I don't think it would thrive after the first couple of years. It would probably be OK for that length of time, though, then better in the soil.

Catalpas are huge trees - ultimately up to 60 feet tall and wide - and, as Spitz suggests, will not thrive in any container for more than a few years. C. bignoniodes is sometimes grown as a semi-herbaceous foliage plant and cut back to the ground annually to encourage the production of huge leaves, but whilst this certainly keeps the top growth in proportion it won't help the ever-expanding rot system.