News Summary

The 2024 Greater New Orleans Jobs Report reveals significant employment trends, highlighting growth in sectors like digital media and healthcare while addressing challenges in traditional industries such as energy. Despite a rise in unemployment rates, the report outlines a roadmap for future workforce development and an optimistic outlook for local job markets.

2024 Greater New Orleans Jobs Report Unveils Workforce Trends and Challenges

If you’re a resident of the vibrant Greater New Orleans area, you’ll definitely want to hear the exciting news from the latest 2024 Greater New Orleans Jobs Report, recently released by local business group GNO, Inc. and Bank of America. This annual report, now in its sixth year, provides an in-depth look at the workforce dynamics in the region. The findings deliver both good news and important insights into how the local job market is evolving.

The Bright Spots: Where the Jobs Are!

First up, let’s talk about the high-demand occupations and thriving sectors. The report points out that two industries are booming: digital media and healthcare. Yes, you heard that right! The healthcare sector alone has seen a remarkable growth of 16.2% over the past decade, now supporting more than 84,000 jobs. This sector contributes a staggering $9 billion to the local economy, making it one of the powerhouses in the area. Key employers include Ochsner Health and University Medical Center, just to name a few.

On the other hand, let’s not overlook the digital media sector, which experienced an astonishing 51.8% increase in employment rates. Although wages in digital media lag 64% behind the national average, the region’s low cost of living and its creative atmosphere make it a desirable place for many. Major players like Cint and Procore are paving the way for this growth.

Shifting Tides: Challenges Facing Other Industries

energy sector, traditionally a stronghold in Louisiana, has seen a 29.8% drop in employment over the last decade, even though it still accounts for a whopping $18.1 billion in Gross Regional Product (GRP). Companies in this sector are now trying to shift their focus to sustainable practices, which could help to revitalize this segment in the future.

Meanwhile, the advanced manufacturing industry has experienced a slight decline of 5.2% in jobs but continues to contribute around $2.1 billion to the economy with average earnings of $105,875. Major employers in this sector include well-known names like Lockheed Martin and Intralox.

The trade and logistics sector has also faced a small dip of 1.7% in employment. However, it remains crucial to the local economy, contributing $708.9 million overall. The Port of New Orleans and Louis Armstrong International Airport are important hubs for this industry.

Getting Back to Basics: Employment Trends

Now, let’s talk about employment rate statistics. The labor force participation rate in our beloved Greater New Orleans has reached 61.0%, which is above the state average but still lags behind national levels. The recent increase in unemployment to 4.4% indicates that there’s still work to be done to recover fully from the pandemic. It’s a stark reminder that while some sectors are thriving, others are having a tough time bouncing back.

Educational attainment levels are another area to focus on; the percentage of residents holding a bachelor’s degree or higher stands at 39.5%. This number, while better than the state average, needs to rise to meet national benchmarks.

Scoping Out the Future

The report takes a step further by introducing a digital format that makes essential data more accessible to all. This format includes insights into specific job categories and how they align with current demands in the workforce, making it easier for educational institutions and training programs to adapt accordingly.

Despite some sectors struggling, the report indicates a slight upturn in areas like heavy and civil engineering construction and professional services. These areas are vital as they offer hope for a more balanced job market.

The findings from this year’s report reflect not just the current job landscape in Greater New Orleans but also provide a roadmap for future workforce development, aiming for a more resilient and equitable economy.

As the region presses on, it’s clear that Greater New Orleans is on a journey filled with both challenges and opportunities. Everyone, from job seekers to educators to policymakers, will play a part in shaping the future of work in this vibrant community.