2024 Jobs Report

Data shows the region’s economy has diversified significantly. While sectors such as energy and tourism remain pillars of the growth, recent growth is shaping the local workforce. Healthcare and education have emerged as power players, offering steady growth and competitive salaries. This trend reflects a national focus on service-oriented jobs, but with a New Orleans twist – healthcare here encompasses a bustling bioscience scene, while education includes a thriving tourism-hospitality training sector.

Meanwhile, the energy sector is undergoing its own transformation. The rise of an “all-of-the-above” strategy changes the landscape, demanding new skillsets and offering alternatives to traditional occupations. Yet, Louisiana’s legacy allows the state to uniquely capitalize on the shift. Adapting existing infrastructure and expertise will create thousands of high-paying jobs, solidifying the region’s energy leadership while ushering in a new future. These dynamics paint a picture of a labor market undergoing change, but one brimming with potential.

The region’s labor force participation rate indicates an opportunity to support the further development of accessible career pathways for residents

The labor force participation rate measures the talent available for employment, as well as how many working-aged residents are sitting on the sidelines.

The region’s 61.0% participation rate, though higher than Louisiana’s average, highlights a significant share of working-aged residents not engaged in the job market. This may reflect factors like higher education, retirement, or caregiving, as well as potential economic challenges, such as limited job opportunities or employment barriers. A lower participation rate can constrain economic growth by reducing the share of residents contributing to the economy.

An employed labor force is an indicator of success in matching workers with job opportunities

The unemployment rate measures the share of the labor force that is jobless but actively seeking work, reflecting overall job market conditions.

The Greater New Orleans unemployment rate rose to 4.4% in 2024, up from 3.6% in 2023 and matching its pre-pandemic level. Though marginally higher than state and national rates, this increase mirrors broader trends, signaling a cooling job market. While still moderate, sustaining job growth and workforce participation will be key to maintaining regional economic momentum.

Educational attainment metrics serves as a crucial barometer for its economic vibrancy, with higher levels demonstrably correlating with enhanced innovation, increased investment attraction, and the cultivation of a robust, future-proof workforce

Monitoring educational attainment in Greater New Orleans helps evaluate the effectiveness of educational policies, identify areas for improvement, and guide workforce development initiatives. A well-educated population fosters innovation, attracts businesses, and drives economic growth.

While the region leads Louisiana in degree attainment, with 39.5% holding at least a bachelor’s degree, it lags behind the national average and faces challenges in high school completion and degree attainment below the associate’s degree level. To support long-term economic growth in Greater New Orleans, efforts should focus on increasing degree completion, improving high school graduation rates, expanding workforce training and certification programs, and helping individuals with some college education finish their degrees.

Wage growth is an indicator of economic vibrance, and a catalyst for creating wealth throughout local communities

Tracking regional average weekly wages is crucial for understanding economic health and identifying trends in employment and income distribution, which can inform policy decisions and workforce development strategies. This data helps in assessing the affordability of living in a region and can guide businesses and investors in making informed decisions about where to allocate resources and opportunities.

Average weekly wages across the region have continued their steady growth over the past five years. While this is positive news, there is still work to be done to ensure weekly wages keep in line with inflation and the overall increase in the cost of living.

Understanding macro-level regional data on factors is crucial for crafting equitable policies that reflect the diverse needs and opportunities across different communities

A nuanced understanding of a region’s gender distribution is crucial for crafting effective workforce development initiatives. By understanding the nuances of gender distribution, initiatives can ensure inclusivity, tap into untapped potential, and foster a more vibrant and diverse regional workforce.

Our region’s distribution mirrors the national population, meaning there is ample opportunity to ensure industries employ residents in a manner that reflects the region’s population, particularly within Top Jobs. Many Top Jobs are dominated by one gender, providing an opportunity to diversify those careers.

By recognizing the mosaic of racial and ethnic groups, initiatives can address specific needs, promote cultural and linguistic diversity in the workforce, and unlock the full potential of all residents. In essence, acknowledging and engaging with a region’s racial and ethnic tapestry builds a stronger, more inclusive, and thriving workforce for the future.

Many industries and Top Jobs across our region are not fully reflective of the racial and ethnic makeup of our population, highlighting an economic mobility imperative for all workforce development stakeholders.

Analyzing the age distribution of the region’s working-age population (ages 15-64) helps forecast labor market trends and guide workforce strategies. In Greater New Orleans, the largest group is ages 30-39 (13.8%), followed by ages 40-49 (12.8%) and 20-29 and 50-59 (both at 11.8%), indicating a balanced mix of young and mature workers.

Overall, our region reflects a healthy and diverse age range within the workforce, which necessitates targeted strategies for engagement, training, and succession planning across all age segments.