Despite troubled economic times nationally, Lafayette continues to thrive.

In October of 2012, Lafayette's 4.1% unemployment mark was the 16th lowest in the country. Recently released numbers show Lafayette's unemployment rate is continuing to decline.

City-Parish President Joey Durel explained on his weekly "Lafayette Live" segment on "Mornings with Ken and Bernie" that the already low unemployment rate has dropped even lower to an incredible 3%, putting Lafayette near the top of the list of cities with the lowest unemployment rates in the country.

Durel attributes much of the credit for Lafayette's outstanding unemployment rates to the city's university.

It all goes hand in hand. When you think about UL and what it means to this area, it's one little piece of the whole equation.

Durel contends that the University of Louisiana's benefits reach all parts of Acadiana, not just Lafayette.

I tell people all the time it's so important that we support this university, because even when a company is looking in the Acadiana area, not necessarily Lafayette Parish at all, it may be that while they're locating where there's a different sort natural resource that they're attracted to, it may be that part of the attraction is that there's a college close by for their kids, their employees' children, and for workforce development.

To listen to the full interview, click the play button below.