With a diversified business climate and high-tech infrastructure, Lafayette is THE place to do business. Over the years, the city has positioned itself as a medical, transportation, finance, technology, entertainment, education and retail hub. Lafayette is still the core of the oil and gas industry, with hundreds of related businesses located in the parish, and a highly skilled workforce makes the city attractive to companies across all industries.
A range of tax and business incentives are available to companies, along with financing assistance. The Quality Jobs Program provides a cash rebate for new direct jobs for up to 10 years, and the Enterprise Zone offers Louisiana income and franchise tax credits to a new or existing business creating new full-time jobs. Work opportunity, entertainment and research and development tax credits make doing business
in Lafayette even more exciting.
Major industries in Lafayette, LA
Construction
Fueled by new concepts in residential development, Lafayette’s construction sector has remained strong. Improvements made by local government, the university and private companies have also propelled the industry forward, with new activity reaching $180 million in 2018.
Retail
Retail sales in Lafayette are one of the best economic indicators, remaining positive since 2006 and breaking records by reaching $6.4 billion in 2014. More than 20 percent of retail spending in the parish comes from people outside the area, traveling to Acadiana for a fun shopping experience.
Tourism
Tourists flock to Lafayette to find out what makes it the “happiest city.” Lafayette’s culture, entertainment, recreational opportunities, dining scene and mix of businesses make it a popular destination for both national and international travelers. More than a million tourists are estimated to visit the area each year and have their pick of 91 hotels with more than 7,200 rooms.
Finance
Banking institutions in the Lafayette market total 39, with an estimated $12.7 billion in deposits as of June 2017. Their services range from savings and checking accounts to commercial investments. Thirteen credit unions are also located in the parish, as well as several wealth management firms.
Manufacturing
Thriving manufacturing businesses can be found in all sectors of Lafayette, from jewelry to oil and gas and food production. Innovation drives this sector, as manufacturers transform their industries into high-tech environments with state of the art computers, robots and automation.
Health care
Three major hospitals — Lafayette General, Our Lady of Lourdes and Women’s & Children’s — along with two surgical specialty hospitals, make up Lafayette’s health care landscape. The Heart Hospital of Lafayette and several specialty treatment centers also add to the world-class services available in this health hub.
Information technology
In more recent years, Lafayette has positioned itself as a “wired” city open for technology business. A high-speed fiber optic network makes cutting edge communication and data transfer possible at low cost. Other technology infrastructure, skilled workers, research institutions and economic development incentives have also attracted business. Within two years, four companies announced the creation of more than 1,100 technology jobs in Lafayette.
Legal
Lafayette has a robust legal community of attorneys and legal professionals who practice all aspects of law. According to the Louisiana State Bar Association, there are currently more than 1,000 attorneys practicing in the area. Contact Lafayette Bar Association (337) 237-4700.
Biz Stats
- Unemployment Rate: 6.1 percent
- Number of businesses in Lafayette
Parish: 15,000 Top 5 Employers
- Lafayette General Health
- Lafayette Parish School System
- University of Louisiana at Lafayette
- Lafayette Consolidated Government
- Our Lady of Lourdes Regional Medical Center