COVINGTON, La – On Dec. 17, St. Tammany Corporation released their third quarter edition of The AnalyST, a curated collection of economic indicators designed to interpret the regional and national economies and their interconnectivity with St. Tammany Parish. As the lead economic development organization for St. Tammany Parish, St. Tammany Corporation serves as a resource center for business services throughout the parish.
Highlights from the report include a trend toward increased stability in employment, a decrease in inflation and increases in opportunities for strong workforce growth.
“This edition of The AnalyST reinforces our economic strengths and areas of opportunity,” said St. Tammany Corporation CEO Chris Masingill. “As economic stewards, we will continue to use this data to stay informed of important economic trends and to help guide strategies that enhance our local economy.”
St. Tammany Corporation hired the economic development and strategic planning consultancy group Economic Leadership, LLC, to gather and analyze data on a range of topics including inflation, the labor market, residential real estate, and other industry-specific information taking place in St. Tammany.
Key research insights from the Q3 AnalyST show that entrepreneurship in the parish continues to be strong and that new business formation levels remain high. St. Tammany added more business than the number that have closed each year from 2019 to 2022. There was an average of 66 new business incorporation filings per week in St. Tammany in Q3 2024.
“We’re seeing high levels of new business activity due to various economic factors,” said Masingill. “Business owners are drawn to the parish’s strategic location within the Gulf South region, its pro-business climate, and the availability of a highly skilled and talented workforce. St. Tammany offers the infrastructure and support businesses need to grow, with accessible resources like workforce development programs and exceptional quality of life amenities.”
The Q3 AnalyST also found that inflation is hovering just above the two percent year-over-year target. The price of some goods, such as used cars and gasoline, have fallen in the last year. Prices for some essential goods such as housing, food away from home, energy bills, and childcare remain higher than normal.
In terms of wage growth, rates in the region are moderating back to pre-pandemic levels, so workers may see increases in their earnings at rates higher than the rise in prices. This stabilization will also help moderate employers’ costs.
Despite a slight increase to 4.1 percent, the St Tammany parish unemployment rate for the quarter was lower than the Greater New Orleans and Louisiana state averages but the labor force size remains lower than its pre-pandemic size. Unemployment numbers in manufacturing were higher than those in 2023 in the parish while jobs in the non-manufacturing service industry grew steadily.
The housing market is stable and not experiencing dramatic increases like in many other parts of the country. This helps the parish remain an affordable option for existing and potential workers.
Since the organization’s launch in 2018, St. Tammany Corporation facilitated business expansion and attraction announcements representing over $291.9 million in capital investment and 2,299 new and retained jobs in St. Tammany Parish.
“St. Tammany Parish’s blend of affordability, innovation, and community makes it a destination of choice for businesses and residents alike,” said Masingill. “Entrepreneurs and established companies see the value in investing here, where we provide the resources to foster success and create opportunities. With our $15 billion economy, top-rated education, and natural beauty, these factors come together to make St. Tammany a place where people can live, work, and thrive.”
The Q3 edition of The AnalyST can be accessed at St. Tammany Corporation’s website here.
