STATE ECONOMIC PROFILE
Louisiana Economic Overview
$244.4b
GROSS STATE PRODUCT
Growth Rate 2019-24
State Growth Rank
-0.2%
50
4,553,207
POPULATION
Growth Rate 2019-24
State Growth Rank
-0.5%
50
421,707
BUSINESSES
Growth Rate 2019-24
State Growth Rank
2.1%
29
Overview of the Louisiana Economy
In 2024, the state of Louisiana has a population of 4,553,207, having declined an annualized -0.5% over the five years to 2024, which ranks it 50th out of all 50 US states by growth rate. Louisiana's gross state product (GSP) in 2024 reached $244.4b, with growth of -0.2% over the 5 years to 2024. Businesses in Louisiana employed a total of 2,168,978 people in 2024, with average annual employment growth over the past five years of -0.4%. The top three sectors by total employment are Manufacturing, Real Estate and Rental and Leasing, Healthcare and Social Assistance, while the unemployment rate across the state in 2024 was 4.4%.
What is Louisiana's Gross Domestic Product (GDP)?
In 2024, Louisiana's GDP reached $244.4b, representing an decrease of -0.2% from 2023. Louisiana's GDP has grown at an annualized rate of 2.6% over the five years to 2024. Moreover, Louisiana's trailing five-year GDP growth ranks it 50th out of all 50 US states.
State GDP, or Gross State Product, is a measurement of a state's output, or the sum of value added from all industries in the state. It is a common indicator used to track the health of a state's economy.
You can track trends in Louisiana's GDP, and compare them to the national average, using the chart below.
STATE ECONOMIC PROFILE
Louisiana Industry Trends
What are Louisiana's Largest Industries by Revenue?
The largest industries by revenue in Louisiana are Petroleum Refining, Oil Drilling & Gas Extraction and Public Schools, which generated $129.5b, $44.9b and $22.1b in 2024.
STATE ECONOMIC PROFILE
Top Companies in Louisiana
Top 10 Companies Headquartered in Louisiana by Employment
The largest companies by employment in Louisiana are State of Louisiana, Jefferson Parish and Walmart Inc., which employed 68,184, 40,645 and 36,184 people in 2024.
STATE ECONOMIC PROFILE
Louisiana Sector Statistics
In Louisiana, certain sectors drive a higher share of state GDP and employ more workers than others. However, simply looking at raw numbers doesn't always tell the whole story. Factoring in the current year growth percentage, in addition to the annualized growth percentage over the past five years, will give you a deeper understanding of the economic situation.
What is Louisiana's GDP by Sector?
The Manufacturing, Real Estate and Rental and Leasing and Healthcare and Social Assistance sectors contributed the most to Louisiana's GDP in 2024, representing a combined 41.2% of state GDP.
GDP trends by sector are an important indicator of which sectors are contributing the most value-add to the state's economy, in addition to how the state economy is evolving over time.
What is Louisiana's Employment by Sector?
The Healthcare and Social Assistance, Retail Trade and Educational Services sectors contributed the most to employment in Louisiana in 2024, representing a combined 38.3% of state employment.
Employment trends by sector are an important indicator of which sectors are growing or contracting most rapidly relative to the state economy as a whole.
STATE ECONOMIC PROFILE
Louisiana Employment Trends
2.2m
EMPLOYMENT
Growth Rate 2019-24
State Growth Rank
0.5%
17
4.4%
UNEMPLOYMENT
Growth Rate 2019-24
State Growth Rank
-1.1%
28
What Employment Trends are Impacting Louisiana?
The state of Louisiana employs 2,168,978 people in 2024, which ranks it 24th out of all 50 US states. Employment in Louisiana has grown at an annualized rate of 0.5% over the five years to 2024, underperforming the national average of 1.2%. Major sectors by employment in Louisiana include Healthcare and Social Assistance, Retail Trade and Educational Services, which employed 331,858, 275,465 and 222,517 people in 2024, respectively. Louisiana's unemployment rate is 4.4% in 2024, which ranks it 39th out of 50 states. Louisiana's unemployment rate has trended downwards at a rate of -1.1% over the five years to 2024, overperforming the US economy as a whole. Employment trends indicate the degree of tightness or slack in labor markets, in addition to the overall strength of an economy. Faster employment growth typically indicates a strong and growing economy, while lower unemployment tends to imply tightness in labor markets.
You can track unemployment trends in Louisiana, and compare them to the US economy, using the chart below.
$79.2k
PER CAPITA DISPOSABLE INCOME
Growth Rate 2019-24
State Growth Rank
3.1
45
What is Louisiana's Per Capita Disposable Income?
Per capita disposable income, also known as disposable personal income (DPI), is the amount of money that the average person in an economy has available for spending and saving after accounting for income taxes. Louisiana's DPI in 2024 was $79.2k, compared to the US average of $128.6k, which places it 45th out of all 50 US states.
Disposable income is regarded as a key economic indicator as trends in disposable income are indicative of the level of aggregate demand, the state of labor markets and the financial strength of households.
You can track trends in Louisiana's per capita disposable income, and compare it to the US average, using the chart below.
STATE ECONOMIC PROFILE
Louisiana Construction & Building Trends
$5,327.9tn
NONRESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
-13.1%
4
$3.2tn
RESIDENTIAL CONSTRUCTION
Growth Rate 2019-24
State Growth Rank
-0.3%
7
13,754
BUILDING PERMITS
Growth Rate 2019-24
State Growth Rank
-3.2%
10
What can construction trends tell you about a state’s economy?
In Louisiana, non-residential construction was $5,327.9tn in 2024, which ranks it 4th out of all US states. Residential construction was $3.2tn in 2024, which places Louisiana 7th in the United States. The number of building permits issued in Louisiana in 2024 was 13,754, representing a -3.2% annualized growth rate between 2019 and 2024.
Trends in the construction sector are important because it creates jobs, income and tax revenue for a state. In addition, construction sector activity impacts other sectors in its supply chain, including manufacturing, wholesaling, warehousing, transportation, and real estate, rental and leasing services. Therefore, construction trends are important indicators of the health of an economy.
You can track trends in the number of building permits issued in Louisiana, and compare it to trends in the number issued in the United States as a whole, using the chart below.
STATE ECONOMIC PROFILE
Louisiana Population Statistics
Which Counties in Louisiana have the Largest Populations?
The counties with the highest populations in Louisiana are East Baton Rouge Parish, Jefferson Parish and Orleans Parish, which had populations of 446,280, 414,913 and 358,919 people in 2024.
STATE ECONOMIC PROFILE
Louisiana Demographics
Education Level Louisiana
Race in Louisiana
Louisiana State Industry Reports
IBISWorld State Industry Reports help you quickly understand how an industry performs at the state level compared with the national level by providing accurate and unbiased industry information with a local focus. Use this collection to:
- Discover key local industry trends
- Identify threats and opportunities at the subnational level
- Inform your business strategies and planning
See our list of 643 Louisiana Industry Reports.
