PICTURE BRIGHT FOR N. VALLEY ECONOMY BUSINESS LEADERS SEE A REAL BARGAIN.

Byline: CHARLES F. BOSTWICK Staff Writer

SUN VALLEY -- With good-paying industrial jobs bleeding out of Los Angeles County and thousands of new residents coming in, San Fernando Valley economic development leaders see opportunity in the Northeast Valley.

In Sun Valley, North Hollywood and Pacoima, the obsolete plants, contaminated factories, auto wrecking yards and quarries could make room for modern manufacturing facilities and warehouses. These would complement the entertainment studios, biomedical facilities and electronics manufacturers going in close to Interstate 5 in Burbank, Glendale and Santa Clarita.

``We have probably one of the best bargains in town in the Northeast Valley in what could be done there if there was a thoughtful vision for that process,'' said Robert Scott, director of the Mulholland Institute, a public-policy think tank that focuses on the San Fernando Valley.

Since 1979, Los Angeles County has lost nearly 500,000 manufacturing jobs, with two-thirds of the loss coming since 1990 -- many of them good-paying jobs like building Chevrolet Camaros in Van Nuys or assembling B-2 stealth bombers in Palmdale.

In the economic downturn of the early 1990s, Los Angeles County dropped from 4.1 million jobs to 3.7 million, the Los Angeles County Economic Development Corp. says. Even now, with 1.4 million more people living in the county than 16 years ago, the job count is barely over 4 million.

Some of those jobs moved out of state or out of the county, but others moved to neighboring counties: San Bernardino and Riverside counties gained 500,000 jobs since 1990, Orange County 300,000.

A new threat to Los Angeles County industry, officials say, is the conversion of old factories into shopping centers and high-priced condos. Lockheed's Burbank plant is a shopping center, the Van Nuys GM plant became stores and light industrial space.

Old plants just outside downtown are being replaced by $800,000 condominium units.

``In Los Angeles County, you have developers that can afford to pay a lot of money for industrial space and turn it into mixed-use developments or residential. People don't stop to think what happens to the firm that is displaced, what happens to the workers,'' said Jack Kyser, Los Angeles Economic Development Corp.'s senior vice president and chief economist.

``In South Los Angeles we've identified a need for 1.3 million square feet and we can't find that space. I imagine the Valley would have an equally strong demand.''

The Economic Alliance of the San Fernando Valley is devising recommendations for economic development strategies along Interstate 5.

The alliance's Interstate 5 corridor report, due out in about 90 days, is a follow-up and elaboration of recommendations in the organization's Vision 2020 report, released in 2004 as a blueprint for how the San Fernando Valley could develop in the next two decades.

At a round table organized Wednesday by the alliance, government planners, builders, economic development officials and others talked about transportation, housing and industry and other issues along the Interstate 5 corridor.

Industry jobs need not come from smoky factories but could include entertainment media jobs such as editing or costume designing or warehousing work.

But they also advised that creating jobs will help no one if workers can't afford housing.

``I think we all know that housing is priced way out of the market,'' Scott said.

Valley Economic Development Center President Roberto Barragan warned that converting industrial property to homes is an economic danger though one that draws no outcry.

``Property is more valuable as residential property than as industrial property. Property owners see that and cash in,'' Barragan said. ``There is no constituency speaking out for industrial jobs.''

chuck.bostwick(at)dailynews.com

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JOB FAIR

The San Fernando Valley's largest regional job fair will run from 10 a.m. to 2 p.m. today at Lowe's Home Improvement Warehouse, 19601 W. Nordhoff St., Northridge. Nearly 50 employers and some 2,500 to 5,000 job seekers are expected. Recruiters will seek to hire 1,600 people for the Westfield Topanga shopping center, which is opening more than 120 new stores, as well as holiday employees for other retailers.

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JOB FAIR (see text)