Today, Gov. John Bel Edwards released the following statement on the latest report from the Bureau of Economic Analysis which shows that wage growth in Louisiana was at 2.3 percent. Louisiana’s personal income grew at a rate of 6.6 percent in the first quarter of 2018 and 4.8 percent in the second quarter. As expected, the largest drop in income growth came from farm earnings, as a result of tariffs imposed on various crops, which saw a decline of $101 million.
“For two consecutive quarters, Louisiana’s personal income growth was among the highest in the nation,” said Gov. Edwards. “Today, we’re seeing the negative effects these tariffs coming down from Washington will have on our economy. In July, I sounded the alarm to the White House on what these tariffs would mean for multiple industries in our state, from agriculture to our booming petrochemical facilities. Louisiana’s economy has been steadily improving, evidenced by our decline in unemployment and our growth in gross domestic product, but we need Congress to step in to lessen the impact these tariffs are having. I’ll continue to work with our Congressional delegation and the White House to ensure we do not let this flawed policy do any more harm to Louisiana’s economy.”
To view a copy of Gov. Edwards’ July letter to President Donald Trump, please click here.