LAFAYETTE, La. (KLFY)— Louisiana is home to two of the nation’s fastest-growing economies, as well as two of the fastest shrinking in 2015.
That’s according to a report by the Federal Bureau of Economic Analysis which stated that Lafayette’s economy shrank 3.8%.
However, one Louisiana area had it even worse. The Houma-Thibodeaux area, had the nation’s second-worst economy, shrinking 7.8%.
Lafayette resident, Jim Crumling said, “It’s not a good thing, I mean being 70-years-old if I had to go looking for a job it would be tough.”
The bureau’s report looked at the gross domestic product which measures all the economic output of the area.
While some are seeing a decline on the North side, many still remain hopeful of an economic rebound.
“The north side is picking up,” Said Dion Arnaud, “It is, it really is. It’s a lot better than it used to be. It used to be pretty poor. There was nothing going on, but they are starting to build.”
Some residents are even citing the flood as a potential economic boost saying the flood may have hurt some businesses but also created jobs and work.
“They’ve got work everywhere,” said Dion Arnauld, “as long as you want to work, if you ain’t lazy, just save up.”
And its hope that some say will get the Lafayette economy turned around.
“Lafayette will recover. This town has the strongest group of people.” According to Jim Crumling.
Although the economic downturn may have affected two major cities in Louisiana, the state is also home to two of the fastest growing economies in the nation.
Lake Charles’ economy grew about 8% making it the third fastest in the nation. The report showed this boost is tied to an increase in nondurable goods manufacturing as well as oil and chemical refining.
Baton Rouge’s economy grew about 5% making the city the 17th fastest growing nationwide. Boosted mostly by finance, insurance, real estate and leasing, according to the report.