Gov. John Bel Edwards issued the following statement on Louisiana’s personal income growth, released today by the federal Bureau of Economic Analysis. Louisiana’s quarterly personal income for the second quarter of 2019 is $224.43 billion, a 4.9 percent increase, and the highest on record.
“Louisiana’s personal income continues to set records, growing to its highest point ever this last quarter, at a rate of 4.9 percentage points. That’s a growth of $2.67 billion in the last quarter alone — and more than $9.42 billion since this time last year. All of this is good news for the people of Louisiana, who are taking home more money in their paychecks.
In fact, according to federal data, personal income in Louisiana has grown for 13 consecutive quarters, every quarter since the start of 2016. Our state also has its highest GDP ever, with federal data showing we have the 10th-fastest growing economy in the nation. Unemployment is also the lowest it has been in more than 11 years.
Louisiana’s economy is improving, as noted last week by Moody’s when it upgraded our credit outlook to positive, which was yet another sign that things have stabilized since the fiscal crisis our state faced years ago. There is much work left to be done, but this news is yet another sign that Louisiana is moving in the right direction.”
To read the BEA report, click here.
To read about Moody’s report, click here.