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LAEDC celebrates 200,000 jobs resulting from Business Assistance Program

By February 2, 2015 No Comments

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LAEDC Celebrates 200,000th-Job Milestone in Los Angeles County  

 Over $91 billion in total economic impact…

Los Angeles, CA, February 3, 2015 — The Los Angeles County Economic Development Corporation (LAEDC) today announced its 200,000th job saved or attracted in LA County since its Business Assistance Program began in 1996.  Designed to provide free-of-charge, on-the-ground business assistance, the program has assisted thousands of businesses – large and small – overcome challenges, helping them come to, expand and hire in L.A. County.  A video celebrating the milestone is here:  http://youtu.be/f_R-_eGyrwc

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Michael D. Antonovich and the LA County Board of Supervisors recognize LAEDC’s 200,000 job milestone, with LAEDC Business Assistance team.  They are joined by three people from Composites Horizons Inc., one of many hundreds of businesses that the LAEDC has assisted through its public-benefit program.

 

For close to two decades, the LAEDC, a non-profit public-benefit corporation has helped retain and attract jobs at businesses from all industries, ranging from production-based sectors, such as food processing and aerospace, to fast emerging “New Economy” sectors, such as space commercialization and biomedical. There is no “prototypical” business assistance project. Instead, LAEDC business assistance projects run the size gamut, from saving a few jobs at a multigenerational family-owned business to saving a few thousand aerospace manufacturing jobs. What counts most is that every job saved matters to the individuals and families it supports.  View success stories here:   http://laedc.org/?p=16574

“The impact of our life-changing work continues to be felt across the neighborhoods and communities in which we serve and save jobs,” said Bill Allen, president and CEO of LAEDC.  “We know that persistent joblessness is directly connected to lower well-being for the unemployed individuals, their families, and their communities. At its core, the LAEDC Business Assistance Program was purposely created and continues to this day to alleviate the damaging effects that joblessness has on the wellness of our County’s communities.”

The overall economic impact and fiscal contribution of 200,000 jobs saved or attracted into the region is staggering:

Total jobs directly retained and attracted: 200,030

Estimated labor income of these direct jobs (includes benefits):  $12.3 billion

 

Economic Impact:

Total jobs (direct, indirect and induced): 443,135

Total labor income (direct, indirect and induced): $24.4 billion

Total value of output in Los Angeles County supported by all jobs: $91.2 billion

 

Fiscal Contribution:

Est. state and local tax payments: $3.7 billion, of which county revenue was estimated to be $1.1 billion

(State and local taxes include property taxes, sales taxes, income taxes, social insurance taxes, and other fines and fees paid to state and local governments)

 

Speaking about this historic milestone, LA County Supervisor Michael D. Antonovich, an early champion of LAEDC when the County created it in 1981, noted, “I am very pleased by the progress that LAEDC has brought to our county by the retention and expansion of 200,000 jobs.  It’s very important we have these public-private partnerships that will bring vitality and jobs, opportunity and growth to the County of Los Angeles, benefiting not only the County but the entire region.”

The LAEDC reached the 200,000th-job milestone helping the Covina-based aerospace company Composites Horizons, which builds high-temperature advanced ceramic and carbon fiber composite products for jet engines.  One of the jobs saved was Elias Sanchez’s. Mr. Sanchez started at the company as a temp, but climbed the career ladder to autoclave manager, a highly skilled job. Speaking about the LAEDC’s work saving his job, he offered: “This job helps me out a lot, for my family and my kids, and helps me put my kids through schooling — without this job I couldn’t do it.” Echoing Mr. Sanchez, Peter Conley, a company production manager, said: “I think LAEDC is doing great work, they are trying to keep jobs here in L.A. County. If this company had moved to another part of the country, I wouldn’t have had this opportunity.”

 

About the LAEDC      

As the Southern California region’s premier economic development organization, the Los Angeles County Economic Development Corporation (LAEDC) provides collaborative and strategic economic development leadership to promote a globally competitive, prosperous and growing L.A. County economy to improve the health and wellbeing of our residents and communities and enable those residents to meet their basic human need for a job. We achieve this through objective economic research and analysis, strategic assistance to government and business, and targeted public policy. Our efforts are guided and supported by the expertise and counsel of our business, government and education members and partners. Visit www.LAEDC.org

LAEDC Media Contact:   Lawren Markle / 213-236-4847 / [email protected]