PRESS RELEASE: Economic Drill Down

PRESS RELEASE: Economic Drill Down

 

Public-Private Partnership Aims to Foster Job Growth through Innovative Economic Analyses of City Council Districts 

The Council District 10 Economic Drill Down serves as a model for other districts interested in greater understanding local economic landscapes and dynamics

LOS ANGELES- As part of continuing efforts to promote job growth and economic development in the City of Los Angeles, the newly released Council District 10 Economic Drill Down examines job concentrations, industry growth rates and employment dynamics at the neighborhood-level. The first-of-its-kind report comes as the result of a partnership between Los Angeles City Council President Herb Wesson, the Los Angeles Area Chamber of Commerce and Beacon Economics and is sponsored by NBCUniversal.

Since 2010, an overview of economic activities in each of the city’s 15 council districts has been released annually by the L.A. Area Chamber and Beacon Economics. The new Economic Drill Down format aims to expand the breadth and depth of data available to city council offices and better inform their decisions on economic issues within their districts.

“Not only does this report shine a spotlight on Council District 10’s economic landscape, but it also serves as the model for many more spotlights to come,” said Los Angeles City Council President Herb Wesson. “To remain a city of innovation, we need thorough and substantive data on all aspects of the communities we represent.”

The study uses micro-data and advanced geo-coding technology to achieve a deeper understanding of the geography of jobs across a specific region. Council District 10’s neighborhood diversity and location in both Central and South Los Angeles made it a prime candidate for the pilot report.

“The Chamber has been proud to partner the last eight years on the L.A. City Council Districts Economic Report, a resource that has given policy leaders important data to understand the economic trends in Los Angeles and to help guide their decision-making,” said Maria S. Salinas, President & CEO of the Los Angeles Chamber of Commerce. “We hope this deep-dive pilot project can be a model all Council districts can use to build economic development strategies that support growth in the industries, jobs and communities they represent.”

The pilot includes data highlighting Council District 10’s growth of its leisure/hospitality, healthcare and retail sectors, as well as how the district’s rate of employment has grown faster than the average rate for the City of Los Angeles. Additionally it examines the distribution of jobs and different geographic concentrations throughout the district’s neighborhoods, including Koreatown, Baldwin Hills, Leimert Park, Wilshire Center and others.

“Because Los Angeles is such an enormous and diverse economy, to really understand local

trends, and implement the most effective public policies, it requires knowing more than the headline numbers,” said Taner Osman, Research Manager of Beacon Economics and one of the report authors. “Councilman Wesson and the Los Angeles Chamber are thinking big, and thinking ahead, in commissioning this kind of drilled-down research as it will lead to a deeper comprehension of how economic growth is happening in Los Angeles and how it can be practically supported.”

Key data findings from the analysis include:

  • Council District 10’s economy has recovered well from the depths of the Great Recession. Today, there are 5,000 more people employed in the district’s economy than in 2008.
  • From 2008-2017 employment in the district has been growing faster than in the rest of the City of Los Angeles. Total employment in District 10 grew by 7.6%, compared to 5.5% in the rest of the city.
  • District 10’s economy is primarily specialized in the healthcare, leisure and hospitality, and retail sectors, which together account for 53% of total employment in the district.
  • Leisure and hospitality is the fastest-growing sector in the District 10. Employment in the sector grew 64% over the period 2008-2017, compared to 33% in the rest of the city.
  • Over the same period, significant employment growth also occurred in the healthcare (20%) and retail (19%) sectors of District 10’s economy.
  • The biggest sectoral demise was in District 10’s manufacturing sector, where employment has decreased by 43% since 2008. This change, however, reflects broader trends in the U.S. economy, where a combination of automation and offshoring has reduced manufacturing employment.

 

The full Council District 10 Economic Drill Down can be accessed here. The press release PDF can be accessed here.

###