Downtown economic forecast rosy for ’07

By on January 11, 2020

first_imgDowntown Los Angeles’ economy will continue thriving in 2007 and this impact will ripple through the region, according to a forecast released Tuesday. “Basically the prognosis for downtown is pretty favorable. You’re seeing job growth both in the government sector and the private sector,” said Jack Kyser, vice president and chief economist at the Los Angeles County Economic Development Corp. Kyser on Tuesday presented his seventh annual Downtown Los Angeles Economic Forecast to the Central City Association. Currently Los Angeles has a tight labor market with a 4.7 percent unemployment rate. And there is a building boom going on downtown. “We have more things that are visible to people. You have construction cranes on the skyline just south of 8th Street. For a lot of people, this is very visible evidence that things are happening downtown,” Kyser said. The forecast noted that from the first quarter of 2005 to 2006: Most major industries were in a steady growth mode. The economy is at full employment with such a low unemployment rate. Only four sectors will lose jobs, with manufacturing accounting for the most: 1,191 positions. Nine sectors added jobs, with the most – 2,003 – coming in government. Finance and insurance had the highest average annual salary: $141,319. Kyser also noted that downtown Los Angeles is benefiting from two projects – l.a.live and Grand Avenue – that he labels game-changers. Each is valued at more than $1 billion. “Both of these will be very, very important and the economic benefit will ripple out across the region,” he said. Bruce Ackerman, president and chief executive officer of the Economic Alliance of the San Fernando Valley, said a healthy downtown is good for the Valley. “The Grand Avenue project and the l.a.live project will bring so much in the way of recognition and stature to the city (and business) to the city that the Valley’s going to benefit just from the increased revenue.” L.a.live is especially important because it will put about 1,000 hotel rooms next to the Convention Center. And light-rail expansion into East Los Angeles and along Exposition Boulevard should help ease traffic congestion. [email protected] (818) 713-3743160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set!last_img read more

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