Business and Industry
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. Last fiscal year, construction activity reached over $281 million.
Retail Trade/Leisure & Hospitality/Entertainment
Over twenty percent of dollars in Lafayette is brought in by spenders from outside of the parish's borders. People from all over Acadiana travel here for many reasons, including shopping, entertainment, recreation, dining, services and business. The population in Lafayette's trade market is in excess of 500,000 people and more than one million tourists visit this area every year.
The financial industry within Lafayette market is comprised of 39 locally-owned and nationally-operated banking institutions, with an estimated $12 billion in deposits as of June 2016. They provide services ranging from simple savings and checking accounts to complex commercial investments. Thirteen credit unions have also been established within the Parish, with estimated total assets of more than $409 million in October 2016.
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 about 23,000 employees continues to expand with the recent Medical industry boom in the region. As the "Hub City" of the region, Lafayette is further cementing its role as a regional health center, attracting specialized treatment centers, and along with them, preeminent physicians, researchers and scientists.
Oil and Gas
Historically, the oil & gas industry has been a catalyst for growth in Lafayette, initiating technological advancements and increasing the skill levels of much of Lafayette's workforce. Many home-grown and relocated businesses committed to Lafayette are responsible for its success.
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. With the announcement in 2014 and 2016 of more than 1,000 new jobs, the technology sector is emerging as the fourth pillar of Lafayette’s economic base. Technology crosses into every industry from energy to finance, from health care to retail, helping to spark job growth and educational opportunities.
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.
Lafayette Parish is the economic center of the six-parish area known as Acadiana. Lafayette businesses are able to take advantage of a larger market of consumers as well as the number of qualified workers available for employment. Listed below are the top employing companies within Lafayette Parish, as reported by management or personnel directors. LEDA continues to applaud the efforts of such companies, as they strengthen our economy and supply employment opportunities to the people of Acadiana. LEDA encourages the promotion of these businesses and invites any unlisted business to become a part of this list by contacting the Market Intelligence Department.