During the oil industry downturn in 2015, every entity in Lafayette parish saw a decline in sales, but Broussard saw the most severe drop. In 2016 and 2017, Broussard’s sales dropped 34%. Now Broussard officials are proud to anoint that taxable retail sales in Broussard are on track to set a record this year.
In August, sales reached $504.8 million, landing 20% higher than in 2021. Not to mention that the City of Broussard also came close to setting a new high last year. In August alone, Broussard raked in just below $63.6 million in sales, which is 15% higher than in August of 2021 and outpaces the 8.3% inflation rate (per Consumer Price Index). Although there is not enough data yet to pinpoint exactly what has brought about this boom, some of the success could be attributed to the new SafeSource Direct manufacturing plants that have brought in so many jobs for Broussard residents.
Looking at the nationwide trends, consumer spending in August only increased by 0.4% and showed an increase towards services but not goods (Bureau of Economic Analysis). LEDA President and CEO Mandi Mitchell commented, “National inflation concerns continue to impact local spending, which has tracked national trends all year … As consumers make important decisions on discretionary spending in the coming month, it is ever more important to continue supporting locally operating businesses.”
As the City of Broussard expands, residents have ample opportunities to support local businesses in regard to almost every purchase. For more information on current sale trends or how you can help your local businesses, contact the Broussard Economic Development Corporation.