LSUA’s Central Louisiana Economic Dashboard for March Released

Mar 28, 2024, 10:20 AM

ALEXANDRIA - The Louisiana State University of Alexandria College of Business releases its March 2024 issue of the Central Louisiana Economic Dashboard.

ALEXANDRIA - The Louisiana State University of Alexandria College of Business releases its March 2024 issue of the Central Louisiana Economic Dashboard.

Randall Dupont, Dean of the LSUA College of Business, says despite lower-than-expected employment levels, consumer spending was robust during the holiday season. The unemployment rate in the Alexandria MSA rose to 4.2% in January from 3.8% in December and 3.4% in November, with the employment level dropping significantly since November. From November 2023 to January 2024, Alexandria's metro area employment fell by 2,453, from 62,208 to 59,755. Post-pandemic employment peaked in Alexandria in April 2023 at 63,623. Since that time, employment has fallen by 3,868 through January 2024. Nevertheless, the local labor market remains the tightest in the state, with two jobs posted for each unemployed.

The lower employment level seems to have had little impact on consumer spending, especially during the holidays. Sales tax revenue, which is used as a measure of consumer spending, was $17.4 million in Rapides in December compared to $16.9 million a year ago.

Online sales continue to account for a growing segment of total sales tax revenue, and the 2023 Christmas season produced record online sales, according to remote seller tax collection records. $5.6 million in online sales tax revenue was generated throughout central Louisiana in November and December 2023, compared to $4.4 million for the same two-month period in 2022. The 2021 Christmas season generated tax revenues of $4.0 million, while 2020 season saw revenues of $2.8 million.

Rapides posted a record $1.2 million in online sales tax revenue from December 2023 sales compared to $700,000 in December 2022. Total online sales tax revenue in Rapides for the 2023 Christmas season was up 46% over last year, $1.9 million in 2023 compared to $1.3 million in 2022.

New business applications statewide were down 5% in the first two months of this year. The downtrend was reflected locally, as 67 new businesses were established in Rapides in January and February 2024, down from 82 last year. The Coincident Economic Activity Index for Louisiana, which seeks to match the trend in the gross state product, recorded consecutive declines in November and December, the first such back-to-back declines since the pandemic.

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 March 2024 CENLA Economic Dashboard, click here. 

Written by Randall Dupont, Ph.D. | LSUA College of Business

Photo credit - LSUA Strategic Communications