Louisiana’s economy in the coming months, especially if interest rates and inflation remain unchecked.
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 May 2024 CENLA Economic Dashboard, click here.
Written by Randall Dupont, Ph.D. | LSUA College of Business
Photo credit – LSUA Strategic Communications
