Gov. John Bel Edwards released a statement July 25 on Louisiana’s record high GDP of $256.45 billion, an annual growth rate of 3.8% in 2019Q1. According to the Bureau of Economic Analysis (BEA), Louisiana has the 10th fastest growing economy in the U.S.
“This latest ranking is further proof that Louisiana’s economy continues to grow and move in the right direction,” said Gov. Edwards. “Just this month, we have seen the largest unemployment decline since last year of any state, the lowest it has been in 11 years, personal income is at an all-time high and for the first time in a long time, our state debt is declining. We are continuing to attract new business and industry while retaining and expanding our existing businesses and implementing programs in Louisiana to further strengthen our workforce.”
Louisiana’s GDP is at a new record high: $256.45 billion, compared to $247.2 billion in 2018Q1 and $255.5 billion in 2018Q4.
Non-durable goods manufacturing was the main contributor to growth, contributing 2.09 percentage points.
Retail trade contributed 0.82 percentage points and mining, quarrying, and oil and gas extraction contributed 0.80 percentage points.
He can’t believe that his higher taxes, reductions in business incentives, and Medicaid expansion gave us economic growth 3.5 years after they began.
John Bel Edwards forgot that his policies were revised to produce those recent economic gains: The legislature fought to roll back 0.55 cents of John Bel Edwards’ temporary sales tax, and Trump gave Louisiana taxpayers and businesses an even larger tax break. Louisiana has benefited disproportionately from Trumps policy of allowing American companies to repatriate some of the trillions of dollars held off shore tax-free.
I worked in business and economic development from 2007 to 2016, so it coincided with the Jindal/Obama era. When Jindal was elected Louisiana was ranked 45th “business friendly” by the U.S. Chamber of Commerce, and in two years we had climbed to 5th in the nation. Like someone else posted Jindal’s first 2 years were pretty good, that is, he did a good job. Then yes he disappeared chasing the White House. That was never going to happen.
As for Louisiana’s budget woes well, Jindal did two “right” things at the worst time. His policies would only work when the national, indeed, the global economy was growing, and his tenure as governor corresponded to the worst 8-year run under any President in US history. Secondly, he did what all 50 governors should do, he greatly reduced the state’s take of “Federal dollars.” Unfortunately the sluggish national economy could not generate the revenue (organically) to replace the Fed’s hand-outs.
Edwards has benefitted from a booming (Trump) economy. Perhaps he’s done some other good things as governor, okay, fine, but this article is about the state’s 10th fastest growing economy. Thank you President Trump.
Truth…
Jindal inherited a mess and then did a “good” job lifting Louisiana economically…his first two years, then he checked out and virtually disappeared for 6 years in his failed Presidential bid. I am NOT here to defend Jindal, I did vote for him but never will again, if he ever runs again for something.
Jindal’s tenure as governor coincided with the worst US economy in history under Obama and Edwards’ is enjoying record-breaking economic growth thanks to Trump.
Jindal was a failure because of Obama?? You sound like your president now. Jindal failed on lack of knowledge and the ONLY reason you knocking Edwards is simply because he is a democrat. Jindal and Obama was the same color but you voted him in as your Governor and now he and Obama is a part of history you and no one else can change, so give Obama a rest and wait for the real ugly history your president will leave behind when he leave office, but I believe you will still think he was the greatest president ever!!
When Jindal improved Louisiana’s economy from a negative growth rate in 2009 to more than 3% GDP for the entire year 2014, and not just a quarter, Louisiana’s economic growth was better than the national economic growth. Louisiana’s real unemployment rate (U-6) was lower than the national average through most of Jindal’s time as Governor.
Since John Bel Edwards became Governor, Louisiana’s real unemployment rate has been significantly higher than the national average, with the gap getting wider each year Edwards has been in office. While national median household income increased by 8% from 2014 to 2017 (the latest statistics available), Louisiana’s median household income declined.
Amen, Earnestine.
That is true. I didn’t vote for Jindal but it is true his term was greatly hampered by the horrible national economy. I did vote for Edwards, and think he’s doing a good job, but surely some of the credit goes to Trump’s economy.
Everyone with lick of sense knows it Trump and not Edwards.
this state is still at the bottom as far as roads and bridges and I wouldn’t
blame the federal government at all if they didn’t give us money for roads.
You can bet that no one in the Louisiana Legislature or Governorship has done anything improving State economic performance or business climate.
Thanks to Trump!!