SWLA economic status and looking ahead to 2023

Lake Charles, LA (KPLC) – 2022 was a tough economic year for residents throughout southwest Louisiana.

The cost of living soared, gas prices rose to new records, and groceries climbed to record-high prices.

It was a year of inflation, but what was the landscape of this year’s housing market?

“I think that we started out with the beginning of 2022 on a better note than maybe we’re ending out 2022 simply because of the interest rates and people got spoiled with the low interest rates which really stimulated our housing economy,” Century 21 Bono Realtor Marilyn Boudreaux said.

Boudreaux said we may see stagnation in 2023.

“We are going to have a slowdown of the housing industry simply because buyers are watching those rates and it pushed a lot of people out of their purchasing power,” Boudreaux said.

A major part of southwest Louisiana’s economy is small business and in 2022 some small businesses weren’t spared from the economic downturn.

Despite hurdles, Mia Mouton-Rene, the owner of women’s boutique, focused on keeping prices affordable.

“My thing is I like to keep my costs down for my customers so if we can find great quality items, things that we could not have to charge so much for that’s what I think has really helped a lot of people come in and they love the prices,” Mouton-Rene said.

She said people in the community can help aid small businesses in 2023.

“Local people spend money locally and so we need to shop local, it’s a big deal and we’re popping downtown not just Mia’s but we have other merchants downtown and you know I think that people overlook downtown,” Mouton-Rene said.

Moving into 2023, economists are predicting a better year for Louisiana.

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