The Louisiana State University of Alexandria College of Business released its November 2020 issue of the CENLA Economic Dashboard.
“Hurricane Laura recovery efforts significantly increased consumer spending in September,” said Dr. Randall Dupont, Dean of the LSUA College of Business and author of the monthly Dashboard.
All nine Central Louisiana jurisdictions reported higher tax revenues in October, reflecting a significant increase in consumer spending in September. Alexandria and Pineville saw increases of 30% in September over August, while Rapides increased 35%. Hurricane recovery efforts positively impacted hotel occupancy in Rapides, which increased 88% in September compared to a month earlier and was 102% above the September 2019 level. Year-to-date sales tax revenue for all jurisdictions remains ahead of last year’s level, with the exception of Concordia and La Salle. Vehicles sales were strong again in September, particularly in Rapides and Avoyelles which saw monthly increases of 29% and 26%, respectively.
“Employment remained resilient in Central Louisiana in September and October,” said Dean Dupont. In September, the Alexandria MSA had the lowest unemployment rate in the state among major metropolitan areas at 6.0%, while the state averaged 8.2%. La Salle again had the lowest unemployment in the state at 4.7%. The Alexandria metro area continues to have the tight labor market. In September there were 5,296 job openings and 3,897 unemployed, meaning there were 1.35 jobs for every unemployed person. Statewide, Louisiana has two unemployed for every job opening. Three sectors hardest hit during the pandemic, health care, retail trade, and accommodations and food services, accounted for 53% of all job openings statewide in October.
The strong job market is also reflected in lower unemployment claims. In Central Louisiana, average weekly initial unemployment claims fell from 906 in September to 570 in October, a 37% decline, while average weekly continued unemployment claims in central Louisiana fell from 13,702 in September to 9,439 in October, a 31% decline.
“The housing market in the Alexandria metro area remains strong, although the pace has slowed slightly,” said Dean Dupont. Nationally, residential sales fell 3.5% in September while new residential construction grew 1.9%. Compared to last October, active listings in the Alexandria market are down 50%, pending listings are up 39%, median days on the market are down 17%, and the median listing price is up 26%. “These are all signs of a strong housing market and low interest rates are continuing to support the market.”
The CENLA 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 November 11 CENLA Economic Dashboard, click here.