Press Release: LAEDC Releases 2024 Economic Forecast

Charting a Path to Resilience: Navigating Economic Challenges and Seizing Opportunities 


Los Angeles, CA – February 27, 2024 – Today, the Los Angeles County Economic Development Corporation (LAEDC) proudly released its 2024 Economic Forecast. This comprehensive analysis, prepared by the LAEDC’s Institute for Applied Economics, delves into the national, state, regional, and local economic indicators, offering a nuanced understanding of economic trends in the aftermath of the COVID-19 pandemic and high inflation, and of the challenges and opportunities that lie ahead for Los Angeles County. 

 “Our 2024 Economic Forecast underscores the enduring strength of Los Angeles’ economy while candidly addressing the hurdles we face. We must confront these challenges head-on and with innovative strategies to ensure our region’s economic growth,” said Stephen Cheung, President and CEO of LAEDC and World Trade Center Los Angeles. “How we decide to address our challenges and position ourselves to take advantage of emerging opportunities will shape the prosperity and quality of life for our diverse communities for years to come.” 

 “The resilience of Los Angeles through recent challenges is remarkable. Our forecast not only points out the obstacles but also sheds light on pathways to overcome them, highlighting the significant opportunities for growth and innovation in our region,” said Shannon Sedgwick, Senior Director of LAEDC’s Institute for Applied Economics.  

The forecast highlights the strength of the Los Angeles economy, noting its robust and resilient nature, allowing it to recoup job losses incurred during the pandemic. However, the 2024 Economic Forecast acknowledges that the recovery has not been uniform for everyone. With inflation subsiding and the Federal Reserve pausing rate hikes, there is a cautious optimism for the region’s economic future. Nevertheless, challenges such as the impacts of the SAG-AFTRA and WGA strikes, widening income inequality, a high cost of doing business, and an ongoing population decline threaten the economic vitality of Los Angeles County. 

Identifying key challenges such as regional population decline, housing affordability, and the high cost of doing business, the 2024 Economic Forecast stresses the need for strategic regional investments crucial for spurring economic growth. The report provides recommendations for policies that will reduce costs in the region, improve the quality of life, and attract investment and thus encourage residents to remain in the area. 

This year’s Economic Forecast was held today at the InterContinental LA Downtown to a crowd of more than 500 of Los Angeles’s top leaders in research, business, and economic development. The event featured panel discussions on the transition to clean energy, innovative solutions for housing and the importance of regional collaboration among local economic development organizations.  



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