If you are considering starting a business in Louisiana, you may want to look at the Lafayette area. Why? Forbes recently released a list of the American cities that top the country in job growth and Lafayette was ranked first in mid-sized cities and fourth overall. In order to determine the cities to make the listing, Forbes used employment data ranging back to 2000 and considered other factors which contribute to both mid and long-term growth.
Among the cities to make the list, the predominant factor appears to be the growth of the energy sector in areas such as fossil fuels. As a result, many new start-up businesses have opened in the area and companies have been expanding their businesses there as well.
This has led to several important results. First, with only 4.8 percent unemployment, Lafayette has one of the lowest unemployment rates in the country. Second, with a growth rate of 5.2 percent measured year-over-year, the city is undergoing what many consider to be an economic boom.
According to government officials, the success can be attributed to the work of the community and its leaders. He also expects the growth in the region to continue as a result of continued energy sector growth as well as recent work done in fiber optics.
For many considering opening a new business, this environment and the city’s success may be encouragement to go forward. However, for these people, seeking out the help of an experienced business lawyer is advisable before taking any steps. While opening your business in an environment of growth certainly can boost your chances of success, the process requires more than a good environment. A business lawyer may be able to help improve your chances of starting a thriving business.
Source: The Daily Advertiser, “Lafayette ranks high in Forbes list,” Amanda McElfresh, May 9, 2012