Noted economist Dr. Loren Scott predicts that the Lafayette MSA will lose 3,000 jobs in 2011 and another 800 in 2012.
Dr. Loren Scott predicts the Lafayette MSA will lose 3,000 jobs in 2011. He attributes the anticipated job loss to a proposed federal tax on the oil and gas extraction industry, along with a slowdown in the Gulf of Mexico that will result from new regulatory burdens put in place due to the oil spill. (If the moratorium on deepwater drilling extends beyond the Nov. 30 deadline, the expected 2011 losses will increase by 9,000 jobs, the economist says.)
Scott's job loss predictions are supported by another expert: Dr. Joseph R. Mason, LSU Endowed Chair of Banking and nationally renowned economist, estimates that the proposed energy tax changes would trigger grave economic consequences, among which are:
- Initial losses of more than 154,000 jobs by the end of 2011, not only in the energy sector but across the entire economy;
- More than $341 billion in lost U.S. economic output; and
- In excess of $68 billion in lost wages nationwide
View Mason's September report here.
Scott says the Lafayette metro will lose another 800 jobs in 2012.
Hear Scott's complete analysis at Tuesday's Entree to Business Luncheon, presented by ABiz and sponsored by MidSouth Bank and Dwight Andrus Insurance. Tickets are $50 per person or $450 for a reserved table of eight. For more information or to order tickets, contact Robin Hebert via email at [email protected] or 337-769-8603. Read more about the annual event here.