ECONO WATCH L.A. COUNTY.

ECONO WATCH L.A. COUNTY

GENERAL INDICATORS


                                                            % From
                                       Latest   Previous  Previous
                                       Period     Period    Period

Employment (000's) (Aug.)               4,570      4,559      +0.2%
Unemployment (000's) (Aug.)               272        276      -1.5
Help-wanted ads index (Aug.)               26         26       0.0
Jobless-to-job ad ratio (July) [1]        5.2        4.9      +5.8
Film permits (Aug.) [2]                 2,096      1,582     +32.5

Bankruptcies
 Chapter 7 (July)                       2,536      2,652      -4.4
 Chapter 11 (July)                         20         20       0.0

Exports (mils.) (June) [3]            $5505.1   $6,395.5     -16.2
Imports (mils.) (June)              $11,645.2  $12,323.7      -5.8

Air cargo [4]
 LAX (July)                             138.9      151.6      -8.4
 Burbank (July)                           6.7        6.5      +3.1

Container volume [5] (000's)
  Long Beach (July)                     379.0      362.7      +4.5
  Los Angeles (Aug.)                    477.1      451.9      +5.6
Los Angeles CPI (Aug.)                  178.4      178.3       0.1

Electricity Accounts (000's) [6]
  Residential (Apr.) [7]              1,206.0    1,204.3      +0.1
  Commercial (Apr.)                     177.9      189.6      -6.2
  Industrial (Apr.)                      15.8       15.9      -0.6




                                         Year  % + From
                                          Ago  Year Ago

Employment (000's) (Aug.)               4,514     +1.2%
Unemployment (000's) (Aug.)               255      +7.0
Help-wanted ads index (Aug.)               42     -38.1
Jobless-to-job ad ratio (July) [1]        3.5     +48.6
Film permits (Aug.) [2]                 2,284      -8.2

Bankruptcies
 Chapter 7 (July)                       2,192     +15.7
 Chapter 11 (July)                         14     +42.9

Exports (mils.) (June) [3]           $6,231.1     -13.2
Imports (mils.) (June)              $12,073.4      -3.6

Air cargo [4]
 LAX (July)                             163.3     -17.5
 Burbank (July)                           6.4       0.0

Container volume [5] (000's)
  Long Beach (July)                     410.0     -31.0
  Los Angeles (Aug.)                    464.0      +2.8
Los Angeles CPI (Aug.)                  172.2      +3.6

Electricity Accounts (000's) [6]
  Residential (Apr.) [7]              1,211.1      -0.4
  Commercial (Apr.)                     176.9      +0.6
  Industrial (Apr.)                      15.7      +0.6
REAL ESTATE


                                                         % + from
                                       Latest  Previous  previous
                                       period    period    period

Construction lending (mils.) (July)    $226.4    $197.2    +14.8%
Property acquisition
lending (mils.) (July)               $2,846.6  $2,893.1      -1.6
Refinance lending (mils.) (July)8    $5,338.4  $5,564.5      -4.1

Foreclosures
  Number (July)                           741       704      +5.3
  Value (mils.) (July)                 $127.7    $118.2      +7.6

Building contracts (mils.)
  Residential (Aug.)                   $212.1    $222.2      -5.0
  Nonresidential (Aug.)                $295.5    $185.5     +59.3

Building permits (mils.)
  Residential (Aug.)                   $406.7    $281.5     +44.5
  Nonresidential (Aug.)                $326.6    $231.4     +41.1

Housing start permits (Aug.)            1,849     1,099     +68.2
Home sales (July)                       9,081     9,415    -185.5
Home prices (000's) (July)             $231.0    $233.0      -0.9
Condo sales (July)                      1,945     1,947      -0.1
Condo prices (000's) (July)           $181.00    $179.0      +1.1

Apartments (1st qtr.) [9]
  Gross occupancy                       97.7%     97.0%        NA
  Avg. sq. ft. rent                     $1.35     $1.38      -2.2
  Avg. monthly rent                    $1,138    $1,120      +1.6

Office vacancy rates
(2nd qtr.) [10]
  Downtown LA                           19.1%     20.3%        NA
  San Fernando Valley                   11.4%     12.1%        NA
  West L.A                              11.2%      8.8%        NA
  South Bay                             14.2%     12.6%        NA
  Countywide                            13.6%     12.9%        NA

