Dr. Loren Scott, a renowned economist, discusses the positive economic outlook for Baton Rouge. He highlights that Baton Rouge is expected to be the fastest-growing area in Louisiana, with over 16,000 new jobs projected. The region has $10 billion in ongoing industrial projects and another $18 billion announced but not yet started. This growth is driven by industrial construction, particularly in the chemical industry, due to the abundance of cheap natural gas in the U.S. compared to Asia and Europe.
Scott mentions that the Amazon fulfillment center at Cortana Mall is a significant new driver, employing around 500 people with plans to add another 500. The construction sector, especially industrial construction, will be the primary job creator, with companies like Turner Industries and Performance Contractors hiring extensively. This influx of construction jobs will boost other sectors like retail, services, and healthcare.
The chemical industry is booming in Baton Rouge, New Orleans, and Lake Charles due to the low cost of natural gas in the U.S. compared to other regions. However, Lake Charles faces uncertainty due to a pause on new LNG project permits by the Biden administration, affecting $60 billion worth of projects. This pause could either make Lake Charles the fastest-growing or one of the weakest-growing areas in the U.S., depending on the outcome of the upcoming election.
Scott also touches on the impact of carbon capture and sequestration, noting that while it won’t create many jobs directly, it will support the chemical industry, which offers high-wage jobs. The demand for LNG is high globally, especially in Europe, Japan, and China, driving significant investment in Louisiana’s LNG projects.