GBRIA’s 3rd Quarter Economic Index Shows Industry Expects High Demand for Skilled Crafts
The Greater Baton Rouge Industry Alliance (GBRIA)’s economic outlook survey of its members shows production, capital spending, and hiring will increase, with most plants reporting that they anticipate an increase in the third quarter of 2024.
Plant managers from 39 sites, or 65% of the members, weighed in on what they believe the next six months hold for their operations. The GBRIA index is 84, up 14 points from the Q2 2024 results.
The index remains above fifty, which indicates an expanding economy, although some plants have expressed concern over having enough of a skilled craft workforce to support continued growth. Members commented mostly on 1) upcoming turnaround projects impacting capital expenditures and headcount, and 2) a competitive labor market among sites.
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2024 Third Quarter Forecast |
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Question |
Increase |
No Change |
Decrease |
Index |
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How do you expect your plant’s production to change in the next 6 months?
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40% |
50% |
10% |
80 |
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How do you expect your company’s capital expenditures to change at your plant in the next 6 months?
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40% |
60% |
0% |
90 |
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How do you expect your plant’s COMPANY employment to change in the next 6 months?
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32% |
68% |
0% |
82 |
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How do you expect your company’s CONTRACT employment to change in the next 6 months?
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32% |
63% |
1% |
81 |
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3rd Quarter 2024 GBRIA Economic Index |
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84 |
The GBRIA index value is calculated as a diffusion index centered on 50 and ranges from negative 50 to positive 150. Values over 50 predict an expanding economy and values below 50, a contracting economy. The survey is a forward-looking index modeled after The Business Roundtable CEO Economic Outlook Index.