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Industry Clusters of Los Angeles County (2020)

Industry Clusters of Los Angeles County (2020)

LAEDC examines industry clusters in Los Angeles County to understand our regional strengths and weaknesses, and use this insight to build more informed economic development strategies while comparing our performance against that of other regions. This report presents a description of our private sector economy through the lens of clusters and regional competitiveness.

The report provides details on employment, occupations, wages, trends and forecasts in industries such as Aerospace, Entertainment, Trade & Logistics, Hospitality and Tourism, Finance, Fashion, Bioscience and more.

Four Year Colleges and Universities: Addressing the Knowledge Worker Talent Gap in Southern California

Four Year Colleges and Universities: Addressing the Knowledge Worker Talent Gap in Southern California

The report, “Four-Year Colleges and Universities: Addressing the Knowledge Worker Talent Gap in Southern California,” provides information about the region’s future industrial and highly skilled employment concentrations, forecasts important shifts in Southern California’s post-secondary-relevant job markets and identifies trends within key post-secondary occupational categories to help guide the area’s four-year colleges and universities.

Business and education leaders are going to have to work together to ensure that Southern California has the skilled workforce it needs to maintain its global reputation as the home of innovative business and technology leaders, according to a report recently released by the Los Angeles County Economic Development Corporation (LAEDC) and California State University, Northridge.

WTCLA 2020 Foreign Direct Investment (FDI) Report

WTCLA 2020 Foreign Direct Investment (FDI) Report

On May 26, 2020, the World Trade Center Los Angeles (WTCLA) released the report Foreign Direct Investment in California, 2020, assessing the positive employment impact of foreign-owned enterprises in the state and its various regions. The report was created in partnership with the California Governor’s Office of Economic Development and Loyola Marymount University’s Center for International Business. Over 730,000 direct jobs in California are at foreign-owned firms, according the report, underscoring how important FDI and international connections are to the state’s economy.

Municipal budget exposure and COVID-19

Municipal budget exposure and COVID-19

LAEDC’s Institute for Applied Economics has published this analysis of general revenues of the 88 cities in Los Angeles County, assessing the level to which the cities are vulnerable to fiscal shocks as a result of the global COVID-19 pandemic.  Awareness of these challenges and prudent planning will be critical for all 88 Cities in Los Angeles County.

Collectively, these data serve to highlight which cities may be most in need of state and federal aid in order to maintain essential services, to avoid significant layoffs and furloughs of city workers, and to maintain maximal ability to provide relief efforts to households and businesses, especially those most in need during these uncertain times.

Cities wishing to engage with LAEDC economists to interpret the analysis can contact [email protected]

Media/reporters interested in covering this research, please contact [email protected]

Coronavirus impact on Southern California economy - Estimates of possible unemployment levels

Coronavirus impact on Southern California economy – Estimates of possible unemployment levels

On April 21, 2020, the LAEDC Institute for Applied Economics has published estimates for the Southern California economic conditions in May 2020, estimating a potential unemployment rate of 31.7% for Los Angeles MSA (LA and Orange Counties) and 31.4% for the broader Southern California region.  These estimates will change depending on many factors including policy interventions, and LAEDC will provide an update when further analysis is available.

This report provides county-level data for each of the 10-counties in Southern California, including San Diego, Imperial, Riverside, Orange, San Bernardino, Los Angeles, Ventura, Kern, Santa Barbara, San Luis Obispo.

Please visit LAEDC’s Community Connectory resource page on this website, with resources to assist your organization, as well as to request assistance from LAEDC’s team of business assistance professionals.

