“If you had to guess what metropolitan area that would be concentrated in, most people would say baton Rouge, because that’s where state government is headquartered, and two state universities are located. But government employment in the Baton Rouge area rose 300,” he said.
New Orleans, “the next place you’d look,” lost 1,700 government jobs. “That leaves an awful lot left over — and it’s not clear where those losses were,” Scott said.More government losses are likely on the way, as Gov. Bobby Jindal announced today a proposal to eliminate 4,000 state jobs — half of which are currently filled — and Baton Rouge could be hard hit this time.
“Both Lafayette and Houma not only had job growth, they had good job growth. Houma had off-the-charts good job growth — they increased 4.2 percent. This is very different from what we anticipated,” Scott said Thursday.
He wasn’t sure where the jobs were coming from. One possibility is that oil and gas companies already are hiring people to plug nearly 3,500 nonproducing wells and dismantle about 650 production platforms that are no longer used.
“My back-of-the-envelope estimate is that’s going to cost about $3.8 billion. That’s a lot of money,” he said. But he didn’t know whether that was happening.
Read the AP story here.
Back in October, Scott did not think the Obama administration’s new requirement that all Gulf of Mexico oil wells and platforms not in use in the past five years be inspected, re-capped and dismantled would have much of a net impact here. There are some 3,500 abandoned wells and 650 oil platforms affected by the measure.
“It will create jobs in some sectors, but remember it is a direct hit to the bottom line of exploration companies — dollars they could be using more efficiently for exploration purposes,” Scott said at the time. “While good news for some service companies, it is totally bad news for the exploration side. It is a demand also based on bad science. They want to reduce risk of environmental damage ‘especially during storm season.’ Katrina and Rita came right through the heart of the offshore industry — not a single major spill.” Scott called the mandage “just another attack by the Obama administration on the fossil fuels industry.”
Scott, who in October predicted the Lafayette metro would lose 3,800 jobs in the next two years, in large part due to the drilling moratorium, had reversed his job loss prediction by late February. Scott now expects a gain of 2,500 jobs over the same period, or an uptick of just under 1 percent each year. He delivered that message last month at an awards breakfast for top performers at Van Eaton & Romero Real Estate.
Shoppers familiar with Louisiana-based Rouses Market might be surprised when they walk into the new third location set to open at the Corner of Johnston Street and Duhon Road south the Acadiana Mall on Wednesday.
Noted architect and co-founder/principal of Architects Southwest receives highest honor given to former student.
Know an innovator, job creator and visionary with a penchant for hard work? We want to know that person.
If you care about the wellbeing of Louisiana’s college students, vote against Amendments 1 and 2.
A Mandeville media consultant with big name political connections pleaded guilty Monday to a series of federal mail fraud charges.
Despite a decline in global oil prices affecting the outlook for domestic ethylene producers, South African company moves forward.
1,595 rigs were exploring for oil and 332 for gas. A year ago there were 1,738 active rigs.
Prestigious honor annually recognizes a single attorney for excellence in public interest/pro bono work.
JPMorgan Chase is giving $1 million to Louisiana's community and technical colleges, to help with workforce training efforts to match students to available jobs.
Law firm unveils newly renovated 200-year-old building.
UL grad named web developer at BBR Creative
Lafayette-based emergency department staffing and management company raises $120 million in senior credit facilities through GE Capital, Healthcare Financial Services.
High-rise apartment building, parking garage, hotel and retail part of new development.
The number of Louisianans with jobs continued to set records in September, but the state's unemployment rate kept rising.
Louisiana is drowning, quickly.
An investment group led by Macquarie Infrastructure and Real Assets will buy the Louisiana power company Cleco for $3.4 billion.
Local developer’s Lake Charles Gardens LLC purchases buildings and leases; land still owned by Dugas family.
Economist Loren Scott says Louisiana is in the midst of an industrial boom unlike any other in its history, with more than $100 billion in industrial projects either under construction or in the engineering and design phase.
The Louisiana Treasury holds $18 million in Israel Bonds — bonds that earn 2.868 percent when the three-year U.S. Treasury is yielding 1.08 percent.
ABiz celebrates another class of Acadiana's most influential female trailblazers, the Lourdes Foundation honors a local philanthropist and MedExpress in Opelousas celebrates its 22nd year as the “little ambulance service that could.”
Is Louisiana’s O&G industry ready to head south of the border?
Downtown’s newest live-work space for creatives doubles as a gallery for other upcoming artists to show their work.
A maritime case originating in Lafayette federal court could become a game changer for the oil and gas industry.
Here’s what’s at stake in the November Senate race — regardless of whether Republicans gain control of the upper chamber.
From the publisher’s in-box: ABiz reaches out to Lake Charles, time to “Come Home, Louisiana,” and now accepting nominations for Entrepreneur of the Year.