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."
Co-founder Ryan Trahan goes solo to keep it local.
Halliburton's agreement to pay more than $1 billion to settle numerous claims involving the 2010 BP Gulf of Mexico oil spill could be a way for the company and victims of the spill to avoid years of costly litigation — if all the pieces fall into place.
BP says it recently obtained correspondence between Patrick Juneau's Lafayette law firm and the Gulf Coast Claims Facility showing he argued for liberal compensation, flexible documentation requirements and other terms that would help Louisiana claimants at BP's expense.
A replacement is expected by January to fill the vacancy left when Greg Roberts resigned after allegedly pointing a fake gun at an engineer during a June meeting.
Halliburton says it has agreed to pay $1.1 billion to settle a substantial portion of plaintiff claims arising from the 2010 Gulf of Mexico oil spill.
The Houston firm said Friday in its weekly report that 1,575 rigs were exploring for oil and 338 for gas. One was listed as miscellaneous. A year ago there were 1,776 active rigs.
It will be next month before Gov. Bobby Jindal will likely get a chance to change the membership of a South Louisiana flood board that is suing dozens of oil, gas and pipeline companies.
Newly established honor recognizes outstanding local attorneys; Neuner and McGoffin win President's Award; and Blanchard named Outstanding Young Lawyer.
Daily paper constructing new digs near production plant on Rieger Road at Siegen Lane, near I-10.
Investigation finds Arnaud’s Furniture, Carroll Building Specialties and Crazy Charlie’s Shoes running misleading going-out-of-business sales.
Critics say workers and retirees are being held responsible for the Jindal administration's mismanagement of their program.
Potenza Marketing makes fastest-growing companies list.
Local 101 class Friday
“Byzantine” is the word members of the nominating committee for the local flood protection authority often use to describe the complicated, multi-layered matrix of qualifications that must be met to fill a vacancy on that board.
In the Pelican State, Benjamin Franklin buys you about $109 worth of stuff.
Brittan Bush joins Liskow & Lewis, Blake David installed as the Third District Member of the Louisiana State Bar Association’s board of governors, and Simien & Miniex announces 2014 scholarship winners.
“In some cases, we’ve found that these parts are nothing more than used junk yard parts. In others, we’ve found them to be foreign knock-off parts of questionable quality.”
The old Daily Advertiser building on Jefferson Street is being rehabbed as the owner prepares to move it back into commerce.
Its fourth leader gone after two years on the job, the facility struggles to balance the tension between its two missions.
Hub City Cycles hits the ground running through small-business center opportunity.
The future of the coastal loss lawsuit could rest in hands of board’s nominating committee.
Leaders from the local tech community ponder the question: What's missing from Acadiana's tech ecosystem?
AT&T’s U-verse heads our way. Here’s what it means for you.
LITE’s virtual environments are changing the way local employees learn how to do their jobs.
Local tech gurus will go the distance to call Lafayette home.