Los Angeles County has dozens of major industries, each with rich ecosystems of businesses, talent, suppliers, logistics networks, R&D and entrepreneurs. The L.A. region is also known for innovation as creative collisions occur where industries overlap, driving new business concepts, making L.A. County the creative capital of the nation. As an example, many high-tech businesses are growing where there is a confluence between aerospace and entertainment, gaming and animation, content development and distribution, arts and content. L.A. is also a region where the supersectors of high technology and manufacturing both employ hundreds of thousands of workers. Learn more about the region’s key industries on our pages, and engage with LAEDC’s industry cluster growth initiatives.
LAEDC Supports Success of our Region’s Export-Oriented Industry Clusters
Where will we find the well-paying jobs of tomorrow? How can we—as an economic region—create more of these jobs while also ensuring that more of our residents are able to access these jobs?
For answers to these questions, we must look to the regionally competitive, growing and export-oriented industries, which are comprised of small-, medium and large-sized businesses. Current evidence suggests that focused industry cluster development can unleash incredible growth potential when used as an approach that cuts across the traditional fields and tools of economic and workforce development, helping to enhance their effectiveness. Businesses (large and small) in traded or export-oriented industry clusters, by definition, sell goods and services beyond the region in which they are located. They produce a reinforcing cycle of job creation, wage growth, investment and economic prosperity. As concentrations of businesses, support services, suppliers and competitors grow, they generate better products and improved processes, and attract skilled workers, becoming even more competitive and gaining market share.
Businesses in traded industries also drive the local service economy, triggering ripple effects that are felt across our local businesses (in terms of jobs, wages and tax revenues), offering the best chance for bringing greater prosperity to more residents and raising standards of living across more of our communities. Such positive effects are accelerated when a region’s capacity building activities are directed towards supporting these industries.
Only by understanding a cluster’s economic value, regional strength, and regional asset (and gap) profile can we shape and direct sector-specific growth strategies. The L.A. County Board of Supervisors has recognized the power of focusing on key traded industry clusters, such as the Biosciences industry, as a key tenet of its program to advance an economic development across the county.
With this in mind, regional economic development capacity-building should focus on the Los Angeles region’s prominent traded industry clusters, which today include: Advanced Transportation & Clean Vehicles and Fuels, Aerospace & Defense, Biopharmaceuticals, Medical Devices & Health Services, Education & Knowledge Creation, Entertainment & Digital Media, Fashion & Apparel, Hospitality & Tourism, Information tech & Analytical Instruments, Marketing, Design & On-line Publishing, Trade & Logistics.
LAEDC fosters growth of numerous industry clusters in the greater Los Angeles region through a comprehensive effort, combining our strengths in economic research, cluster analysis, public policy analysis and recommendations, on-the-ground business assistance, marketing, and most importantly by convening diverse stakeholders from the industries in councils that create connections and shared goals, and take action on those goals. For example, LAEDC has initiatives established for aerospace, advanced transportation, biosciences, and others. To learn more, select an industry cluster from our Industries menu, and engage with LAEDC’s programs and initiatives.