Solid Economics & Real Estate, 2nd Quarter St. Tammany Parish
According to the quarterly report of the St. Tammany Parish Economic Development Foundation, there were nothing to report in St. Tammany Parish except solid employment and real estate financial improvement updates. St. Tammany Parish, located in the Greater New Orleans area on the Northshore of Lake Pontchartrain endured economic hard times just like most parishes in Southeast Louisiana, but with the unfailing positive attitude of business leaders and companies throughout the region, St. Tammany Parish seemed to recover faster from the economic slump and real estate crisis. The parish itself is well-funded through taxes and millage rates and has enough money to run the St. Tammany Sheriff’s office in a budget surplus the majority of the time.
In addition the parish government having such a strong economic push, the towns and cities in St. Tammany Parish mainly, Mandeville, Covington, and Madisonville are also well-off economically. A testimony to how well the St. Tammany Parish is doing economically is the fact that the unemployment rate nationally is at 6.1%, in New Orleans it’s 5.1%, and in the 2nd quarter of 2014, St. Tammany Parish’s unemployment rate dropped over 20% from 2013’s unemployment rate to just 4.4%.
In addition to employment being on the rise in the parish, some could say that the housing market may have had something to do with the change because of the increase in construction jobs both nationally and locally due to an increase in new building. Building permits in 2nd quarter of 2014 in St. Tammany Parish were at 315 for single-family homes. That number is a 23.5% increase over building permits in the same month of 2013. Also, new home sales – the outcome of all of those building permits – in St. Tammany Parish increased 11.1% year-over-year during 2014’s 2nd quarter.
“According to these numbers, the economic climate in St. Tammany continues to improve,” Brenda Bertus, the foundation’s CEO, said in a news release. “Along with many other favorable variables, our efforts to bring more business opportunities to the area have helped place the parish ahead of other regions in the state and the country.”
At many subdivisions throughout St. Tammany Parish developers and builders alike are enjoying the cause and effect relationship of new construction and new home sales. Bedico Creek Preserve is offering new homes for sale in Madisonville, Louisiana which is in West St. Tammany Parish. For More Information about Our Homes, Call 985-845-4200 or E-mail Info@LiveBedico.com.
