After climbing steadily since 2002, retail sales slid 11.61 percent last year, falling from $5.4 billion in 2008 to $4.8 billion. December 2009’s $466 million in sales represents a 14 percent drop from December 2008.
Unlike much of the rest of the country, which suffered declining retail sales when the economy took a dive in 2008, Lafayette Parish’s taxable sales increased 3 percent in 2008. Just about everyone breathed a collective sigh of relief at the slight uptick in this barometer of economic activity, but the optimism quickly faded, as the decline of 2009 was right around the corner. When January’s totals came in, they were down 6 percent. And while February bounced up ever so slightly, same month sales comparisons consistently showed declines through the remainder of the year. The biggest disappointment came in October 2009, which plummeted $97 million, or 21 percent, from October 2008.
Though certainly unrealistic to believe the parish’s record-breaking retail sales streak could continue, the decline is cause for concern. But it certainly is no reason to panic, as the 2009 total is right up there with 2005's sales, a big year of growth even before hurricanes Katrina and Rita brought an influx of shoppers to the area and federal incentives that spurred a construction boom and sent retail sales beyond the $5 billion mark for the first time. "I'm not going to pretend that it's as good as it was, but this is on pace with pre-hurricane years," says LEDA's Gregg Gothreaux. "You don't build your business plan based on your best year. You build your business plan based on indicators for the past five years, more if you can," he adds.
"Obviously the boom has curtailed, and we're feeling the results of the national recession and what's going on in Washington. It's certainly affecting the oil and gas industry — they're waiting on Washington's attitude toward the energy business," Gothreaux continues. "The one thing business can't handle is uncertainty. That holds true not just for the oil and gas industry but for all businesses."
Newcomer to Top 50 among five companies selected for Naval contract
Both sets of figures — adjusted to cancel out seasonal changes — were released by the U.S. Labor Department.
Texas declined by five rigs, West Virginia dropped three and Louisiana was down two.
A federal appeals court in New Orleans has upheld a federal safety board's right to investigate the role of Transocean Deepwater Drilling Corp. in the 2010 Gulf of Mexico oil disaster.
A supporter of a lawsuit against the oil industry has been re-nominated to a seat on a south Louisiana flood control board despite opposition from Gov. Bobby Jindal.
The nominating committee for the Southeast Louisiana Flood Protection Authority-East was set Thursday to nominate applicants for two people on the board whose terms have expired.
Restaurant could see ‘a little facelift,’ Bobby Butcher tells Daily Report.
Attorney General Buddy Caldwell says he won't approve a Cameron Parish Police Jury resolution to hire outside attorneys for such a lawsuit until the resolution is amended. Caldwell's Sept. 15 letter says the resolution must make clear that those attorneys will represent the parish alone — not the state.
Michelle D. Lavergne, who worked for the Lafayette law office of L. Clayton Burgess for 13 years, faces up to 10 years in prison.
Sonnier, former media buyer and account exec at Sides, joins Acadian companies as marketing specialist; Maggard, who most recently worked for Potenza, joins Russo as director of media and PR.
New recreation/fitness trend taking over old Crazy Charlie’s on Ambassador Caffery Parkway.
Authorities said that a Chevron Corp. subsidiary was still releasing natural gas Sunday from a pipeline off the Louisiana coast where a Saturday incident killed a maintenance worker.
Meet the WWMB Class of 2014, extraordinary women guiding our exceptional community
Software development center represents third such project in Hub City this year.
Elizabeth Abdalla and Abform are poised for a new era of growth.
Lafayette’s most highly regarded attorneys were honored by their own at the Hall of Fame Banquet sponsored by the Lafayette Bar Association.
Collaboration and relationships give you the help you want — and the help you need.
A look at recent promotions, hirings and recognitions from Acadiana's business community.
Who doesn’t like grilled cheese?
There has been much progress in the 50 years since the Civil Rights Act was passed, but there is still work to be done.
Amid widespread criticism, two former U.S. senators say they are not lobbying Congress on behalf of a shady Russian bank, although a federal disclosure suggests otherwise.
Banks are the ones taking the financial hit for retail security breaches, and that just doesn’t seem fair.
It’s time to embrace a new regional model for economic development.
The state labor department figures released Friday show the initial claims decreased to 1,961 from the previous week's total of 2,237. For the comparable week a year earlier, there were 2,190 claims.
Hurry, rush to Jersey’s Daiquiris Sports Bar in Broussard for a cold one because at noon tomorrow its license is suspended for two months by the state!