Shreveport-Bossier Economic Outlook for 2024-2025

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A vibrant view of Shreveport's cityscape with ongoing construction and local businesses.

News Summary

As Shreveport enters 2024, the local economy shows signs of growth amidst challenges. New construction, changing sentiments, and expected job creation highlight the area’s economic outlook. Local officials and businesses are optimistic about investments and development that could drive job growth while managing inflation and consumer confidence.

Shreveport-Bossier Area: Economic Outlook for 2024-2025

Shreveport, La. is buzzing with activity as the year 2024 rolls on, bringing with it a mix of challenges and promising opportunities for the local economy. A recent panel discussion held at Community Central in Louisiana Tower provided insight into how things are shaping up as we head into 2025. As the community gathers to navigate these economic winds, let’s take a look at what’s happening.

New Developments on the Horizon

As of late January 2025, a new commercial building for local businessman Andrew Cordaro is under construction, signaling investment in the area. Exciting infrastructure developments like this can catalyze further growth and attract new businesses and residents. Furthermore, this area has begun to see increased traffic at automobile dealers along East Bert Kouns Industrial Loop. This uptick in interest could suggest a rebound in consumer confidence, signaling that locals are ready to make big purchases.

A Mixed Bag of Economic Sentiments

Shifts in sentiment regarding the economy have been felt particularly among experts. Douglas White, who heads the Center for Business and Economic Research at LSU Shreveport, has changed from cautiously optimistic to a somewhat less optimistic outlook over the last few months. His team has consistently published a quarterly Economic Dashboard since 2022, keeping tabs on critical indicators like housing costs, unemployment rates, and casino revenue.

As inflation climbs and becomes a major focal point, the Federal Reserve is staying vigilant. Decision-makers are weighing the ongoing effects of tariffs that might drive prices higher, which could lead to a drop in consumer spending and possibly tip the economy towards a recession. However, the local oil and gas industry views rising prices more positively, expecting that this can boost job opportunities in their sector.

Job Growth Despite Caution

Although a significant recession isn’t anticipated, economic growth might slow or remain flat, leading to a small decline rather than growth. However, the silver lining is that the Shreveport-Bossier area is still expected to add around 5,300 jobs in the coming two years. Major players like Amazon, Fibrebond, and SLB are on the radar for potentially driving this growth, along with Prolec GE, which recently announced a monumental $34 million expansion of their Caddo Parish facility. This project alone is set to create over 270 new jobs and ramp up production for transformers that are vital for energy projects.

Impact on Local Communities

Interestingly enough, Webster Parish is moving toward a classification as “rural” beginning in 2025, which could reshape the region’s employment data. Currently, the Shreveport-Bossier metropolitan area—comprising Caddo, Bossier, Webster, and DeSoto parishes—offers approximately 176,400 non-farming jobs. The expansion of significant manufacturers like Fibrebond is a crucial part of this picture, with the company employing 640 individuals and supporting an additional 360 contracts.

Local Investments and Manufacturing Growth

Local officials along with industry leaders, including representatives from the U.S. Energy Secretary’s office, recently celebrated the completion of Prolec GE’s upgraded facility. This enhancement aims to bolster production capacity aligned with U.S. energy transition goals, producing over 1,500 new transformer units annually to support the energy sector.

As we reflect on the current economic landscape in the Shreveport-Bossier area, the story is a tale of resilience and growth amidst economic uncertainty. With infrastructure development, ongoing job creation, and a supportive community, the area stands firm in pursuing a brighter economic future. While challenges like inflation and consumer confidence loom overhead, the collective efforts and investments made now may very well pave the way for a stronger tomorrow.