Executive Summary

With an estimated population of more than 249,000, the centrally-located parish (county) of Lafayette serves as an economic center of south Louisiana. The region's legendary* joie de vivre* and Cajun and Creole cultures are known around the globe, creating a unique environment for work and play. Lafayette is home to a world-class workforce, an integrated transportation network, a diversified business base, preeminent high-tech infrastructure, and a metropolitan appeal. With this foundation, Lafayette Parish is able to foster an economy that supports a growing population and diverse industry sectors.

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Taxes

Corporate Franchise Tax

• This state tax is levied annually at the rate of $1.50 per $1,000 on the first $300,000 of capital stock, surplus, undivided profits and borrowed capital employment in Louisiana.
• The rate is $3.00 per $1,000 after the first $300,000.
• The minimum tax is $10.00 per year; a waiver of the corporate franchise tax is allowed under certain incentive programs.

Corporate Income Tax

• Tax ranges from 4% to 8% of the net taxable income.
• The effective rate of taxation is somewhat less because federal income taxer are deductible in computing net taxable income.

Property Tax

• No state property tax in Louisiana
• 2018 City of Lafayette property tax millage is 102.05 mills.
• For property outside of the city limits of Lafayette, the total millage is 85.78.
• Several types of exemptions are available in Lafayette Parish. If you own property that you reside in, you may apply for homestead exemptions which reduces the taxable value of your home by $75,000, resulting in substantial savings on your property taxes.

Sales Tax

• Sales tax is levied on the retail sale of property, goods used or stored for the use in Louisiana and on leases and rentals of tangible personal property and certain services.
• Louisiana state sales tax is 4.45%
• City of Lafayette, City of Scott, Town of Duson and areas outside all city limits all have a local sales tax rate of 2%, the City of Broussard has a sales tax rate of 2.5%, the City of Carencro has 3.0% and Youngsville has a 3.5% rate.
• There are multiple special taxing districts and economic development districts in the parish that levy additional taxers for infrastructure improvements, that list can be found at www.laota.com

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Government

Lafayette Consolidated Government

The people are Lafayette Consolidated Government's best resource. With more than 2,000 employees, our people are your neighbors and your friends, and they work every day to make Lafayette the best community to live and work in.

Lafayette Economic Development Authority

The Lafayette Economic Development Authority (LEDA) works with businesses as they make decisions to start, expand or relocate to Lafayette, Louisiana, and the surrounding communities. Through innovative collaborations with business, government and education, LEDA strives to grow the community’s business base for future development and diversification.

LEDA sets your business on the right path from the start. By combining our knowledge of the region and in-depth research, we will work with you to build a strong foundation for your growth and expansion. We maintain strong relationships with the organizations that can help bring the best of Lafayette’s community assets to you.

We are dedicated to providing assistance to your business whether you’ve been here for years or are brand new to the region. By establishing an action plan tailored to your needs, LEDA makes sure your business stays competitive and successful.

One Acadiana

One Acadiana is a bolder, re-energized version of the Greater Lafayette Chamber of Commerce. We are a business-led, privately-funded economic development organization serving a nine-parish (county) area in South Louisiana. Our vision is to make our region one of the most sought-after places in the South for emerging businesses and professional talent. We call ourselves One Acadiana because we believe it takes a united region to create the best region.

Representing more than 800 businesses throughout the area, we also serve as the central business organization for Lafayette Parish – providing leadership on local issues as well as the services and resources of a traditional chamber of commerce.

At One Acadiana, you’ll find a team of passionate, goal-oriented professionals who are working to grow our economy and tackling our most pressing challenges, including business development, public policy, urban revitalization.

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Recreation

Recreation

• If you are the outdoors type, this area is truly a Sportsmen's Paradise; you will find easy access to golfing, fishing, hunting, water-skiing, boating, off-road motorcycling and camping throughout the parish and beyond.
• The Lafayette Parish Parks and Recreation Department provides 36 parks and 10 recreation centers which offer tennis courts, soccer fields, disk golf, hiking & biking trails, swimming pools, active sports leagues for all ages and YMCA facilities. (www.lafayettela.gov/parksandrecreation)
• Lafayette has three private, one semi-private and three public golf courses.
• Moncus Park at the Horse Farm is a 100-acre park located in central Lafayette. Construction on the park began in 2018. The master plan includes an amphitheatre, a kayaking lake, a treehouse, a dog park and more. The park is home to a weekly farmers and artisans market and numerous community events. (www.moncuspark.org)

Leisure

• There are two bowling alleys, a roller-skating facility, an indoor ice-skating facility, an indoor skateboard facility, indoor rock climbing, two indoor trampoline facilities, several health clubs and three first-run movie theaters all featuring stadium-style seating.
• Ragin’ Cajun Athletics- University of Louisiana at Lafayette sports consist of Baseball, Men’s and Women’s Basketball, Cross Country, Football, Golf, Women’s Soccer, Softball, Tennis, Track & Field, Volleyball, and a series of intramural and club sports that supply entertainment throughout the entire year. (www.ragincajuns.com)
• Shopping- Lafayette serves as a safe and convenient market for shopping and retail activities. With the intimacy of a small town and the sophistication of a big city, retailers— both national and local— have invested in this community offering a variety of products and services to area residents.
• Cajundome- This 13,000-seat arena is home to the UL Lafayette Ragin’ Cajun Basketball team, and it hosts 140 events and 8-10 large concerts each year. (www.cajundome.com)
• Convention Center- 100,000 square feet of exhibition space, meeting and banquet facilities suitable for concerts, RV, boat, and sports shows, craft fairs, conventions, and trade shows (www.cajundome.com)
• Zoosiana- 45 acres of jungle brush housing roughly 425 animals (www.zoosiana.org)

Festivals & Music

• Louisiana Crossroads- An intimate concert series hosted by AcA. (www.acadianacenterforthearts.org)
• Downtown Alive!- Every Friday night during the spring and fall series, the streets of downtown Lafayette turn into a big dance floor for this musician showcase. (www.lafayettedowntown.org)
• Bach Lunch- A lunchtime concert series in downtown Lafayette featuring different musicians weekly in the spring and fall. Area restaurants provide box lunches for purchase while you enjoy the music selections. (www.lafayettesciencemuseum.org/events/bach-lunch.html)
• Rhythms on the River- A free, family-friendly outdoor concert series held in River Ranch town square (www.riverranchdevelopment.com)
• Mecredi Show- A free outdoor concert series presented by the City of Carencro during the fall and spring (www.pelicanpark.net/concerts)
• Acadiana Symphony- One of the fastest growing and most successful regional orchestras in the entire nation (www.acadianasymphony.org)
• Festival International de Louisiane- A premiere international music and arts festival known for bringing a variety of unique and emerging performers to Louisiana (www.festivalinternational.com)
• Festivals Acadiens et Créoles- A weekend bash in October that features some of the finest Cajun, Creole and Zydeco musicians (www.festivalsacadiens.com)
• Mardi Gras– A family oriented festival, filled with parades, music, games, carnival rides and food that occurs each Spring (www.mardigraslafayette.net)
• Other area festivals- Crawfish, Frog, Zydeco, Pepper, Sugar Cane Festival, Food & Wine Festival, and more!

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Additional Information

City of Lafayette Cost of Living Index:

• Fourth quarter of 2020 composite index: 90.3
• 2020 Average 89.9

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