Report: Shreveport-Bossier Economy Is Worst in the Nation

A new report claims Shreveport-Bossier has the fastest-shrinking economy in the US.

A report from 24/7WallStreet.com says Shreveport-Bossier is one of seven metro areas in the country that showed declines of more than five percent:

For the second consecutive year, the Shreveport area shrank more than any other metro area in the nation. The area’s GMP fell by 11% in 2012. The economy’s rate of decline slowed somewhat last year, but it still contracted by more than 5%. One explanation for the dramatic declines could be General Motors’ decision to close its large assembly plant in Shreveport in 2012. The plant, which manufactured Hummers and various truck models prior to the shutdown, employed 3,000 people at one time.

Lafayette, La. also made the top 10 shrinking economies list.

On the other side of the scale, the economy in Midland, Texas grew by 7.5 percent -- the fastest in the nation. The report clarified that local economies often follow the cycles of large manufacturing companies in their backyards.

The report added that the U.S. economic growth will pick up over the next few years.

Here are the numbers for Shreveport-Bossier City

2013 GMP change: -5.2 percent

2013 change in employment: -1.3 percent (10th worst)

Projected 2014 GMP change: 1.6 percent (82nd worst)

Unemployment rate: 6.9 percent (180th highest)