Media inquiries:  [email protected]

Media inquiries:  [email protected]

 

Media inquiries:  [email protected]

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LAEDC’s initial March 17, 2020 analysis of COVID’s impact on the LA County economy

LAEDC’s initial March 17, 2020 analysis of COVID’s impact on the LA County economy

This research brief was released by LAEDC’s Institute for Applied Economics the first week of California’s lockdown for the COVID-19 crisis of 2020. It provided stakeholders in the region and broader nation with analysis to prepare for the unprecedented and deeply damaging and rapid economic changes, job dislocations and business challenges that we would all face.  Originally circulated as a direct, urgent email campaign to all LAEDC’s network of contacts, we provide it here as an archive of our analysis at that time, which was one of the first comprehensive perspectives to help inform decision makers and households in the LA County region.  The brief includes:

  • COVID-19 affect our LA County economy, its industries, employers and workforce
  • Recommendations and analysis from LAEDC

For post-COVID analysis please see LAEDC’s Pathways to Economic Resilience report which looks at what actually happened in the economy during the first eight months of the pandemic and provides related policy recommendations for a more equitable recovery.

EV Industry Report: Energizing an Ecosystem, The Electric Mobility Revolution in SoCal

EV Industry Report: Energizing an Ecosystem, The Electric Mobility Revolution in SoCal

The Electric Vehicle (EV) industry growth in California has positioned the state as a globally leading researcher, designer, manufacturer and exporter of transportation-related products, services and technologies, creating 275,600 direct EV industry jobs statewide.  Read LAEDC’s analysis of the industry in California, Southern California, as well as insights on the importance of EV adoption to environmental goals.

Ocean Economy in LA County

Ocean Economy in LA County

Today in LA County, 117,000 workers are directly employed in the region’s “Blue” or “Ocean” economy, with an additional 82,500 jobs sustained by the industry, according to a report: The Ocean Economy in Los Angeles County, which was sponsored by LA County Supervisor Janice Hahn’s office and released by the Los Angeles County Economic Development Corporation (LAEDC) and prepared in collaboration with AltaSea at the Port of Los Angeles. Based on the industry’s significant regional economic contribution, the LAEDC took the rare step, upon the report’s release, to add the “Ocean Economy” as a Southern California-based industry cluster that it will formally monitor, benchmark and track going forward.

2020 LAEDC Economic Forecast

2020 LAEDC Economic Forecast

LAEDC’s 2020 Economic Forecast examines many factors related to jobs, income, standards of living, and industries in Los Angeles County, Southern California and the entire state. While unemployment and down and wages are growing modestly, there are troubling signs regarding individual prosperity due to low wage jobs, rising housing costs and other factors.  Read more in the full report download, and also take a look at our web story for Key Findings and interesting slide presentations from the event: https://laedc.org/2020/02/19/2020-economic-forecast/

SCAG Economic Update for LA County, by LAEDC

SCAG Economic Update for LA County, by LAEDC

This LA County Economic Update was released as part of SCAG’s 2019 Economic Summit, and produced by LAEDC.  Thanks to SCAG for sponsoring this research and for its leadership in the mega region, which was evident at an excellent event.

Oil and Gas Set-Back Economic Report

Oil and Gas Set-Back Economic Report

Oil & Gas setback policy is a complex issue with economic, environmental, public safety and property rights implications.

LAEDC is neither taking nor endorsing any particular position on this issue but rather offering this report on employment and economic impacts associated with potential changes in setback policy to better inform policymakers, solely on those economic and fiscal impacts.

Download the report here.

Foreign Direct Investment in Southern California, 2019

Foreign Direct Investment in Southern California, 2019

World Trade Center Los Angeles (WTCLA) today published the 2019 FDI Report for Southern California.  Over 10,000 foreign-owned businesses provide 425,000 jobs in the SoCal economy. The data indicates a slight decline in jobs related to foreign-owned businesses, of about 3% year-over-year.  Also, France moved ahead of Canada in terms of job creation by foreign-owned employers in SoCal.

2019 LAEDC Economic Forecast

2019 LAEDC Economic Forecast

LAEDC has published its annual Economic Forecast report, which covers the US, California, Los Angeles County and the other counties of Southern California. The report provides analysis and an outlook for 2019-2020.  More information and presentations from the event are located HERE.

