An Examination of Jobs Creation Opportunities and Strategies in the State of Louisiana: Policy Implications

Abstract

The purpose of this study is to examine the jobs creation opportunities and strategies, in both the private and public sectors, in the state of Louisiana and how synergetic there are with its economic competitiveness with the other 49 states of the U.S. to inform public policy. This study uses desktop research methodology using information publicly available in the Department of Labor Bureau of Labor Statistics, Louisiana Economic Development Agency, websites and journal publications. In all 100 articles, journal publications, and websites post about the subject matter were included in this study. The labor data series on Louisiana used in this study derive from the U.S. Bureau of Labor Statistics. Recent labor data have changed our understanding of how new jobs are created. Startups, young and fast-growing companies create new jobs, even though many may fail. Another key finding in this study is that, in the long run, the vast majority of jobs created in every state are “home grown” — they are produced by firms already located in that state. Employment trends in the state of Louisiana indicate a significant degree of tightness in the labor markets which implies low level of unemployment (3.3 percent) as compared to the other 49 states. They bode well to the overall strength and rate of growth of the economy. In light of recession fears and for future economic growth, the state of Louisiana needs to increase its spending on job creation initiatives and collaborate more with private sector businesses especially those in leisure & hospitality, clean energy, information technology, transportation & warehousing and encourage young, and fast-growing startups, which have been revealed in the literature to be the future engines of jobs creation.

Keywords:Jobs, Employment, Development, Hospitality, Economic-Growth, Policy, Businesses, Labor, Markets

DOI: 10.7176/JESD/14-2-06

Publication date: January 31^st 2023