10 minute read
SWLA Jobs & Economy on the Rebound
SWLA JOBS & ECONOMY
on the rebound
by Daniel Groft, PhD.
Hurricanes Laura and Delta made landfall almost one year ago. These storms caused unprecedented devastation in our region amid the backdrop of the COVID-19 pandemic causing unparalleled worldwide economic damage. The Lake Charles area experienced a large drop in economic activity as illustrated in the graph of employment. The storms caused billions of dollars in damage to housing, automobiles, businesses, and agriculture, and led to the relocation of many citizens. In just one month, the area lost over 8,500 jobs and the unemployment rate in the area shot up to 12.6% (the highest level since Rita).
We are fortunate that employment in the region is finally slightly above pre-storm levels and the unemployment rate has come down. This jobs recovery has been slow and steady. The area has also seen recovery in important economic variables such as gaming revenues, exports, and taxable sales. Nonetheless, there is a great deal of work left to be done. Many structures are still awaiting repair and numerous citizens remain displaced. Southwest Louisiana is still, along with the rest of the nation, some distance away from prepandemic levels of economic activity.
The economic rebound has hit obstacles along the way. The area experienced an ice storm in February and a flood in May. The floods, severe storms, and tornadoes were declared a federal disaster on June 2, 2021 affecting not only Calcasieu but Lafayette and parishes in the Baton Rouge area. FEMA has approved over $9 million in individual assistance from almost 2,000 applications so far. Estimates from a report commissioned by Louisiana Economic Development bring to light more of the economic effects of this event. The overall economic damages to the entire state were estimated to be almost $319 million. As the rains dropped more than 12 inches of water in Calcasieu, the flooding caused interruptions in over 2,000 parish businesses affecting almost 25,800 employees. This caused a drop of almost $21 million in the parish’s gross domestic product. It was also estimated that 1,300 residential housing structures experienced damages amounting to almost $50 million. There were also severe damages to automobiles, commercial building structures, and agriculture.
Southwest Louisiana has gone through unprecedented trials. While much of the coverage has justifiably been focused on pandemic and storm recovery, it must be remembered there was great damage caused to our region and state from these other events. In July, 2020, mayor of Lake Charles, Nic Hunter, was in Washington, D.C. requesting billions in Federal Supplemental Relief. This supplemental disaster relief has been called for from all in the state since the storms. The disasters we’ve experienced have caused billions of dollars in damage to all facets of the economy as well as widespread hardship in our lives. After all the challenges Southwest Louisiana has faced, the benefits of receiving this aid would be crucial in rebuilding back faster and better for the long-term.
Dan Groft is Associate Professor of Economics at McNeese State University, the Director of the Drew Center for Business and Economic Analysis (mcneesedrewecon.org), and an economist with the SWLA Alliance.
Michelle Swift Corcoran, DDS,
Keeps Smiling through a Challenging Year
after 10 years serving Lake Area clients, local dentist Michelle Swift Corcoran was eager to get back into her newly remodeled and expanded office space on Oak Park Blvd. But the excitement was short-lived. In March, Covid-19 forced the closure of dental offices. “I was pretty stressed at this point. I was worried about my business, employees and family,” says Dr. Corcoran. “I have three young children, ages six, five, and two. Daycares were closed and I was suddenly a stay-at -home mom for the first time in my life. I have much respect for stay-at -home moms after the COVID -19 shutdown. That job is way harder than mine.” By summer, Dr. Corcoran’s business reopened, but again, not for long. Hurricane Laura destroyed both her Oak Park and Hackberry dental offices. The storm also severely damaged her home. After being temporarily displaced, Dr. Corcoran and her family returned to Lake Charles. “I went back to work fulltime in January 2021. By God’s grace, we found a rental house and a rental dental office, which were extremely hard to come by at that time.” Then came a historic flood in May 2021. Dr. Corcoran describes that day: “It was just a normal day at the office, with patient visits starting at 8:30 a.m. I had been so busy setting up my temporary location and getting my business back up and running, that checking the weather wasn’t even on my mind. However, that day totally blew our minds. We got about five inches of water in the office. My staff, our patients, and I had to be rescued from the flood by the Calcasieu Parish Sheriff’s Office.”
Despite the many challenges, Dr. Corcoran remains optimistic for the future. She found a larger office on W. McNeese St. and is currently renovating the space. “We plan to move in by the end of this year,” she says. “God has plans that I will never understand, but in the end, it always comes out much better than I could have ever planned. I am so excited to move into the new building.And our home is only a few months away from being repaired from the hurricane damage. Our family is healthy and happy, so all is well in our part of Lake Charles.”
