Area’s market value on rise
Published 9:26 am Monday, February 10, 2014
Many cities in America are beginning to rebound from the recession according to the new report “U.S. Metro Economics” published by the Conference of Mayors and produced by IHS Global Insight. Lake Charles is one of those cities, according to the report.
Among 363 U.S. cities, Lake Charles ranks 31st for its gross metropolitan product growth rate. GMP is defined as the market value of all the goods and services produced within a metropolitan area in a given period — in this case one year.
The city’s GMP increased by 3.1 percent in 2013. That’s up from the 2.5 percent it increased last year, and way up from the 7.2 percent it fell to in 2011.
As a point of reference, here are the 2013 GMP growth rate rankings of other Louisiana metropolitan areas listed in the report:
Houma-Bayou Cane-Thibodaux area ranks 97th with a 1.8 percent increase.
Baton Rouge ranks 133rd with a 1.5 percent increase.
Monroe ranks 213th with a 0.6 percent increase.
Alexandria ranks 242nd with a 0.3 percent increase.
Lafayette ranks 361st with a 3.2 percent decline.
Shreveport-Bossier City ranks dead last, 363rd, with a minus-5.2 percent decrease
The report also ranked the employment growth rates of 363 cities and Lake Charles is ranked 42 on that list, again the highest-ranking Louisiana metropolitan area on the list with a 2013 employment change of 2.6 percent.
Other Louisiana cities on the list trailing Lake Charles and their 2013 percentage change in employment:
Lafayette, ranked 74, with a 2 percent increase.
Houma-Bayou Cane-Thibodaux, ranked 77, with a 2 percent increase.
Baton Rouge, ranked 120th with a 1.5 percent increase.
New Orleans-Metairie-Kenner, ranked 196th with a 0.9 percent increase
Monroe, ranked 316th with a 0.3 percent decrease
Alexandria, ranked 328 with a 0.5 percent decrease
Shreveport-Bossier City, ranked 354 with a 1.3 percent decrease.
The U.S. economy is poised to accelerate in 2014, according to the report. Consumers will increase their discretionary spending in response to solid gains in employment, income and asset values, the report said, and the North American energy boom will continue to create jobs.
Our area is one example of that energy boom-job prediction coming true, and we are indeed blessed to be on the crest of this wave of economic growth.