Business owners and executives in Los Angeles County are less optimistic about the local economy this year than last year, according to a survey from the Los Angeles County Business Federation.
The survey released Tuesday found that only 30 percent of the 363 businesses questioned plan to hire workers this year, down from 34 percent last year. Ninety-two percent of the businesses surveyed said they had trouble accessing capital, a major reason why 80 percent said they have no plans to expand in Los Angeles County.
“Businesses are adapting to long-term stagnation,” said LaDonna DiCamillo, chairwoman of the federation, better known as BizFed, and chair-elect of the Long Beach Area Chamber of Commerce.
As in the two previous years, taxes and government regulations ranked as the top two business concerns.
“Businesses in Los Angeles are treading water, and instead of throwing them a lifeline, government officials have continued to weigh them down with taxes, fees and regulations,” said David Fleming, BizFed founding chairman and an attorney with the downtown law firm of Latham & Watkins LLP.