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Job watch: Weak job growth forecast for La

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Written by:

Alan Sayre

From: Associated Press

 

 

 

 

 

With a possible double-dip recession threatening the nation, Louisiana State University economists predict weak job growth for Louisiana in 2012-13.

Although new economic projects are starting to take root, questions remain about petroleum drilling in the Gulf of Mexico and the pending closures of the Huntington-Ingalls Industries Inc.’s shipyard at Avondale near New Orleans and the General Motors Co. plant in Shreveport, along with the disappearance of $1.6 billion in oil spill disaster payments.

The forecast predicts 13,700 new jobs for the state in 2012, followed by 14,800 in 2013 — annual growth rates of 0.8 percent and 0.9 percent.

The forecast, which is issued on an annual basis, was written by Louisiana State University economists Loren Scott and James Richardson.

And much like the national picture, job growth will be uneven. According to the forecast:

The Shreveport-Bossier City region could see the addition of a new casino resort and continued drilling and production activity from the Haynesville Shale. Dampening growth is the expected 2012 closure of the General Motors Co. assembly plant in Shreveport and the loss of its 800 remaining jobs.

The forecast predicts 1,500 new jobs in 2012 and an additional 2,100 in 2013 for annual growth rates of 0.9 percent in 2012 and 1.2 percent the following year.

The Baton Rouge area could see a construction boom as chemical plants expand in the face of low natural gas prices. On the down side are the possibilities of layoffs in state government and the insurance industry.

The forecast projects 4,400 new jobs in 2012 and 3,300 in 2013 for annual growth rates of 1.2 percent next year and 0.9 percent in 2013.

The biggest economic factor facing the New Orleans area over the next two years is the planned closure in 2013 of the shipyard in suburban Avondale, which will wipe out, in stages, the remaining 4,500 jobs there. The region also will feel the disappearance of $1.3 billion in oil spill damage payments and is in line for a 19 percent drop in construction employment as post-hurricane building projects are completed.

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Written by demon53

October 10, 2011 at 4:21 pm

Posted in Uncategorized

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