ECONOWATCH L.A. COUNTY.

ECONOWATH L.A. COUNTY
                                                          % + from
                                       Latest  Previous  previious
GENERAL INDICATORS                     period    period     period
Employment (000's) (Apr.)               4,672     4,646      +0.6%
Unemployment (000') (Apr.)                249       236       +4.2
Help-wanted ads index (Mar.)               34        45      -24.4
Jobless-to-job ad ratio (Mar.) [1]        6.9        50      +38.0
Film permits (Apr.) [2]                 2,929     3,048       -3.9
Bankruptcies
 Chapter 7 (Apr.)                       3,192     3,407       +6.3
 Chapter 11 (Apr.)                         12        22      -45.5
 Exports (mils.) (Mar.) [3]          $6,395.5  $6,062.5       +5.5
 Imports (mils.) (Mar.)             $12,323.7  $9,981.2      +23.5
 Air caro [4]
 LAX (Mar.)                             180.4     159.1      +13.4
 Burbank (Mar.)                           6.4       6.2       +3.2
Cotainer volume [5] (000's)
 Long Beach (Apr.)                      366.5     360.2       +1.7
 Los Angeles (Apr.)                     417.4     401.6       +3.9
Los Angeles CPI (Apr.)                  176.6     176.2       +.02
Electricit Accounts (000's) [6]
 Residential (Mar.) [7]               1,204.3   1,202.3       +0.2
 Commercial (Mar.)                      189.6     176.1       +7.7
 Industrial (Mar.)                       15.9       158       +0.6
                                        -Year   %+ from
GENERAL INDICATORS                        ago  year agi
Employment (000's) (Apr.)               4,477     +4.4%
Unemployment (000') (Apr.)                259      -3.9
Help-wanted ads index (Mar.)               45     -24.4
Jobless-to-job ad ratio (Mar.) [1]        5.7     +21.1
Film permits (Apr.) [2]                 2,222     +31.8
Bankruptcies
 Chapter 7 (Apr.)                       2,395     +33.3
 Chapter 11 (Apr.)                          9     +33.3
 Exports (mils.) (Mar.) [3]          $6,515.3      -1.8
 Imports (mils.) (Mar.)             $12,007.8      +2.6
 Air caro [4]
 LAX (Mar.)                             198.6      -9.2
 Burbank (Mar.)                           7.2     -11.1
Cotainer volume [5] (000's)
 Long Beach (Apr.)                      366.5       0.0
 Los Angeles (Apr.)                     407.1      +2.5
Los Angeles CPI (Apr.)                  170.6      +3.5
Electricit Accounts (000's) [6]
 Residential (Mar.) [7]               1,211.6      -0.6
 Commercial (Mar.)                      174.2      +8.8
 Industrial (Mar.)                       15.7      +1.3
REAL ESTATE
                                                  % + from
                                Latest  Previous  previous      Year
                                period    period    period       ago
Construction lending            $216.4    $201.3     +7.5%    $243.9
  (mils.) (Mar.)
Property acquisition lending  $1,887.8  $1,130.9     +66.9  $2,128.6
  (mils.) (Mar.)
Refinance lending             $3,524.5  $2,247.4     +56.8  $1,739.2
  (mils.) (Mar.) [a]
Foreclosures
  Number (Mar.)                    725       615     +17.9     1,224
  Value (mils.) (Mar.)          $114.5    $101.2     +13.1    $181.6
Building contracts (mils.)
  Residential (Mar.)            $302.3    $135.1    +123.7    $321.1
  Nonresidential (Mar.)         $237.2    $182.8     +29.8    $336.1
Building permits (mils.)
  Residential (Mar.)            $290.2    $203.8     +42.4    $465.1
  Nonresidential (Mar.)         $279.7    $273.9      +2.1    $334.7
Housing start permits (Mar.)     1,507       679    +121.9     2,427
Home sales (Mar.)                8,529     5,358     +59.2     8,536
Home prices (000's) (Mar.)      $216.0    $210.0      +2.9      $214
