Home / Business and Economy / Louisiana Faces Exodus Amidst Economic Boom
Louisiana Faces Exodus Amidst Economic Boom
7 Jan
Summary
- Louisiana continues to be the state with the highest outbound migration.
- A significant portion of Louisiana homeowners face seriously underwater mortgages.
- Major projects like Hyundai's $5.8 billion mill aim to boost economic competitiveness.
Louisiana is grappling with a persistent population decline, identified as the nation's most "outbound" state in a recent Atlas Van Lines study. Despite this ongoing trend, state leaders are highlighting significant economic development projects, such as Hyundai's planned $5.8 billion mill in Ascension Parish, which aims to enhance business competitiveness.
The state's population peaked in 2020 and has since seen a steady decrease, with recent projections showing only a marginal increase. Compounding these demographic challenges, a substantial number of Louisiana homeowners find themselves "seriously underwater" on their mortgages, owing at least 25% more than their homes are worth. This financial predicament, particularly prevalent in parishes like Calcasieu and Rapides, restricts homeowner mobility.
Factors such as high housing costs, expensive insurance, and softening demand contribute to Louisiana's affordability issues and can stall property markets. However, the state has received recognition for business development, including a "Platinum Deal of the Year" award for Hyundai's project, signaling a potential shift toward increased economic viability.
