THE BOOM IS HERE!
What is our area doing to prepare for this “economic boom”?
The Southwest Louisiana Task Force for Growth and Opportunity (GO Group) is Southwest Louisiana’s regional response to the “economic boom.” The group consists of public and governmental agencies from all over the region, and was formed to ensure proper planning to ensure the region can capitalize on the opportunities that exist as a result of these economic expansion activities, and minimize any impacts that could potentially be associated with rapid population growth.
New development projects bring opportunities and challenges. Areas that have been traditionally just vacant pieces of property for whatever reason, are gaining more interest.
The Southwest Louisiana Economic Development Alliance recently released a housing study that calls for nearly 10,000 new homes in the region over the next 10 years.
The availability and affordability of housing is an issue in the area. Without a sufficient supply of temporary or permanent homes for new residents to occupy as they look to find jobs with industry, the increased demand will likely result in an increase in rent. Sufficient planning is needed to ensure that homes are available at an affordable cost for those in need. A solution for housing the temporary workforce will also be needed to help further curb potential impacts of temporary residents utilizing single family dwellings for multi-family use, as this could potentially cause many unintended consequences for traditional, residential neighborhoods.
Lake Charles is growing, The SWLA Economic Development Alliance shared the following: housing and population study. There is a need for temporary housing and new housing developments to accommodate the growth.
Take a look at the expansion projects that are headed our way here in Southwest Louisiana!
Growth in Southwest Louisiana has reached unprecedented heights, with over $97 billion in announced projects in the five parish region. To date, $32 billion of those announced projects are underway – infusing our local economy with vitality and strength unlike that ever seen locally. Given the current rate of growth, those wishing to obtain the most complete, and most accurate, information regarding current and future projects can visit the Southwest Louisiana Economic Development Alliance’s website. Please click here to link to that website.
Sasol has begun constructing a chemical plant and a gas-to-liquids plant that will turn natural gas into diesel, at a site in Westlake, near Lake Charles. The project is described as the largest manufacturing investment in Louisiana’s history. The chemical plant is slated to begin operation in 2017, and the diesel plant is scheduled to come on line in two stages beginning in 2018 and 2019, according to the company. The project will create 6,000- 7,000 construction jobs and 1,200 permanent jobs.
Each industrial facility has provided ways in which the community can stay in contact with them and receive updates on their expansion projects. Examples of what some industries are doing can be found by clicking on the company name below.
With new jobs and industry expansion will come the need for more housing. Economic Outlook for Southwest Louisiana is optimistic with new projects within our economy.
Copyright 2015© Marilyn Boudreaux
Marilyn Boudreaux, REALTOR® 337-499-9592
Century 21 Mike D. Bono & Co.’s
4410 Nelson Road
Lake Charles, LA USA 70605