Who We Are
The Los Angeles County Economic Development Corporation, a non-profit organization, champions equitable economic growth across the Los Angeles region.
Through collaboration with community, government, business, labor and education partners to inform and advance our data-driven and evidence-based approach, we endeavor to achieve a reimagined regional economy – growing, equitable, sustainable, and resilient – that provides a healthy and high standard of living for all.
LAEDC staff and our members represent the diversity of Los Angeles County and act as trusted conveners, thought partners, valued service providers, regional stewards, and catalysts for transformational change.
- 5 Pillar Strategy for Economic Development
LAEDC implements a strategic plan to transform the region through a human-centered economic development lens, focusing on inclusivity and collaboration. We launch our 5 Pillar Strategy for Economic Development to engage more communities, organizations, and voices in regional economic development.
Our 5 Pillar Strategy includes:
- Economic Research from the Institute for Applied Economics
- Industry Clusters
- Business Assistance
- Foreign Direct Investment through the World Trade Center Los Angeles
- Workforce Development
Central to LAEDC’s approach is data-driven research, providing a comprehensive understanding of the economic landscape. Quantitative and objective research plays a pivotal role in development, offering in-depth insights and analysis. LAEDC helps decision-makers understand the economy’s dynamics, identify opportunities and challenges, and make informed decisions. Our research delves into factors shaping industries, workforce trends, and market conditions, uncovering untapped potential, guiding planning, and facilitating targeted interventions.
Identifying key industries and clusters with growth potential, this research guides targeted economic development initiatives. With a foundation of reliable information, efforts tailor to address specific needs, driving innovation, attracting investments, and creating sustainable growth.
In industry cluster development, LAEDC engages partners from various sectors to support industry growth through collaborative efforts. We aim to create thriving sectors offering opportunities and job prospects for communities, creating robust, resilient sectors. Interconnected ecosystems facilitate knowledge-sharing, resource optimization, and cross-pollination of ideas, leading to new businesses, job opportunities, and entrepreneurial ventures, enabling our economy to adapt to market demands or disruptions effectively.
LAEDC emphasizes workforce development, collaborating with educational institutions and talent systems to create strategies and career pathways for high-growth industries. We connect job seekers with industry partners and employers, ensuring preparation for upskilling and employment opportunities.
Workforce development programs bridge the gap between skills and job opportunities, empowering individuals for the evolving labor market. LAEDC aligns the workforce with industry needs, attracting businesses, encouraging investment, and driving innovation.
These programs enhance employability, foster entrepreneurship, diversity, and upward mobility, creating a vibrant and resilient economy benefiting individuals and communities.
Recognizing the importance of small businesses in Los Angeles County, where over 94% have fewer than 20 employees, LAEDC’s Business Assistance Program (BAP) provides technical support for business prosperity and growth. Partnering with the County and City of Los Angeles, we offer programs like Business Technical Assistance and Layoff Aversion, aiding diverse businesses, including women-owned, Black-owned, veteran-owned, and Latinx-owned enterprises, sustaining operations, averting layoffs, and contributing to economic stability.
As a globally connected region, LAEDC attracts international trade and foreign direct investment (FDI) through the World Trade Center Los Angeles (WTCLA). WTCLA leverages resources to attract and retain global companies, driving economic development, job creation, and market expansion. International companies facilitate knowledge and technology transfer, enhancing local workforce skills and sharing our knowledge and innovation globally. They diversify the economy, making it more resilient and contributing to cultural exchanges, enriching the community with diverse perspectives.
LAEDC progresses in implementing our vision across the region. Focusing on the 5 Pillar Strategy, supported by our membership, events, external communications, policy analysis, and community-based relationships, LAEDC fosters collaboration, innovation, and inclusivity. Our efforts shape the future of Los Angeles, promoting economic growth, and ensuring a prosperous, sustainable future for our communities.
- Our Path Toward Regional Success
Theory of Economic Development
LAEDC is committed to an intentional regional economic development approach focused on improving economic well-being and quality of life to build a more equitable and inclusive economy.
Our data-driven, research-based approach is used to cultivate key industry ecosystems, retain and grow microenterprises, small and large businesses, attract investment from domestic and international companies, and develop a competitive regional workforce.
We convene and partner with non-profits, government, business, philanthropy, and education to continually advance access to opportunities in our region.
LAEDC is committed to doing work and promoting ideas grounded in evidence and truth. We use data and research to understand the issues. Using data and research, we can gain a strong understanding of our region and track issues year to year. Our research informs us on how to use scarce resources better.
Our research allows us to cultivate key industry ecosystems, benefiting from the organic clustering of business types in the Los Angeles region. Industries such as life science, electric vehicles, ocean economy, and more are moving to Los Angeles because of the innovative spirit of our area businesses. These companies provide good wages and career pathways, entrepreneurship for workers and diverse communities and improve the Los Angeles region’s competitive advantage.
We actively assist all businesses – including microenterprises – to grow and retain jobs here in our region. In Los Angeles County, most businesses in the region employ 20 or fewer employees. These businesses are vital to Los Angeles’s economy because those revenues recirculate locally.
Our Business Assistance Program (BAP) provides resources to businesses that may not know those resources exist. LAEDC also provides support for pandemic resiliency & recovery plans, outsmart disasters, and strategic plan development.
Our internationally focused work brings together communities, leaders, and companies that allow the exchange of economic theories and practices and innovative technologies. This work helps attract, retain, and foster international companies’ growth and creates well-paying jobs in Los Angeles. Our foreign direct investment (FDI) reports demonstrate the impact and importance of international companies to our local jobs and wages in Los Angeles. We champion and promote Los Angeles’s most significant selling points, including our infrastructure, education and forward-looking policies. The work helps our international communities and partners understand and continue investing in the Los Angeles region.
LAEDC is committed to developing a competitive regional workforce because we know that a robust workforce our economic growth as a region should not be separated from each other. We bring industry leaders and educational partners together within the economic development process. We want our education infrastructure to train the next generation of the workforce and ensure they receive relevant training and can join the industry of their choice. We know there needs to be an alignment between industry and our educational systems.
We provide trainings across industry clusters, convene and inform thought leaders, offer comparative analysis for governments, partners and industries, analyze wages and benefits across employers, guide equitable public policy, offer information for direct investment opportunities, and forecast challenges and opportunities.
For us, economic inclusion and economic development occur when we use research to connect communities to the growth sectors of our economy, and we involve communities in the decisions that impact them.
LAEDC embraces a change model for our economy that fosters inclusive growth in our region. Without inclusive growth, communities are often excluded from the economy, creating significant inequities in our region, such as loss of potential earnings, weakened competitiveness, and additional stress and burdens for individuals and families.
At LAEDC, economic development starts when research and data are used to understand and identify opportunities, provide technical assistance for businesses, prepare and champion sustainable growth, and train our workforce so everyone who wants to can participate, compete and thrive within a dynamic economy.
- Invest in Los Angeles
At the LAEDC, we believe that a thriving economy should benefit everyone in our region, regardless of their background or circumstances. Join us in creating a reimagined Los Angeles regional economy.
LAEDC ANNUAL REPORT
Thank you for being a valuable partner of the Los Angeles County Economic Development Corporation. We are thrilled to share the LAEDC 2022-2023 Annual Report. Within this annual report, you will learn more about the work that LAEDC has done within the 88 cities and more than 100 unincorporated areas throughout Los Angeles County.
We encourage you to read and learn more about our programs to support communities and businesses to create a more robust, equitable, sustainable and resilient economy in Los Angeles County.
- 5 Pillar Strategy for Economic Development