DOWNTOWN ECONOMIC FORECAST ROSY FOR '07 VALLEY COULD SEE BENEFITS FROM FAVORABLE CLIMATE.Byline: GREGORY J. WILCOX Staff Writer Downtown Los Angeles' economy will continue thriving in 2007 and this impact will ripple through the region, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. 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 The Chief Economist is a single position job class having primary responsibility for the development, coordination, and production of economic and financial analysis. It is distinguished from the other economist positions by the broader scope of responsibility encompassing the at the Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County Economic Development Corp. Kyser on Tuesday presented his seventh annual Downtown Los Angeles Downtown Los Angeles is the central business district of Los Angeles, California, located close to the geographic center of the metropolitan area. The sprawling, multi-centered megacity is such that its downtown core is often considered just another district like Hollywood or Economic Forecast to the Central City Association. Currently Los Angeles has a tight labor market labor market A place where labor is exchanged for wages; an LM is defined by geography, education and technical expertise, occupation, licensure or certification requirements, and job experience 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 San Fernando Valley Valley, southern California, U.S. Northwest of central Los Angeles, the valley is bounded by the San Gabriel, Santa Susana, and Santa Monica mountains and the Simi Hills. , 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 East Los Angeles, uninc. city (1990 pop. 126,379), Los Angeles co., S Calif., a residential suburb of Los Angeles, in an industrial area. It has a large Mexican-American population. There is a performing arts center and a cultural center. A junior college is there. and along Exposition Boulevard should help ease traffic congestion The condition of a network when there is not enough bandwidth to support the current traffic load. congestion - When the offered load of a data communication path exceeds the capacity. . greg.wilcox(at)dailynews.com (818) 713-3743 |
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