Condo sales (Mar.)               1,756     1,097     +60.1     1,825
Condo prices (000's) (Mar.)     $176.0    $170.0      +3.5    $183.0
Apartments (1st qtr.) [9]
  Gross occupancy                97.7%     97.0%        NA     97.3%
  Avg. sq. ft. rent              $1.35     $1.38      -2.2     $1.28
  Avg. monthly rent             $1,138    $1,120      +1.6    $1,032
Office vacancy rates
  (1st qtr.) [10]
  Downtown L.A.                  20.3%     21.4%        NA     20.4%
  San Fernando Valley            12.1%     10.1%        NA     10.7%
  West L.A.                       8.8%      8.0%        NA      6.3%
  South Bay                      12.4%     10.9%        NA     15.3%
  Countywide                     12.9%     11.9%        NA     13.8%
Industrial vacancy rates
  (1st qtr.)
  Downtown/Central                2.2%      3.3%        NA      2.1%
  South Bay                       3.9%      3.6%        NA      4.0%
                              % + from
                              year ago
Construction lending            -11.3%
  (mils.) (Mar.)
Property acquisition lending     -11.3
  (mils.) (Mar.)
Refinance lending               +102.6
  (mils.) (Mar.) [a]
Foreclosures
  Number (Mar.)                  -40.8
  Value (mils.) (Mar.)           -36.9
Building contracts (mils.)
  Residential (Mar.)              -5.9
  Nonresidential (Mar.)          -29.4
Building permits (mils.)
  Residential (Mar.)             -60.3
  Nonresidential (Mar.)          -16.4
Housing start permits (Mar.)     -37.9
Home sales (Mar.)                 -0.1
Home prices (000's) (Mar.)        +0.9
Condo sales (Mar.)                -3.7
Condo prices (000's) (Mar.)       -3.8
Apartments (1st qtr.) [9]
  Gross occupancy                   NA
  Avg. sq. ft. rent               +5.5
  Avg. monthly rent              +10.3
Office vacancy rates
  (1st qtr.) [10]
  Downtown L.A.                     NA
  San Fernando Valley               NA
  West L.A.                         NA
  South Bay                         NA
  Countywide                        NA
Industrial vacancy rates
  (1st qtr.)
  Downtown/Central                  NA
  South Bay                         NA
TOURISM
                                                    %+ from
                                 Latest  Previous  previous     Year
                                  month     month     month      ago
Hotel occupancy rate (Mar.)       77.4%     78.1%     -0.9%    79.4%
Room rate (Mar.)                $125.91   $130.63     -3.6%  $122.00
Passengers
 LAX (000's) (Mar.)             5,810.9   4,647.2     +24.8  5,579.1
Burbank Airport (000's) (Mar.)    396.6     343.2     +15.5    386.5
                                 %+ from
                                year ago
Hotel occupancy rate (Mar.)        -2.5%
Room rate (Mar.)                   +3.2%
Passengers
 LAX (000's) (Mar.)                 +4.0
Burbank Airport (000's) (Mar.)      +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 thousands of tons (LAX)/in millions of pounds (Burbank).

(5.)20-foot equivalent unit.

(6.)1982-1984=100.

(7.)San Fernando Valley and metropolitan LA. Combine

(8.)Apartment and residential combined

(9.)Includes refinancings, second mortgages and equity mortgages

(10.)Based on a survey by Grubb & 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); Economic Development Corporation, Los Angeles (exports, imports); City of Los Angeles Airport Department (LAX passener 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 Economic Research at California State University, Long Beach (index of leading indicators); First American Real Estate Solutions, Anaheim (construction lending, property lending, refinance lending, foreclosures, home sales, 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 Consulting (hotel occupancy rate, room rate).

Chris Sieroty