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Louisiana output grows 1.9 percent in 2014, below US average

1 year 7 months 2 weeks ago June 10, 2015 Jun 10, 2015 Wednesday, June 10 2015 June 10, 2015 9:59 AM in News
Source: Associated Press
By: Jeff Amy

BATON ROUGE - New figures show Louisiana's economy grew by 1.9 percent in 2014, lagging nationwide growth of 2.2 percent.

Gross domestic product numbers released Wednesday by the federal Bureau of Economic Analysis try to measure all of the economic output of each state.

The part of Louisiana's manufacturing sector that includes oil refiners and chemical makers boomed. But the state's mining sector, including oil and gas drilling, shrank. Contracting government was also a big drag on overall output.

Louisiana's $251 billion economy ranked 19th among the states for growth, with North Dakota growing the fastest. Alaska and Mississippi were the only states where economies shrank.

The numbers can change later - Louisiana's 2013 results were revised down from an initial estimate of a 1.8 percent expansion to a contraction of 2.5 percent.

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