Lake Charles’s Tim Andreas of GLOBAL ASSET MANAGEMENT GROUP
Honored for Charitable Work with the Local Heart Foundation
Tim Andreas, President and CEO of Global Asset Management Group and Co-Founder of the Local Heart Foundation in Lake Charles, LA, received Honorable Mention in the 15th Annual Invest in Others Awards for his philanthropic contributions to the Local Heart Foundation.
The Invest in Others Charitable Foundation established its awards program to recognize the charitable work of financial advisors in communities across the country and around the world.
Financial advisors are nominated for actively giving back to nonprofits to improve their communities and make a difference in the lives of others. Hundreds of inspirational nominations for the Invest in Others Awards were received this year and reviewed by a diverse panel of leaders in the financial services industry. Those earning Honorable Mention were selected based on their leadership, dedication, contribution, inspiration, and impact on a nonprofit and the community it serves.
As Co-Founder of the Local Heart Foundation, Tim holds a leadership role within the foundation and volunteers over 20 hours of his time per month. He is involved in the day-to-day operations of the foundation and plays a large part in all fundraising events and board meetings. Tim is aware of each Application for Assistance that comes to the Local Heart Foundation from local heart patients and enjoys getting to know them and their families. He finds great joy in seeing the positive impacts his foundation has on the lives of heart patients in his community of Southwest Louisiana.
Founded in 2017 by Tim and Tammy Andreas, the Local Heart Foundation, a 501(c)3 non-profit organization works to promote a culture of compassion in and around Southwest Louisiana through fundraising efforts to directly impact and aid local individuals who are currently dealing with heart disease. Their mission is to inspire hope and improve the quality of life for heart patients and their families in the community of Southwest Louisiana by providing resources for overwhelming and unplanned financial burdens while undergoing treatment for heart disease.
Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC. Investment advisory services are offered through Raymond James Financial Services Advisors, Inc. Global Asset Management Group is not a registered broker/dealer and is independent of Raymond James Financial Services.This ranking is not based in any way on the individual’s abilities in regards to providing investment advice or management. This ranking is not indicative of an advisor’s future performance, is not an endorsement, and may not be representative of individual clients’ experience. Raymond James is not affiliated with Invest in Others Charitable Foundation or the Local Heart Foundation.”
Building a Legacy of Excellence
Alfred Palma LLC is one of Southwest Louisiana’s most respected full-service commercial and industrial general contractors.
Our founder, Alfred A. Palma Jr., offers our clients over 60 years of experience in the construction industry. He founded Alfred Palma LLC in 1986, during a time when the regional economy was weak and chances for growth were limited. But he and his son James, who joined the company soon after it opened, defied the odds. 35 years later, Alfred and James, now co-owner and vice president, continue to lead the family-owned corporation. They specialize in large-scale projects, from churches and schools to industrial, hospitality and public facilities – and everything in between. Alfred Palma LLC has established a reputation for exceptional quality, innovation, and safety across the industry with their work on projects that will stand the test of time and be used and enjoyed for generations.
Learn more about Alfred Palma LLC General Contractors at APalmaInc.com.
SUDDUTH & ASSOCIATES, LLC
Sudduth and Associates has a storied history in Southwest Louisiana. James E. “James” Sudduth, III’s grandfather, James E. “Jim” Sudduth, worked in public service for 50 years (including as mayor of Lake Charles from 1965-1973) and later opened an economic consulting firm. James’ father, James E. “Bo” Sudduth, II, used the family name for property management and development. After graduating from law school at Louisiana State University, James Sudduth, III aspired to return to his Southwest Louisiana roots and establish a path of his own through Sudduth and Associates, LLC.
Since opening Sudduth and Associates, LLC in 2015, Sudduth and Associates has staffed itself with attorneys and staff that collectively bring 100 years of legal experience to the residents of Louisiana and Texas. They specialize in a wide variety of law concentrations, but they focus primarily on Criminal Defense, Labor and Employment Law, Family and Domestic Law, Personal Injury, Civil Litigation and Worker’s Compensation.
Following the devastation from Hurricanes Laura and Delta, and in an effort to help and protect the rights of the residents of Southwest Louisiana, Sudduth and Associates expanded its practice areas to include Hurricane Insurance Claims. Since this expansion, Sudduth and Associates has been able to successfully obtain payouts for its clients in order to assist them in their rebuilding efforts.
Sudduth and Associates takes pride in its foundation and roots in Southwest Louisiana and looks forward to rebuilding together!
Sudduth and Associates is located at 1109 Pithon St, Lake Charles, LA 70601. Call 337-480-0101 or see their website, www.saa.legal for more information.
