SHREVEPORT/BOSSIER CITY, La. (KSLA) – The economy in the Shreveport-Bossier City area is showing positive signs
Research from LSU Shreveport shows positive signs for the Shreveport-Bossier City economy, despite high inflation in recent years.
“Shocked in a good way, I don't think most economists thought we would be in this situation given the inflation we've had,” said Douglas White, director of the LSUS's Center for Business and Economic Research.
Unemployment is at an all-time low while people in the Shreveport-Bossier City area are still looking for work, he said.
“Because one way to reduce unemployment is for people to just stop looking for work, and that's not what we're seeing here,” White explained. “That our labor force participation has remained relatively constant, so that people who are looking for work have no difficulty finding it.”
White said that overall the data points to a relatively healthy economy, which he called a positive shock given the inflation we had 15 to 18 months ago.
“I think we're kind of sitting in a position where if you look at the economic trends, we haven't had a real downturn or anything that stands out as negative as far as I can tell.”
In the housing sector, the CEO of the Northwest Louisiana Association of Realtors said if you're looking to buy a home, it's becoming a buyer's market again at this point.
Scott Hughes also said inflation has driven up prices over the past five years, making pricing a problem.
“The Shreveport-Bossier market for decades had an average sales price of about $175,000 to $180,000, now we're up to about $225,000,” he explained. “And that’s a lot of growth in four or five years. And it may take a few years for the market to stabilize, especially with many first-time homebuyers still looking to enter the market.”
However, Hughes said real estate sales in our area are still some of the best in the country.
“We still have three-bedroom, two-bathroom homes that average less than $250,000. And that’s something you can’t find anywhere else in major markets across America.”
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