Durel believes that factor may have permanently expanded the retail base, which should pay dividends for years to come, but he predicts smaller increases and a possible leveling off over the next few years as rebuilding abates. Expectations for sustaining this level of growth are unrealistic.
Even before the storms, however, sales in the parish had been climbing steadily ' albeit by much smaller margins ' since 2002. "The five-year trend has been entirely positive, with retail sales increasing from $3.6 billion in 2002 to $5.0 billion last year," says the Lafayette Economic Development Authority's Gregg Gothreaux. "Looking back even farther, in the last decade sales have steadily grown since totals reached $2.8 billion in 1996, with only two years seeing a decrease," he notes.
According to The Louisiana Economic Outlook: 2007 and 2008, the Lafayette area took in about 34,336 evacuees after the 2005 storms, and about 4 percent, or 8,960, have remained in the community. The publication's co-authors, economists Loren Scott and James Richardson, derived those figures from postal records.
Sales at mid-year 2006 were actually outpacing 2005 by 25 percent but began to taper off in the last few months ' the possible result of displaced people returning home or relocating elsewhere. December's sales, in fact, were down slightly, falling from $499 million in 2005 to $492 million last year.
Durel says retail sales increases since 2002 indicate Lafayette's economy was expanding before the hurricanes accelerated the pace. "People were moving into Lafayette before the storms, and the storms just exposed what Lafayette had to offer to a lot of people and brought a lot of positive attention to our area."
Business organizations opposed the proposal, saying it would lead to job losses and higher prices for goods and services.
An attempt to repeal a six-year-old law that permits public school science teachers to use material outside a classroom's adopted textbook has been rejected by the Senate Education Committee.
New York Times poll shows Obama, Jindal have identical approval and disapproval ratings in the state.
OK, so they’re bentgrass, the type used on golf course greens. But grass is grass.
The Senate Finance Committee approved the bill Wednesday, despite opponents who argued it would shut down the storefront lenders.
A measure to allow the state to implement its own, less stringent plan for limiting carbon dioxide emissions unanimously passed the Senate.
FDA to regulate e-cigarettes, Jodie Foster gets married, Vermont to require labels on genetically-modified food, and more news for today, April 24, 2014.
Thursday's Blogs from the Bog!
A push to expand Louisiana's Medicaid program as allowed under the federal health care has been overwhelmingly rejected by the Senate health committee.
Louisiana welfare recipients would be prohibited in state law from spending the federal assistance at lingerie shops, tattoo parlors, nail salons and jewelry stores, under a bill that received the support Wednesday of a House committee.
Senators will consider whether to prohibit private businesses in Louisiana from paying unequal wages to employees of different genders for the same job.
Rep. Joel Robideaux has delayed bill hearings and said unless a compromise can be reached, he won't bring up the legislation this session.
Once again, Lafayette Parish School Board President Hunter Beasley is focused on an issue that has nothing to do with the educational well-being of our public school children.
After exhausting his appeals all the way to the state Supreme Court, the owner of the Tiger Truck Stop in Grosse Tete has no legal remedy left save one: do an end run around the high court via a bill that would grandfather his “right” to keep a 550-pound tiger enclosed in a pin at his roadside business.
Louisiana poet Darrell Bourque has won the 2014 Louisiana Writer Award, given annually to recognize outstanding contributions to Louisiana's literary and intellectual life.
Drivers would have to secure dogs riding in truck beds while on interstate highways, if the Senate agrees to a bill backed by the House.
An effort to prohibit employers from discriminating based on sexual orientation or gender identity was shelved Tuesday for the legislative session.
Louisiana won't lessen its penalties for marijuana possession, keeping laws on the books that allow people to be jailed up to 20 years for repeat offenses of having the drug in hand.
“This is one of the oldest divides that exists, and that divide is about the haves and the have-nots.”
It took a few weeks for the pitfalls to emerge in the governor’s $25 billion budget, but the time of judgment has finally arrived.
With pressure continuing to build for him to resign, Congressman Vance McAllister announced plans recently to remain secluded during the Easter break, but the Swartz Republican has said he’ll be back on the Hill casting votes and attending committee meetings when the congressional recess ends April 28.
A bid to limit the use of unmanned aircraft on private property in Louisiana stalled Monday in the Louisiana Senate.
A Shreveport lawmaker said Monday he's scrapping his proposal to name the Bible as Louisiana's official state book.
Attorney hopes fellow lawyers will join him in urging the D.A. to step aside and allow a competent, ethical challenger to take over the scandal-ridden office.
An official with the Louisiana Department of Education was arrested on a range of charges Friday after allegedly breaking into a home and brandishing a knife.