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."
New Orleans Saints quarterback Drew Brees is a proud papa of new baby girl.
The books on Louisiana's last budget year have been closed, but it took a bit of borrowing from this year to make the numbers work.
The Iberia Parish Coroner responded Monday to the attention surrounding the questionable shooting of Victor White III, a black man from New Iberia who died April 2 while in the custody of local law enforcement.
Two months after lawmakers agreed to create a $40 million higher education incentive fund, no decisions have been made about how to divide the money.
With Drew Brees back healthy, the New Orleans Saints are free to work on the little things that can make the difference between a Super Bowl run and something less.
Tuesday's Blogs from the Bog!
First Superman comic sells for $3.2 million; Michael Brown's funeral; expert calls for nuke plant closure and more national and international news for Tuesday, August 26, 2014.
Incumbent U.S. Sen. Mary Landrieu and her lead GOP challenger Congressman Bill Cassidy are running close when it comes to money. Landrieu has $5.5 million to Cassidy’s $5.6 million in the bank.
With expectations mounting that Gov. Bobby Jindal will soon announce his campaign for president, attention is turning to not only who he will bring along with him but also what will transpire politically back home during the transition.
Seven of the 11 U.S. cities in a new ranking of “most dangerous diets” are in the Bayou and Lone Star states, but the ranking is more about poverty than fried oysters.
Lafayette police are investigating a fatal shooting involving an alleged burglar and homeowner.
Saints tight end Jimmy Graham got the message from the NFL. He's not dunking footballs over goal posts any more.
With qualifying over, the start of campaign season is official, and for the Lafayette Parish School Board, the race toward Nov. 4 will pit 20 candidates in battles for all 9 of the district’s available seats.
An abortion rights organization has filed the first court challenge to a Louisiana law that would require doctors who perform abortions to be able to admit patients to a nearby hospital.
U.S. Rep. Vance McAllister started his sign-up for re-election Friday the same as any other candidate, filling out paperwork and handing over cash to pay his qualifying fee. But he finished it quite differently, doused with ice.
The recent release of Victor White III’s autopsy report could spell trouble, as it tells a much different story of his death than the one told five months ago by the Iberia Parish Sheriff’s Office.
“Candidates for Congress and members of Congress spend between 30 and 70 percent of their time raising money to get back to Congress or to get their party back into power.”
Over the last four days of the trial against attorney Daniel Stanford, there’s been one notable absence from Judge Elizabeth Foote’s courtroom: attorney Bill Goode.
Saints quarterback Drew Brees and wide receiver Nick Toon are not on the same page yet, and time is running short for Toon to get it right.
U.S. Rep. Vance McAllister started his sign-up for re-election the same as other candidates, filling out paperwork and handing over qualifying money. But he finished it like no other, doused with ice.
That’s what Lafayette Parish has obtained in Pentagon surplus since 2006.
Qualifying continues through Friday.
The political tilt of the Senate during President Barack Obama's final two years in office is likely to hinge on a handful of female contenders in tight and costly races.
A former BP executive will be allowed to travel to the United Kingdom later this month while he awaits trial on charges relating to an investigation of the 2010 Gulf oil spill.
Friends and family will celebrate Spider's life in September.