Look ahead at L.A.County economic and employment conditions and see where jobs are being created
LAEDC Kyser Center Predicts Faster Growth in 2014-2015
Job Creation in Southern California Increasing
LOS ANGELES, February 19, 2014 – Today, the Los Angeles County Economic Development Corporation (LAEDC) released its 2014-2015 Annual Economic Forecast and Industry Outlook report at its annual February forecast event. The LAEDC Chief Economist, Robert Kleinhenz provided his economic outlook for Los Angeles County and its key industry sectors, as well as the forecast for Southern California, the state and national economies. Key findings include:
The U.S. Economy
- Solid but modest growth in 2014 with continuing improvement in the labor markets
- Consumer sector showing more strength; business investment on the upswing
- Federal deficit gap narrows; government employment stabilizes
- Risks: Slower than expected growth among U.S. trading partners; winding down of Fed’s bond buying program; disruption to global energy supplies
The California Economy
- Private sector jobs gains, steady decline in unemployment rate
- Housing and construction up substantially; strong gains leisure and hospitality; health services; construction; professional and business services
- Improved fiscal outlook; water issues loom large
The Southern California Economy
- Strongest employment gains since the end of the recession
- Leading industries: Health services; leisure and hospitality; construction; professional, scientific and technical services
- Home prices increase, and construction accelerates
“We expect to see the national economy grow at a faster pace this year and next,” said Robert Kleinhenz, LAEDC Chief Economist. “This will help business activity and the labor markets nationally, statewide, and here in Southern California. We expect growth to occur across most of Southern California’s major industries, led by gains in health care, leisure and hospitality, professional services, and construction.”
In addition to the LAEDC economic forecast, Thomas M. Priselac, President and CEO, Cedars-Sinai Health System Los Angeles spoke about innovation in health care, and Tad Rivelle, Chief Investment Officer – Fixed Income, Trust Company of the West (TCW), spoke about Federal Reserve monetary policy.
Thomas Priselac shared his insights into the extraordinary transformation taking place in our enormously important health care sector due to technological innovation, public policy, and other market factors. Tad Rivelle discussed the unintended consequences of Fed policy the view that arbitrary and artificially low interest rate structure engenders artificially high asset prices and impairs economic output.
Frank Mottek, host of KNX 1070’s Business Hour, served as master of ceremonies and moderated questions for the panel of experts.
ABOUT THE 2014-2015 ANNUAL FORECAST REPORT
The LAEDC’s Economic Forecast is Southern California’s premier source for in-depth economic information and analysis on global, national, state and regional economies. The Forecast report is released annually at the Economic Forecast event, which is produced by the LAEDC’s Kyser Center for Economic Research, led by its Chief Economist, Dr. Robert Kleinhenz.
ABOUT THE LAEDC
The LAEDC, the region’s premier economic development leadership organization, is a private, non-profit organization established in 1981 under section 501(c)(3). Its mission is to attract, retain, and grow business and jobs for the regions of Los Angeles County. Since 1996, the LAEDC has helped to retain or attract approximately 190,000 annual jobs in Los Angeles County with an estimated labor income, including wages and benefits, of about $12 billion. http://www.LAEDC.org