Economist: Weak Gulf of Mexico Activity Could Hamper Lafayette Economy, But Job Gains are on the Horizon

The Lafayette area could gain 5,300 jobs over the next two years, but the region’s economy is likely to be held back by slow drilling activity in the Gulf of Mexico, according to the Louisiana Economic Forecast, an annual report published by economist Loren Scott.

Scott’s report was unveiled Wednesday morning at a One Acadiana event.

The report projects the Lafayette area will gain 1,200 jobs (0.6%) in 2023 and 4,100 jobs (2%) in 2024, tied with Baton Rouge for fourth best among Louisiana metros for 2024.

The region’s recovery has been steady since COVID-induced shutdowns wreaked havoc on the economy more than two years ago. Lafayette has regained 81% of the jobs it lost in 2020 but is still about 4,000 jobs below its pre-pandemic peak.

However, the outlook for the state’s oil and gas industry is uncertain, to say the least. Lafayette is the state’s second-most oil-dependent economy in Louisiana.

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