Front PageResearch

LAEDC releases 2021 Economic Forecast: A Tale of Two Recoveries

By February 17, 2021 No Comments

LAEDC has released its 2021 Economic Forecast, which frames the economic toll of the pandemic in terms of impact to LA’s people, and provides an employment outlook by industry so that we can collaboratively develop effective recovery strategies.  The report, while generally positive about the resilience of LA’s economy, reflects LAEDC’s view that employment levels in LA County will not rise to pre-pandemic levels until 2024.  Further, the report looks at the unequal impact of the pandemic on people of color, women and those with less education, who have suffered financially to a greater degree from the COVID-19 crisis, and were already experiencing less economic prosperity prior to the pandemic.  This Economic Forecast, coupled with the LAEDC-authored Pathways for Economic Resilience report which was released by County of Los Angeles, paints a tale of two recoveries… those who are faring better and those who see their economic security decreasing.  The report illuminates choices we can make to guide the economic recovery to deliver more widely shared and equitable growth.

February 17, 2021 LAEDC hosted its annual Economic Forecast event to release the report, with speakers:  Shannon Sedgwick with LAEDC’s Economic Forecast;  Amy Liu of Brookings Institution on examples of equitable recovery implementation;  Bruce Katz of Nowak Metro Finance Lab on how equity suffered during COVID and what to expect regarding recovery.  Additional speakers include opening remarks by Bill Allen, LAEDC’s CEO; remarks by Adriene “Alex” Davis of the LA/OC Regional Consortium of Community Colleges which sponsored the event; remarks by Stephen Cheung, COO of LAEDC; an introduction by Steve Nissen, LAEDC’s Chair, and the event was shepherded by Frank Mottek, the voice of Southern California Business and host of KNX AM Radio’s Mottek on Money show.

Executive Summary

Full length report

Main Program Video – LAEDC 2021 Economic Forecast with speakers Shannon Sedgwick, Amy Liu, Bruce Katz

1) Shannon Sedgwick with LAEDC’s Economic Forecast @ 15:30 mark; 2) Amy Liu on examples of equitable recovery implementation @ 41:30 mark; 3) Bruce Katz on how equity suffered during COVID and what to expect regarding recovery @ 1:02:00 mark.

Media coverage: Pandemic fallout: Southern California faces ‘tale of two recoveries’

LAEDC report highlights challenges faced by low-income workers and minority-owned businesses.

LAEDC’s Shannon Sedgwick forecast presentation (audio corrected)

BREAKOUT SESSIONS

Policies for an Equitable Recovery in Los Angeles

Equity in Exports: Supporting Minority Owned Business

Upskilling and Reskilling LA County’s Workforce

Statistical Snapshot – Los Angeles County

Industry Sector Forecast – Los Angeles County

Employment recovery reverses for low-wage workers these past few months

Leave a Reply