From the last quarter of 2007 to this year, St. Tammany’s positive economic indicators such as low unemployment rates clashed with home sales that plunged 25 percent on the back of a national slowdown.
Although on paper the statistics show conflicting outlooks, the report, “Economic Trends,” written by the St. Tammany Economic Development Foundation, indicates an “overall positive growth,” said Brenda Reine-Bertus, executive director of the STEDF.
|
|
Unemployment rates this quarter registered 2.9 percent, well below the national average of 5.1 percent, while the average home price increased slightly from $234,925 to $243,182 in part to artificial inflation caused by Katrina.
Retail sales and subsequent sales tax collections also dipped 11.1 percent from the fourth-quarter last year, reflecting a normal end to holiday sale surges and the “ensuing new-year decline that follows a similar pattern each calendar year,” according to the report.
However, despite retail and housing dives, 379 new businesses were launched this quarter, down only 1.8 percent from 386 in the same period a year ago.
New projects resulting from some of those business are worth more than $1 billion and include two upscale shopping centers such as the Fremaux Summit project in Slidell and the Colonial Pinnacle Nord du Lac center in Covington, according to a synopsis of the report. The Nord du Lac alone is expected to cost roughly $250 million to build.
Those new projects are expected to pump an estimated annual payroll of $6.14 million into the local economy with 179 new permanent jobs and 2,720 construction jobs.
For additional information or to view the Economic Trends Report online, visit www.stedf.org.
View Jobs
View Homes
View Autos
Comments