Continued growth projected for LC

The Lake Charles metro area looks to continue growing over the next two years, with three major LNG export facilities expected to start building by 2020, economist Loren Scott said Friday.

Scott discussed his annual “Louisiana Outlook” report that forecasts economic trends on the local, state and national levels. Venture Global LNG, Driftwood LNG and Magnolia LNG are most likely to “pull the trigger” in terms of construction, he said.

Lake Charles is anticipated to be the state’s highest growing area in 2019 and 2020, with 4,000 new jobs expected next year, along with 5,300 new jobs in 2020.

The rising price of oil is the main reason these LNG facilities are eyeing construction, according to Scott. Oil has risen above $70 per barrel and is conservatively forecasted to reach $80 per barrel.

“That’s going to give us a bigger competitive advantage,” he said.

Louisiana is emerging from a 28-month recession that started in 2016, Scott said. During that time, the Houma area lost more than 15 percent of its jobs, while the Lafayette area lost 10 percent.

“Even though there was great growth in Lake Charles and good growth in Baton Rouge, it was not enough to offset those loses,” Scott said. “Now that the oil patch has bottomed out, it will start to grow a little in 2019 and have a really good year in 2020.”

Scott said the state could see about 60,000 new jobs throughout 2019 and 2020. However, slower growth is projected in areas like Alexandria, Shreveport and Monroe.

Capital spending planned in offshore areas is expected to rise in 2020, based on investment decisions already made by big oil companies, Scott said.

The national economy is expected to grow by just over 3 percent, but there are two major threats. One is the potential impact of President Donald Trump’s new tariffs imposed on Chinese goods.

Another threat to the nation’s economic growth is a requirement by the International Maritime Organization that takes effect on Jan. 1, 2020. More than 60,000 oceangoing vessels will have to use low-sulphur diesel in the open ocean.

Scott said there isn’t enough of a capacity to fuel all the ships with low-sulphur diesel, which could cause sweet crude oil prices to spike.

””Continued growth

SportsPlus

McNeese Sports

SLC games set for McNeese

McNeese Sports

Cowgirls look for four-peat

Local News

UPDATE: Drug charges against veterinarian cleared of rape dropped

Local News

Cassidy, Senate committee advances Robert F. Kennedy Jr. nomination to be health secretary

Business

Waffle House adds surcharge to eggs as massive bird flu outbreak leads to soaring prices

Local News

Federal judge blocks enforcement of La. police ‘buffer-zone’ law

Local News

Louisiana Armed Forces Alliance opens new offices

Local News

NY shields abortion pill prescribers after doctor indicted in La.

McNeese Sports

Cowboys win by a tick

Business

Wall Street swerves lower after Trump announces tariffs and then puts some on hold

Local News

A heart for kids: New Big Brothers Big Sisters CEO driven to help others

McNeese Sports

Hot-shooting Nicholls guns down Pokes

McNeese Sports

Cowgirls struggle early, fall to Nicholls

Informer

The Informer: Floods followed in wake of 1940 Gulf Coast storm

Business

Economic advisor: Collaboration, focus on workforce development key

Jim Beam

Jim Beam column:Professor back in classroom

life

String theory: Thompson rediscovers her art voice in fabrics

Local News

Qualifying ends, ballots set for March election

Crime

1/31: Calcasieu Parish Sheriff announces arrest list

life

Southwest District Livestock Show: Time again to hit the dirt

Crime

Former veterinarian found not guilty in rape of young girls at Kinder casino

McNeese Sports

Cowboys end road trip at Nicholls

Local News

UPDATE: La. fourth-graders in the top five in nation for math growth

Local News

Mercedes Lartigue-Sinegal: ‘I find fulfillment in helping students develop their knowledge and skills’