08/19/2018

News

Study Finds Big Gap Between Home Prices and What Buyers Can Afford

Only seven of 32 reporting counties in the state had home prices that are affordable to home buyers who earn the areas’ median household income, while homes in 25 counties were out of reach for the typical household, the C.A.R. study found.

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Los Angeles Container Cargo Volume Rose in May

The Port of Los Angeles saw a less than 1 percent increase in container cargo movement last month compared to the year-ago period, though the increase was due to a large volume of empty containers heading back overseas.

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Court OKs Affordable Housing Rules

In a decision that could impact developers across the state, the California Supreme Court ruled unanimously Monday to allow Los Angeles and other cities to require that developers provide affordable housing as a condition of getting building permits.

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Business Group Takes on CARB Over Cap and Trade

Calling California’s cap-and-trade emissions auctions a form of extortion, the National Federal of Independent Business’ Small Business Legal Center has filed a brief in the Third District California Court of Appeals, saying the auctions are a burden to small business and that the California Air Resources Board lacks the legal authority to sell emission allowances.

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LA’s Wage Will Rise

The Los Angeles City Council on Tuesday voted 14-1 to support creating a citywide minimum wage, which will rise from the current statewide minimum of $9 an hour today to $15 an hour over the next five years.

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Kubota Chooses Texas Over Torrance

Japanese equipment manufacturer Kubota Tractor Corp. and its financing arm Kubota Credit Corp. are leaving Torrance. And like a handful of other companies that have left the area lately, Kubota is decamping for the Lone Star State.

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LA Tourism Breaks Records in 2014

New, final number show the number of visitors to the county hit 44.2 million, up 4.8 percent from the previous year. Of those, foreign travelers accounted for 6.5 million visits, up 5.6 percent from 2013.

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Farmer Bros. Taps Texas for New HG

“Farmer Bros. told the Business Journal earlier this year that it expected its relocation plan to result in annual savings of from $12 million to $15 million, beginning in the latter half of next year. However, moving will cost the company between $35 million to $40 million in new facility costs with an additional $20 million to $25 million in anticipated capital expenditures for furniture, machinery, equipment and other necessities. The company expects the cost of moving to be partially offset by profits from the sale of its Torrance headquarters, which company officials believe to be worth as much as $35 million.”

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Dueling Biz, Labor Studies Released on L.A. Minimum Wage Proposal

As Los Angeles officials await a study on the economic impact of a pair of proposals to raise the minimum wage, both business and labor groups have weighed in with their own studies.

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L.A., Long Beach Cargo Crash in February

Congestion at the docks dragged down cargo volume at the ports of Long Beach and Los Angeles for a second consecutive month in February, according to figures released Tuesday.

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Anderson Forecast Has Good News for Job Growth

The forecast calls for steady gains in employment from now through 2017 and estimates total employment will grow at a rate of 2.4 percent this year, 2.2 percent next year and 1.5 percent in 2017. Payrolls are also expected to grow at about the same rate over the next three years.

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LA Cargo Volumes Fall in January

The Port of Los Angeles saw January cargo volumes fall nearly 23 percent compared with the same month a year ago, a result of the slowdowns and partial shutdowns that gripped the local ports during contentions contract negotiations between shipping lines and dockworkers.

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Labor Fight Cuts into Long Beach Cargo Numbers

The amount of cargo that moved through the Port of Long Beach in January took a nearly 19 percent nosedive compared to the same month last year because of ongoing congestion and labor strife, officials said late Wednesday.

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L.A. Economy to Grow, See Record Employment Level this Year

Los Angeles County should add a total of 150,000 payroll jobs over the course of this year and next, bringing employment to record levels, according to the forecast from the LAEDC’s Kyser Center for Economic Research. What’s more, the unemployment rate should dip to 6.6 percent by the end of next year, its lowest level in eight years.

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State Film Commission Targets New TV Productions

A flood of new TV shows could be filmed in Los Angeles this summer under new incentives being rushed through by the California Film Commission, which voted Thursday to try and speed up implementation of the television regulations in the state’s new production credit program . . .

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