Is Lafayette's economy shrinking? - KLFY News 10

Is Lafayette's economy shrinking?

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Is Lafayette's economy shrinking? According to a recent study it is and that has many saying that's not possible.

According to the U.S. conference of mayors, Lafayette is ranked the 4th fastest shrinking economy in America. The rankings are based on GMP or gross metropolitan product. That is defined as the market value of all final goods and services produced within a metropolitan area. The study found that Lafayette's economy shrank by three point two percent last year, but city-parish president Joey Durel said that's hard to believe.

Durel said his first knee-jerk reaction was how this is possible. Then he began looking into where the numbers came from and how credible the study was. His conclusion, the study was not credible. Durel said Lafayette has had record sales tax years, record real estate years, record GDP growth, 14th fastest growing GDP in America, and the 6th fastest growing economy in America.

Gregg Gothreaux, CEO and president of Lafayette Economic Development Authority(LEDA) said in part, The local economy is too complex to be accurately reflected by any single indicator or ranking. Other indicators including non-farm employment, unemployment rate, retail sales, hotel-motel receipts, home sales, per capita income all show that Lafayette is thriving and growing.

The study found Shreveport, Louisiana ranked number one for having the fastest shrinking economy and Midland, Texas had the fastest growing economy in America.

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