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Consumer, business spending in Baton Rouge hits 5-year peak in March; see figures | Business – New Orleans, Louisiana

New Orleans, Louisiana 2021-05-29 05:00:00 –

Consumer and corporate spending in East Baton Rouge recorded the highest month of almost five years in March as the COVID-19 vaccine became more available and pandemic restrictions were relaxed.

More than $ 987 million was spent in the parish that month, according to figures released on Friday by City Diocese Finance Bureau..

This is an increase of 23.5% from the $ 799.5 million consumed in March 2020.

March has been the best month to spend in East Baton Rouge since December 2016, with sales of $ 998.6 million. That month’s spending was boosted not only by holidays, but by all the rebuilding, replacement and refurbishment that took place in the aftermath of the August 2016 flood.

All Louisiana residents over the age of 16 were vaccinated in March, just as the company’s capacity limits were relaxed.

Car sales also recorded a similar increase, up 25% from March 2020, from $ 64.2 million to $ 80.2 million. This increase is due to a significant reduction in inventories available in lots of new and used cars, despite a global shortage of microchips.

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Spending at retail stores, which account for almost 57% of the parish’s total economic activity, increased by 40.3% in March. Restaurant and bar sales were even better, up 79% compared to March 2020.

Manufacturing spending, which could be affected by expensive equipment purchases, decreased by 19%.

Baton Rouge sales increased 23.3% from $ 443 million to $ 546.3 million. The rise outside the city was even greater, with sales increasing 23.7% from $ 356.5 million to $ 440.9 million.

Sales tax collection was $ 19.7 million in March, compared to $ 16 million in the same period in 2020.

In the first quarter of this year, spending in the East Baton Rouge Parish increased 6.5% from nearly $ 2.4 billion to $ 2.5 billion.

Spending within the city limits increased by 7.4% from $ 1.3 billion to $ 1.4 billion by the end of March. Out-of-city spending increased 5.4% in the first three months of the year, from nearly $ 1.1 billion to over $ 1.1 billion.



Consumer, business spending in Baton Rouge hits 5-year peak in March; see figures | Business Source link Consumer, business spending in Baton Rouge hits 5-year peak in March; see figures | Business

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