Industrial vacancy rates (2nd qtr.)
  Downtown/Central                       1.4%      4.0%        NA
  South Bay                              4.0%      4.0%        NA
  San Gabriel Valley                     3.8%      3.9%        NA




                                         Year  % + from
                                          ago  year ago

Construction lending (mils.) (July)    $204.0    +11.0%
Property acquisition
lending (mils.) (July)                $2125.8     +33.9
Refinance lending (mils.) (July)8    $1,920.4    +178.0

Foreclosures
  Number (July)                          1.00     -32.6
  Value (mils.) (July)                 $157.4     -18.9

Building contracts (mils.)
  Residential (Aug.)                   $244.9     -13.4
  Nonresidential (Aug.)                $265.7     +11.2

Building permits (mils.)
  Residential (Aug.)                   $347.9     +16.9
  Nonresidential (Aug.)                $308.2      +6.0

Housing start permits (Aug.)            1,683      +9.9
Home sales (July)                       7,307     +24.3
Home prices (000's) (July)             $203.0     +13.8
Condo sales (July)                      1,487     +30.8
Condo prices (000's) (July)            $169.0      +7.1

Apartments (1st qtr.) [9]
  Gross occupancy                       97.3%        NA
  Avg. sq. ft. rent                     $1.28      +5.5
  Avg. monthly rent                    $1,032     +10.3

Office vacancy rates
(2nd qtr.) [10]
  Downtown LA                           22.5%        NA
  San Fernando Valley                   11.7%        NA
  West L.A                               5.8%        NA
  South Bay                             12.8%        NA
  Countywide                            13.0%        NA

Industrial vacancy rates (2nd qtr.)
  Downtown/Central                       3.5%        NA
  South Bay                              3.8%        NA
  San Gabriel Valley                     4.1%        NA
TOURISM


                                                   % + from
                                 Latest  Previous  previous     Year
                                  month     month     month      ago

Hotel occupancy rate (July)       74.4%     74.4%      0.0%    81.5%
Room rate (July)                $123.86   $123.89      0.0%  $122.03

Passengers
 LAX (000's) (July)             6,372.3   6,025.8      +5.8  6,431.6
Burbank Airport (000's) (July)    415.3     416.0      -0.2    404.6





                                % + from
                                year ago

Hotel occupancy rate (July)        -8.7%
Room rate (July)                   +1.5%

Passengers
 LAX (000's) (July)                 -1.0
Burbank Airport (000's) (July)       2.6



FOOTNOTES

(1)Thousands of jobless to index point of job ads.

(2)Film production days

(3)Through Los Angeles Customs District

(4)In thousandds of tons (LAX)/in tons (Burbank)

(5)20-foot equivalent unit

(6)1982-1994 = 100

(7)San Fernando Valley and metropolitan LA combined

(8)Apartment and residential combined

(9)Includes refiancings, second mortgages and equity mortgages

(10)Based on a survey by Grub & Ellis Co. Excludes available
sublease space NA means not applicable.

BOLDFACE INDICATES UPDATED FIGURES

Sources: California State Employment Development Department
(employment figures); The Conference Board, N.Y. (help-wanted ad
index); Entertainment Industry Development Corporation Los
Angeles Film Office (film permits); U.S. Bankruptcy Court.
Central District of Calif., Los Angeles (bankruptcies); Dun &
Bradstreet (business failures); Ecomomic Development
Corporation, Los Angeles (exports,imports); City of Los Angeles
Airport Department (LAX passenger traffic and air cargo);
Burbank-Glendale-Pasadena Airport Authority (Burbank passenger
traffic and air cargo); Bureau of Labor Statistics, Los Angeles
(Los Angeles consumer price index); Office of Ecomomic Research
of California State University, Long Beach (index of leading
indicators); First American Real Estate Solutions, Anahiem
(construction lending, properly lending, refinance lending
foreclosures, home sites, home prices, home prices per square
foot, condo sales, condo prices); F.W. Dodge Division, McGraw-
Hill (building contracts); Construction-Industry Research Board
(housing start permits, building permits); M/PF Research Inc.
(apartments); Grubb & Ellis (office and industrial vacancy rates);
PKF Consluting (hotel occupancy room rate).

Conor Dougherty