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Where the jobs are.
While much of the nation struggles with a high unemployment rate, veterans have been hit particularly hard in the recession. The national unemployment rate has hovered around nine percent; veterans, however, suffer a higher rate of unemployment. The figures released in November pegged the veteran unemployment rate at 12.1%. It appears that the younger the veteran, the more difficult finding employment can be. Veterans in the 18 to 24 age range have an unemployment rate of 30.4%.*
We are fortunate to call Louisiana home for many reasons, and in researching this post, I learned yet another reason to be grateful to live in Louisiana: it has a very low unemployment rate. The general unemployment rate was 6.9% at the end of September 2011. The unemployment rate for veterans at the same time was 4.5%. More impressive, the unemployment rate for post 9/11 veterans is 2.8%.** This indicates that Louisiana supports its veterans, which is not surprising. In our short existence we have been impressed with the number of organizations such as LAFF that are helping veterans as they transition from the military into the civilian world. It is possible that given the coming troop drawdowns from Iraq, that these figures could creep up.
Regardless of where the unemployment rate goes, it is always good business to know where the business is. LAFF did some research and found information on employment in Louisiana, including projections to 2018. The Louisiana Workforce Commission periodically prepares ten year employment forecasts for the state. In February 2011, the Commission updated the forecast for the period 2008-2018. Some of the findings are summarized below:
New Orleans Area:
The Commission’s report noted the greatest opportunities for growth in food manufacturing, primary metal manufacturing, telecommunications, health care and hospitality. Petroleum and coal products, manufacturing, truck transportation, and machinery manufacturing are expected to show some growth as well.
Baton Rouge Area:
Wood product manufacturing, insurance carriers (and related industries) and accommodations/gaming should contribute employment opportunities. Other stable/growing areas include administrative and support services ; professional, scientific and technical services; and water transportation.
Houma Area:
Long term demand seems strong for machinery manufacturing.
Lafayette Area:
Much of the Lafayette area was affected the oil spill of 2010, so there was no solid prediction for mid-term growth given the uncertainty that remains.
Lake Charles Area:
Several sectors for employment are forecasted to be lower for this area, however growth is anticipated in transportation equipment manufacturing and transportation support activities. There is potential for a new casino in the area, which may add more job opportunities in the amusements/gaming/accommodations sectors.
Alexandria Area:
Utilities are expected to see some employment gains in the next five to six years.
Shreveport Area:
Machinery manufacturing is expected to add jobs, while other sectors are not expected to fare as well (transportation equipment manufacturing, paper manufacturing).
Monroe Area:
Transportation equipment manufacturing is anticipated to grow significantly, pending an anticipated new company’s loan approval. Administrative and support services are also expected to grow modestly.
These are just forecasts based on current information, but there is benefit in having a basic understanding of what is projected. For instance, anyone who is interested in pursuing a career in the hospitality industry may want to focus an employment search in Lake Charles or Baton Rouge. The person who loves New Orleans and does not want to leave should think about developing skills in one of the sectors where growth is anticipated. Understanding where potential growth is can help determine what education or training is necessary to help make the most out of any job market.
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