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Professional Services Industry in the LA Basin: Occupations and Forecast

Professional Services Industry in the LA Basin: Occupations and Forecast

In a continuing series of industry deep-dive reports, the Center for a Competitive Workforce, which LAEDC co-founded, has released Professional Services Industry in the Los Angeles Basin, which forecasts job opportunities, analyzes changing skills requirements, and illuminates career education pathways for the for the professional and business services industries in the greater LA Basin.  The report, accompanied by a 8-page overview, was funded by the Strong Workforce Program, an initiative of the California Community Colleges Chancellor’s Office.  More details and highlights HERE.

Healthcare Services Industry in LA Basin: Occupations & Talent

Healthcare Services Industry in LA Basin: Occupations & Talent

In a continuing series of industry deep-dive reports, the Center for a Competitive Workforce, which LAEDC co-founded, has released Health Care Services in the Los Angeles Basin, which forecasts job opportunities, analyzes changing skills requirements, and illuminates career education pathways for the local-serving health care industry in the greater LA Basin.  The report, accompanied by a 12-page overview, was funded by the Strong Workforce Program, an initiative of the California Community Colleges Chancellor’s Office.  More details and highlights HERE.

Economic Impact: Pacific Standard Time LA/LA Art Exhibit Series

Economic Impact: Pacific Standard Time LA/LA Art Exhibit Series

LAEDC’s Institute for Applied Economics has found that the Pacific Standard Time LA/LA exhibit series not only brought the rich art of Latin Americans to 2.8 million visitors at 70 cultural institutions around Southern California, it also created over 4,000 jobs, added $430 million in economic output the the regional economy, and supported labor income (wages) of nearly $188 million.  The PST LA/LA initiative took place from September 2017 to January 2018 and was supported by Bank of America and organized by the Getty in collaboration with other major local planning partners (including Chicano Studies Research Center at UCLA, LACMA, The Hammer, and MOCA).

LA/LA was an extraordinary series of experiences for local and international audiences, exploring visual arts, film, dance, music, performance art and more.  The initiative engaged hundreds of curators including scholars, artists and critics to highlight a tremendous wealth of all kinds of Latino and Latin American Art.  This was the second “coming” of Pacific Standard Time, and LA/LA exceeded the audience reach and economic impact of the original PST exhibit series substantially.

LAEDC’s role was to study the economic impact of the initiative to better understand how this collaboration improves opportunity and prosperity for the region.

San Gabriel Valley Economic Forecast

San Gabriel Valley Economic Forecast

LAEDC’s Institute for Applied Economics produced an Economic Forecast for the San Gabriel Valley, a thriving region that lies east of the City of Los Angeles and covers about 200 square miles. The forecast covers the years 2018-2019.

Center for a Competitive Workforce: Entertainment and the Rise of Digital Media

Center for a Competitive Workforce: Entertainment and the Rise of Digital Media

The Center for a Competitive Workforce (CCW), of which LAEDC is a partner, has published a report analyzing the Entertainment & Digital Media Industry in the Los Angeles Basin.  The report is the first to define the rapidly growing “Digital Media” industry and its occupations in Los Angeles, and it analyzes the overlap with the traditional Entertainment industry, and the describes the changing skills needs of both industries.  The report takes a deep-dive into occupations in the industry, with occupational forecasts, analysis of the skills needed, and workforce training available through the region’s community college system.  Read the original press release and highlights HERE.

Economic Update for Los Angeles County

Economic Update for Los Angeles County

As part of the SCAG Annual Economic Summit, LAEDC has prepared an economic update for LA County, with information about industries, jobs, educational attainment, real wages and more.  Thanks to Southern California Association of Governments for sponsoring this research, and we hope you will explore the topics raised at the Summit, which is focused on The Cost of Not Housing.

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Airbnb in Los Angeles: An Economic Impact Analysis

Airbnb in Los Angeles: An Economic Impact Analysis

This economic impact report, commissioned by Airbnb, concludes the Airbnb community in Los Angeles is generating hundreds of millions of dollars in economic activity. Specifically, this analysis found that Airbnb generates $900 million in economic activity, supports more than 7,400 jobs, and is expected to generate nearly $40 million in transient occupancy taxes on an annual basis in Los Angeles.