Lafayette Parish is a dynamic business center for influential leaders
New concepts in residential development, combined with improvements made by local government, the university and private business has propelled the construction industry forward in commercial activity. In 2022, construction activity reached more than $326 million.
With hundreds oil-and-gas-related businesses in Lafayette, the region is the hub for energy production and services in the southeastern U.S. and the Gulf of Mexico. Our community provides an industry-savvy environment and a workforce that is highly skilled, making Lafayette very attractive— not only to energy companies, but to companies across industries. Local businesses are positioning themselves at the forefront of the energy transition and the next wave of energy innovation.
The financial industry within the Lafayette market is comprised of 39 locally-owned and nationally-operated banking institutions, with an estimated $15.4 billion in deposits as of June 2022. They provide services ranging from simple savings and checking accounts to complex commercial investments. There are 11 active credit unions in the Parish, with estimated total assets more than $535 million in December 2022.
The innovation of local manufacturers has resulted in the transformation of traditionally low-technology industries into modern high-tech environments through state-of-the-art computers, intelligent manufacturing systems, robots and automation. Thriving manufacturing businesses in Lafayette can be found across sectors including jewelry, oil and gas, marine, food production, and specialty metals.
At the heart of Lafayette’s medical industry, is cutting edge communication and data transfer thanks to the area’s high speed fiber optic network. Acadiana’s evolving medical workforce of more than 33,000 employees continues to expand. As the “Hub City” of the region, Lafayette is further cementing its role as a regional health center— attracting specialized treatment centers and a preeminent physicians, researchers and scientists.
More than 20% of retail spending in Lafayette Parish is made by shoppers who live outside of the Parish’s borders. People from all over the Acadiana region travel here for shopping, entertainment, recreation, dining, professional services and business. The population in Lafayette’s trade market is more than 600,000 people; and more than one million tourists visit this area every year.
Lafayette has worked hard to create a business climate attractive to technology-intensive industries with technology infrastructure, skilled workers, research institutions, and economic development incentives. Within two years, four companies announced the creation of more than 1,100 technology jobs in Lafayette, cementing the region’s reputation as a technology hub in the South.
Located at the crossroads of Interstates 10 and 49, Lafayette’s strategic location has contributed to the viability of the transportation/distribution industry. Cargo can be delivered via the Intracoastal Waterway; and the proximity of Lafayette to the Gulf of Mexico makes deliveries and exports by sea feasible.
