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Building Permits, Unemployment All Solid Economic Indicators For St. Tammany
St. Tammany Parish is maintaining a competitive edge for businesses looking to relocate to another location. Their numbers of employment vs. unemployment, new business starts, housing starts, building permits, and retail financial stability have given them a reliable status for people looking to relocate their business or their families to the Greater New Orleans Area. The Economic Development Foundation's quarterly Trends Report was released at the end of January, 2011, and confirms that St. Tammany Parish is "in the black" status-wise and should continue to show strong stability during these uncertain economic times.
Building Permits, Unemployment All Solid Economic Indicators For St. Tammany
The Economic Development Foundation’s quarterly Trends Report was released today, including data from the third quarter of 2010 that show several positive indicators for the local economy.
Unemployment in St. Tammany Parish stood at 5.4 percent, the same as in 3Q09 and still considerably lower than the state (7.6%) and nation (9.6%). Not only is the Parish in an excellent position compared to the rest of the state and the nation as a whole, but there is another positive indicator in these data:
“Site selectors and business leaders look for an available, educated workforce when choosing where to expand or relocate,” said Brenda Reine-Bertus, executive director of the EDF. “An unemployment rate of about 5 percent is a good indicator that our community offers those elements.”
Residential building permits fell 6.8 percent from 3Q09, but were up 9.9 percent YTD. Similarly, housing sales fell 10.4 percent from 3Q09, but YTD housing sales were 1.2 percent higher than the comparable period in 2009. While the quarter-over-quarter comparison was negative, the year-to-date data are showing a positive trend.
Retail sales eked up 0.1 percent over 3Q09, but YTD retail sales fell 2.9 percent over the first three quarters of 2009. September showed the only positive movement in this indicator, moving up 1.2 percent over September 2009.
“Although these data are negative, the upside is that sales fell less than in the recent past,” Reine Bertus said. “Consumer confidence may be inching upward, stimulating consumer spending and, thus, the retail sector.”
New business starts continue to show a very positive trend, with such enterprises increasing 31.5 percent, or 176, over 3Q09. Announced projects from 3Q10 will generate an estimated $13.3 million in local investment, and are expected to create 240 permanent jobs from the six announced projects.
The complete Trends Report is available on www.stedf.org.
STEDF is the lead economic development organization for St. Tammany Parish. The organization is charged with attracting new business and employment opportunities to St. Tammany Parish. The organization seeks to improve the quality of life in the parish by strengthening and supporting the business climate in the area.
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