- Los Angeles County lost 154,000 jobs in 2009
- LAEDC expects “measured recovery” where certain sectors come back but others lag
- The local economy has hit bottom and there are "green shoots" of recovery that include an increase in international trade, a rise in film, TV, and commercial production thanks to a state film incentive, and major infrastructure projects that include the renovation of the Tom Bradley Terminal at LAX, the widening the 405, and the development of the Expo line
- The city has a $212 million deficit, retail sales are way down, tourism is down, and property tax has plummeted due to decline-in-value reassessments
- Budget problems are expected to linger for several years
- Downtown, a lot of residential projects are in financial difficulty, but the opening of the Convention Center hotel should bring more people to Downtown LA
- Demand for more office space Downtown is “problematic”
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Tuesday, February 16, 2010
Los Angeles County Loses 154,000 Jobs in 2009 but Region Sees "Green Shoots" of Recovery: Jack Kyser of the Los Angeles Economic Development Corp.
In advance of the Los Angeles Economic Development Corp. 2010-2011 Economic Forecast & Industry Outlook, Chief Economist Jack Keyser gave a snapshot of the region:
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