Military-related spending in Louisiana generated more than $17 billion in total economic activity during fiscal year 2024, a 77% increase since 2021. That’s according to a new report from Louisiana Economic Development. Louisiana Veterans Affairs Secretary Charlton Meginley says employment has also risen 52% with more than 117,000 jobs that’s contributing to the state and local economy.
“It’s not just our military and contract employees who are getting paid. They’re pumping that money right back into the economy and everybody’s benefitting from it,” Meginley explained.
Louisiana has five military installations. Barksdale Air Force Base in Bossier Parish, a naval air station in Belle Chasse and Fort Polk in Leesville. Meginley says Fort Polk is a major driver of central Louisiana’s economy.
“The GDP that military spending has for just that part of the state is 16%. You can’t really put into words just how important the military is to the economy of central Louisiana,” Meginley said.
Meginley says the report shows notable expansion in the state’s defense sector since the previous study four years ago.
“I’m hoping in the next few years we will continue this pace that we’re getting, so that the Department of Defense realizes we have a really healthy output for them in the needs of national security,” Meginley said.
Recently Bollinger Shipyards was awarded a major U.S. Navy contract to construct six Arctic Security Cutters at facilities in Lockport. And VRC Metal Systems will build a new maintenance facility at Barksdale that will provide advanced repair capabilities for B-52 aircraft.
