PRESS RELEASE: LOCAL WAGES AMONG HIGHEST IN STATE
St. Charles Parish Economy Strong
Recently released data by the Bureau of Labor Statistics shows that the wages paid by St. Charles Parish employers to its workers rank as some of the highest in the State of Louisiana. The agency’s Quarterly Census of Employment and Wages report indicates that the average weekly wage earned in St. Charles Parish is $1,525 or $79,300 annually. The figure places St. Charles Parish as the third highest in the state of Louisiana.
These numbers are the latest in recent flurry of reported economic indicators proving the strong momentum of the St. Charles Parish economy. The local unemployment rate has remained at or near historic lows and St. Charles Parish recorded over 9% economic growth (gross regional product or GRP) over the past two years. The residential housing market is robust with prices increasing 6.2% over the past year and new residential construction starts increasing 38% over the past three years. In addition, sales tax collections are higher than forecasted, property values continue to increase, and businesses are projected to invest approximately $2 billion in local facilities over the next couple of years.
St. Charles Parish President Larry Cochran says the recent good news about the local economy is not coincidental. “The strength of the local economy shows that our plans for economic development and smart growth are working. By continuing to focus on improving essential infrastructure, creating a better quality of life and ensuring our small businesses and industry are afforded every opportunity to succeed, St. Charles Parish has and will continue to be an easy choice for residents and businesses to invest in.”