The Haynesville Shale, or oil and gas industry as a whole, contributed the most to the Shreveport-Bossier economic area coming in the top 10 for GDP growth in 2010. The area grew by more than 7.5%, while the rest of the nation grew at a much lower 2.8%. Oil & gas gets a bad name from those that oppose development, but you can’t argue the direct impact in GDP and the number of jobs the industry creates. Domestic resources = domestic jobs = domestic growth. That might be the common ground.
Surviving the national economy is no small feat, and Shreveport-Bossier’s success is keeping pace with some of the country’s leading communities.
Shreveport-Bossier was recently ranked 9th of 360 U.S. metropolitan areas for gross domestic product growth by the Bureau of Economic Analysis. The area’s GDP grew 7.5 percent in 2010 from $19.7 billion in 2009 to $21.2 billion in 2010. Gross domestic product is the monetary value of all finished goods and services produced within an area’s borders in a specific amount of time.
Statewide, Louisiana’s overall GDP ranked 19th strongest in the U.S., growing at 2.6 percent. Baton Rouge and New Orleans scored 0.4 percent and 2.4 percent gains, respectively, according to the Bureau of Economic Analysis.
Read the full news release at shreveporttimes.com