In 2017, California’s economy grew at an estimated rate of 2.5 percent, faster than the nation as a whole, which grew at 2.4 percent. While impressive, California’s economy continued to slow down from the 3.3 percent year-over year growth achieved in 2016, and from the over 4 percent year-over-year percentage growth seen in 2014 and […]
Center for a Competitive Workforce (CCW), of which LAEDC is a partner, has published a new report analyzing the Entertainment & Digital Media Industry in the Los Angeles Basin. The report is the first to define the rapidly growing “Digital Media” industry and its occupations in Los Angeles, and it analyzes the overlap with the […]
The Center for a Competitive Workforce has produced a report analyzing 20 middle-skills occupations for which community colleges offer degree and certificate programs. The occupations are employed by six key industries with a competitive advantage in the greater Los Angeles region. Read highlights of the report below, or download the full report PDF.
LAEDC’s Institute for Applied Economics has released the report, Goods on the Move: Trade and Logistics in Southern California. The report looks at jobs, wages, economic impact, trends, and factors affecting the future of this major regional industry cluster, which directly employs over half a million people in Southern California. The industry continues to grow, with more jobs being added. While average wages for the industry as a whole are above the LA County average, the individual occupations span a wide range of salaries. Warehousing experienced a 55% increase in employment during the past ten years, but salaries in that sector have been trending down, and increasing automation is a factor to watch.
The Latino population in Los Angeles County continues to grow robustly while, simultaneously, experiencing income growth. Put these two together and the County and big business benefit from a rapidly growing consumer base. Indeed, from 2000 to 2014, the number of Latinos in the County grew by 15.5%, compared to a 1.1% decline in the rest of the population. Meanwhile, the aggregate income among Latino head-of-households grew from $45.9 billion to $72.4 billion in 2014
“Following a 3.0% increase in 2014, nonfarm jobs are expected to grow by 2.9% in 2015, and then slow slightly to 2.4% in 2016. The unemployment rate stood at 6.3% in July and is expected to decline to 5.8% in 2016. With further improvements anticipated for the labor market, personal income and total taxable sales should increase by 4.9% and 4.5% respectively this year, with similar or better gains in 2016.”
Los Angeles has long been the center of technology and innovation, with the nexus of its signature aerospace and entertainment industries inexorably shattering successive frontiers of knowledge and imagination.
While progress in the national and state economies has boosted confidence, optimism on the part of both consumers and businesses has been tempered by caution. Following a 3.0% increase in 2013, nonfarm jobs are expected to increase by 2.2% in both 2014 and in 2015. The unemployment rate will fall from 8.9% in 2013 to 7.5% this year and 7.0% in 2015. With continued improvement in the labor market, both personal income and total taxable sales should increase by four to five percent in each of the next two years.
In spite of a long-term decline in manufacturing employment, California maintains a large base of manufacturing capabilities and strengths in a diverse set of manufacturing industries, from food processing and furniture to aerospace and medical devices.
Los Angeles County has a unique history as a place of opportunity and growth—of providing a wide range of opportunity for people of all backgrounds, educational levels, and income groups. It is particularly famous as an engine of opportunity for the middle class—it is iconic as a place of suburbs clustered around suburbs. The absence of a core city center around which all regional activity is clustered is a testament to the overwhelming rise of a middle class who desired the relative space and distance that the suburban experience provides.
Los Angeles County has established very close economic ties with China. The Los Angeles Customs District (LACD) handles over 40% of total U.S., trade with China. Indeed, the ports of Los Angeles and Long Beach together handle nearly 37% of total trade between China and the U.S. In fact, roughly 60% of two-way trade volumes at the Port of LA and the Port of Long Beach and over 50% of the total two-way trade value at the Los Angeles Customs District (LACD) are related to trade with China.
With the U.S. economy advancing slowly but surely in 2013 and with the nation’s major trading partners in various stages of recovery or expansion, international trade at the national level grew modestly last year and let to continued improvement in the Southern California goods movement and trade picture. The Los Angeles Customs District (LACD) held onto the top spot among customs districts for two-way trade last year, while container activity at the San Pedro ports – the largest port complex in the Western Hemisphere — finally rose above the 14 million container plateau of recent years. Transportation and warehousing employment increased for the third year in a row.
As the nation’s second largest city, Los Angeles has a vibrant culture, a diverse population and a strong economy. The city is not only the largest entertainment capital in the world, but also the nation’s largest manufacturing center and retail market, a major tourist destination and financial center, and home to one of the world’s busiest ports.
A Time for Truth is a candid assessment of the challenges and opportunities Los Angeles faces. A Time for Action is the second and final report the LA 2020 Commission will publish. This report contains a series of concrete measures which, if adopted, will enhance transparency and accountability in City Hall, put Los Angeles on a path toward fiscal stability and renew job creation in the region.