After six years, New Orleans employment stands at 87% of its pre-Katrina level, while 90% of the area population has returned, according to the sixth anniversary of Katrina edition of the University of New Orleans Metropolitan Report.
The local population fell from 1.31 million people just before Katrina, to a low of about 670,000. Currently, the population stands at approximately 1.18 million.
Economic indicators are reported and analyzed over the same period in the last six years, the latest of which is the second quarter of 2011. Unless otherwise noted, statistics apply to the seven-parish metro area (Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John the Baptist and St. Tammany parishes).
Other highlights from the Metro include:
• Local employment growth has been forced down by the national recession for four consecutive years. Employment is expected to remain virtually flat thru 2012.
• While New Orleans unemployment rate has grown to 8.0%, the local labor market still compares favorably to that of the nation’s 9.2% unemployment rate.
• Few industries added a substantial number of jobs in the last year. Industries include leisure and hospitality (4,500 jobs); food and drinking places (3,800 jobs); private health care (2,200 jobs); trade, transportation, and utilities (1,500 jobs); and professional, scientific, and technical services (1,000 jobs).
• Government, waste management and manufacturing experienced the largest number of job losses in 2011. During the last year, 2,400 jobs were lost at federal and state government levels as the national recession resulted in budget deficits. Waste management lost 1,700 jobs. Manufacturing of transportation equipment lost about 1,500 jobs driven by the recessional layoffs at the Michoud and Avondale facilities.
• In the past four years, there has been a shift in volume of construction contracts toward projects including roads, bridges and flood control structures. Even though non-building and non-residential contracts in early 2011 are somewhat less than in recent years, they represent about twice that of 2004 values.
• Despite the lower value of the U.S. dollar, foreign trade tonnage at the Port of New Orleans grew 16% in the last year. Although this period looks good compared to last year, the port is still shipping less tonnage than levels common just a decade ago.
The Metro Report is compiled by the UNO Division of Business and Economic Research. It is a quarterly publication containing the analysis of recent trends and the short-term outlook for the New Orleans metro area. To view the full Metro Report, visit:
http://www.uno.edu/Portals/8/DBER/UNO%20Metropolitan%20Report%20August%202011.pdf