Tag Archive: LAEDC


LAEDC report also shows L.A. County tops in manufacturing, employing 389,300 workers

Los Angeles Southern California is the nation’s largest manufacturing economy, according to a report issued today by theLos Angeles County Economic Development Corporation(LAEDC). The 2011 “Manufacturing: Still a Force in Southern Californiareport dispels the myths that manufacturing in the region is disappearing and that all manufacturing is moving to low-cost countries.

Nationally, the U.S. is the world’s largest manufacturing economy, producing 21 percent of the global manufactured products in 2009.  U.S. manufacturing generated $1.6 trillion worth of output, which represented 11 percent of the U.S.’ total GDP.  Productivity in the manufacturing sector is also very high with manufacturing jobs often paying premium wages and benefits.

Industrial restructuring has intensified, making U.S. manufacturing more competitive than ever,” said LAEDC’s Chief Economist and report author Nancy D. Sidhu, Ph.D.  “The U.S.share of global manufacturing has remained at or above 20 percent for most of the past two decades.”

Locally, in Los Angeles County, the manufacturing sector employed 389,300 people in 2009, while the value of manufacturing shipments in the County was $153 billion in 2007 (latest data available).  Manufacturing is a “high-multiplier” activity, supporting many local area businesses and jobs in supplier industries such as energy, freight transportation, and business and professional services.

The top five industries in L.A. County (measured by dollar revenues in 2007) were: Petroleum Refining, Computer and Electronic ProductsFood Products, Aerospace and Fabricated Metal Products.  Of the manufacturing employment in the County, 56 percent of the workers produced durable goods such as computers, transportation equipment and metal products, while the other 44 percent produced nondurable goods such as apparel and food.

The largest manufacturing sector in the County (measured by employment in 2009) is Computer and Electronic Products with 51,323 jobs. The apparel sector had the second highest number of employees, with 48,107 jobs.  However, the sectors suffering the largest employment declines over the past decade were Computers and Peripherals, Furniture and Textile Product Mills.

For the full story and to download the 2011 LAEDC Manufacturing study visit:

http://www.mayocommunications.com/2011-NEWS%20RELEASES/NR-383.htm

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Downtown Film Festival rec carpet event.

LAEDC Report Says  Southern California,  California, U.S.  Economic Recovery is Underway, Stronger Growth in ’12

In L.A. County, international trade, entertainment and tourism leads regional economy.

A separate report shows striking economic and personal ties with Japan

Dr. Nancy Sidhu

Los Angeles — The economic recovery is  under way led by increased international trade  and growth in the high-tech sector,  entertainment and tourism, according to  the 2011-2012 Economic Forecast and  Industry Outlook report released today by  the Kyser Center for Economic Research at  the Los Angeles County Economic Development  Corporation (LAEDC).

The Los Angeles economy “appears to be past the bottom of the recession and is starting up the recovery path during 2011 and 2012,” said LAEDC Chief EconomistNancy D. Sidhu, Ph.D. “Many industries are back in the black and employment is rising in some areas.”

Imports and exports have rebounded around the world. Increased international trade activity in 2011 will benefit the ports of Los Angeles and Long Beach, which both posted strong years in 2010.

Hiring is also expected to  grow as well for the region’s  tourism and entertainment  sectors as a result of  increased filming and more    visitors to the region,  helped by the new  convention center hotel at  L.A. LIVE.

However, there is little likelihood the housing sector will escape another difficult year, even though 2011 is expected to bring some improvement. Housing activity will only see incremental improvement even though it has improved from the 2009 lows.

California, which had the second highest unemployment rate in the country in 2010 at 12.5 percent, will see employment growth in 2011. However, much like the national picture, California’s jobless rate will remain relatively high, with the LAEDC forecasting an average unemployment rate of 12.1 percent this year and the rate coming down to 11.5 percent by next year.

“We project that the California and U.S. economies will grow moderately in 2011 and 2012,” said Sidhu. “But the recession was so deep, 2011 won’t feel all that good despite improvements in most industries. However, the state is headed in the right direction, and the economy will seem even better by 2012.”

First-time US Japan Study by Kyser Center for Economic Research out today (LAEDC image)

Growing Togetherreport highlights L.A. County’s personal and economic ties with Japan

The LAEDC also released a separate, new report, “Growing Together – Japan and Los Angeles County”. The report describes many of the close ties that have developed between Los Angeles County and Japan, the number one source of foreign direct investment into L.A. County.

U.S. – Japan trade has increased dramatically over the past 50 years jumping from $3.2 billion to $211 billion at its peak in 2000. Japan is the second largest trading partner of the Los Angeles Customs District with the ports of Los Angeles and Long Beach together handling nearly 25 percent of total trade between Japan and the U.S.

The report also documents the growing importance of foreign direct investment in this relationship, reviewing both investments made by Los Angeles area business firms in Japan and Japanese investments in Los Angeles County.

To discuss their investments made in the region, the LAEDC’s EconomicForecast event held at the Los Angeles Marriott on Feb. 16 features a panel of speakers from well-known Japanese companies. Representatives from Honda Motors, Union Bank and Yakult, makers of probiotic beverages, will discuss the significant impact of Japanese companies on the L.A. County economy.

For the full story  of the Forecast & Industry Outlook and  the first-time LAEDC  report Growing Together – Japan and Los Angeles County.

Please visit: http://www.mayocommunications.com/2011-NEWS%20RELEASES/NR-377.htm