Louisiana Is Actually Adding More Jobs Despite Low Oil Prices
If you just look at the headlines you might think things were all doom and gloom in the state of Louisiana. It's true low oil prices have taken their toll and business are having to be smarter and more proactive in their strategic planning. Despite the downturn in the oil and gas economy the state as a whole has actually added more people to the workforce this year.
According to the Louisiana Workforce Commission and Executive Director Curt Eysink the state has actually added more people to the workforce compared to August of 2014. In fact nearly 25-thousand more people are employed in Louisiana compared to the same time last year. Eysink says that is because of a strong upward trend in industrial construction across South Louisiana.
Eysink did tell the Louisiana Radio Network that lower oil prices are being felt throughout the workforce.In fact he blames the low price of oil for a decline of nearly 78-hundred jobs in the oil patch.Those impacts not only affect oil and gas jobs but related industries are starting to feel the pinch too.
I think the longer the price of oil stays depressed as it is now, the more we are going to have to watch those impacts. We're seeing less activity in trucking, shipping and transportation.
Employment in the oil and gas sector of the economy is at its lowest since 2005.