UNO study says NO area economy grew slightly - FOX 8 WVUE New Orleans News, Weather, Sports

UNO study says NO area economy grew slightly

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New Orleans, La.- The New Orleans area economy grew modestly over the first three quarters of 2012 according to a new University of New Orleans Metropolitan Report. The report details    substantial job losses in some industries such as construction, manufacturing of transportation equipment and retail trade.  But those losses were offset by employment gains in other industries, such as tourism, educational services, and professional and business services.

The report shows that total employment in the NO metropolitan area increased by 0.4 percent, or by approximately 2,000 jobs, during the first three quarters of 2012.

The areas that lost jobs include construction, which saw a decline of 4,000 jobs, manufacturing of transportation equipment which lost 1,500 jobs and retail trade, where 1,000 jobs were lost.

But several areas, including tourism, saw an increase in the number of new jobs.  In the area of leisure and hospitality, 3,500 new jobs were created in 2012.  More than 2,000 jobs were added to educational services, and another 1,600 positions opened up in the professional and business services.

The unemployment rate in the New Orleans area decreased from 7.5 percent to 6.7 percent at the end of 2011, but increased to 7.4% between the first and third quarter in 2012.

The report, compiled by UNO's Division of Business and Economic Research, is a quarterly publication containing analysis of recent trends and the short term outlook for the New Orleans metro area.     The UNO Forecasting Model provides current indicators along with detailed forecasts of economic activity in the New Orleans metropolitan statistical area. The area includes Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John the Baptist and St. Tammany parishes. To view the full report, visit: http://www.uno.edu/coba/DBER/docs/MetroJan13.pdf

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