LAFAYETTE, LA. (KLFY) — There are four constitutional amendments on the Nov. 13 ballot. Local economists say that two of them can greatly impact small businesses.

One Acadiana is working to educate the public on amendment number one and two on the Nov. 13 ballot. “Those two amendments would lower tax rates and create more jobs in Louisiana. The constitutional amendments are always complicated. People want an explanation on what they’re being asked to vote on so we try to provide the fax,” says Andre Breaux.

Acadiana - Economies around the country took a hit during the start of the covid-19 pandemic. Over a year-and-a-half later and many have begun to rebound, including Acadiana.

While some economies were hit harder than others, CEO of One Acadiana, Troy Wayman says the impact of the pandemic on the Acadiana economy was not as bad as projected.

"The actual impacts were not as significant as we expected them to be," Wayman said. "So, it was a little easier for us to rebound in 2021."

One Acadiana and the Acadiana Planning Commission won two awards from the International Economic Development Council for “Invest Acadiana: A Regional Opportunity Zone Initiative.”

The report won a gold medal in the Innovation Programs and Initiatives category and a bronze award in the Regionalism and Cross-Border Collaboration category, One Acadiana announced this week. Both came at an awards ceremony at the IEDC’s annual conference.

Lafayette's economic position isn't the best right now, but it's not the worst, either.

Economist Loren Scott, in presenting his annual economic outlook report to the One Acadiana, the Lafayette area chamber of commerce, predicts an upturn.

"You put all the things together, and I think the next two years are going to be growth years for (Lafayette)," Scott says. "Part of that is getting your jobs back from the COVID losses."

Scott's report predicts that the Lafayette area will put back about 9,200 jobs in 2022 and another 2,100 in 2023.

The Acadiana area is expected to regain around 69% of the jobs it lost from COVID-19 by the end of the year, LSU Economist Loren Scott said in his Louisiana Economic Outlook presentation to One Acadiana Wednesday morning.

Scott's presentation coincides with the unveiling of his new Louisiana Economic Outlook, an LSU product that details projections for the state economy over the next few years. Scott delivers a presentation every year in Acadiana to discuss how the area is expected to perform.

The Lafayette area's recovery from the pandemic shutdown last year is outpacing other markets in Louisiana but continues to lag due to the struggles in the oil and gas industry, economist Loren Scott said.

Speaking during his annual economic outlook discussion Wednesday morning, Scott mentioned how the area has made strides in recovering the number of jobs lost, including landing the SafeSource Direct PPE manufacturer that will lead to 1,200 local jobs, but that growth has struggled with what's happening in the oil markets in Permian Basin and in North Dakota.

One Acadiana (1A) and the Acadiana Planning Commission (APC) won a Gold Award from the International Economic Development Council (IEDC) in the category of Innovation Programs and Initiatives for “Invest Acadiana: A Regional Opportunity Zone Initiative.” 1A and APC also earned a Bronze Award for the same initiative in the category of Regionalism and Cross-Border Collaboration. The honors were presented today at an awards ceremony during the IEDC Annual Conference, which is currently underway.

The Acadiana region's economy has improved over the last year. According to One Acadiana, the unemployment rate fell 3 percentage points and  around 4,400 jobs were added since August 2020.

One Acadiana, which serves as the regional chamber of commerce covering Lafayette, Acadia, Evangeline, Iberia, Jefferson Davis, St. Landry, St. Martin and St. Mary Parishes, said in a report that the area's unemployment rate fell to 5.5% in August — on par with the state and slightly above the national average.

A constitutional amendment that would centralize sales tax collection in Louisiana will not have a significant effect on the local jobs that help in sales tax collection, officials said.

One Acadiana and the Louisiana Association of Business and Industry held a breakfast event Wednesday to drum up support for the two tax reform constitutional amendments on the Nov. 16 ballot.

The two groups sponsored the event, where LABI President Stephen Waguespack and Rep. Beau Beaullieu encouraged Acadiana business leaders to support the two ballot initiatives. 

Read Now

Annual Report

Download our 2020 Annual Report and Business Directory.

Economic Recovery Toolkit

Check out 1A’s quick reference guides to key COVID-19 business assistance programs. Click the image to view.

1A Sites Selection Investment Profile

Check out our Investment Profile featured in Site Selection to learn about Acadiana’s target industries, regional assets, recent business recruitment wins, and business leaders’ perspective on finding success in Acadiana.

Watch Now

Click the play button above to watch One Acadiana President & CEO Troy Wayman on the Louisiana Business & Industry Show.

Listen Now

News Page Play Button.pngClick the icon to listen to One Acadiana staff member André Breaux (VP, Policy Initiatives & Governmental Affairs) and Dr. Pearson Cross discussing the 2019 election season on KRVS Radio Acadie 88.7 FM

News Page Play Button.pngClick the icon to listen to One Acadiana President & CEO Troy Wayman give updates on One Acadiana's progress and initiatives on OUT TO LUNCH.

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