LSUA's Central Louisiana Economic Dashboard for November Released

ALEXANDRIA - The Louisiana State University of Alexandria College of Business released its November 2024 issue of the Central Louisiana Economic Dashboard.

"Local economic indicators such as employment, consumer spending, and new business starts, continue to show uncertainty in central Louisiana," said Randall Dupont, Dean of the LSUA College of Business. In October, Alexandria's unemployment rate of 4.4% stood above the state's rate of 4.1% according to the latest data from the Louisiana Workforce Commission. Employment in Alexandria fell by 669 in October from the previous month, while employment in Natchitoches Parish declined by 164. On a year-over-year basis, Alexandria was down 2,579 jobs from October 2023, while Natchitoches Parish was down 466. "The good news is continued unemployment claims have been trending down," Dupont says. 

In October, eight of the 11 local tax jurisdictions reporting saw increased sales tax revenue. Sales tax revenue in October reflects September sales activity and serves as a proxy for consumer spending. Rapides' sales tax revenue rose 5% in September but fell 6% in October. Alexandria and Pineville saw October declines of 6% and 7%, respectively. Natchitoches had a 14% increase in October. Vehicle sales tax collections continue to run behind last year, with all six jurisdictions reporting YTD declines ranging from 4% to 19%. Online sales tax collections, on the other hand, rose 21% year-over-year and 23% YTD. Lower gas prices have not increased hotel stays. Hotel occupancy taxes were down for the year in Natchitoches and Vernon but slightly up in Rapides and Avoyelles. 

"Mortgage rates are nearing previous highs," says Dupont, "which is stretching the number of days houses remain on the market." As of last week, the 30-year fixed mortgage rate was 6.84%, and the 15-year rate was 6.02%. Median days on the market were up in all four metro areas reporting, with Leesville reporting a 21% increase, while Alexandria and Natchitoches reported 6% increases from a year ago. Active listings for single-family homes increased in Alexandria, Leesville, and Natchitoches. Unfortunately, the sluggish economy is impacting mortgage repayments. Louisiana led the nation in non-current mortgage loans at 8.3% in October. The median listing price of a home in Alexandria was $229,900 in October, up 3% from a year ago. 

New business formation in Rapides is down 18% so far this year. Through October, 299 new business were created in Rapides, compared to 365 in 2023. Likewise at the state level, new business applications are down 17% for the year. 

The Central Louisiana Economic Dashboard is a service of the LSUA College of Business to help business and community leaders monitor the economic pulse of central Louisiana. To view the November 2024 CENLA Economic Dashboard, click here. 

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