Baton Rouge’s future is looking stable, according to a recently released economic forecast for the next one to three years of the city’s regional performance, entrepreneurial environment and job and population growth.
Conducted by the Baton Rouge Area Chamber, the 2012 Economic Outlook is the result of data collected from the Bureau of Labor Statistics, Louisiana Workforce Commission, The Business Journal, LSU System and BRAC analysis among others.
Giles Whiting, BRAC executive vice president and chief operating officer, said the report shows stability and signs of growth for Baton Rouge.
Whiting said students entering the workforce can use the forecast to find jobs by looking at which sectors are expected to grow and seeking jobs in those sectors, like education and health services, local government and construction.
He also recommended students look into issues that commonly concern employers, including “soft skills,” such as communication, language and personal habits.
“I would be very sure before I went into an interview that my soft skills were demonstrated and on my resume,” he said. “They can be looking at what employers are expecting and be attractive as a potential hire by filling those here.”
This may be because Baton Rouge has recently been listed as the 14th best area to launch a small business by The Business Journal.
Whiting said another highlight includes the growth of research and development over the last eight years, with total academic research and development spending increasing across LSU AgCenter and the Pennington Biomedical Research Center, despite the recession.
However, the report shows that research and development can also use some improvement, with total expenditure at $286 million — about 50 percent below the average.
Whiting said people have described the upcoming year as stable, growing, optimistic and steady, but also slow, challenging and cautious.
“If you look at how businesses have responded to our survey, they are by and large optimistic about next year,” he said. “Most businesses are expecting a better year next year and improvements across their business as opposed to last migration.”
Whiting said the most interesting change is the outlook of business owners, who responded they are headed in an “overwhelmingly positive” direction compared to last year’s report.
“We’re still seeing businesses frustrated that workforce is an issue,” he said. “It’s the largest issue they’ve cited, searching for a qualified workforce. That hasn’t changed, although specific concerns have
Report shows economic potential in Baton Rouge
November 28, 2011