In L.A. County, which is the most business-friendly city of them all?

The answer is El Segundo, at least according to a contest held by the Los Angeles County Economic Development Corp. The results were announced at an awards ceremony Thursday evening.

Eager to kick-start economic development efforts in the region, the LAEDC put together a panel of economic development experts to evaluate all of the county’s 88 cities based on their commitment to attracting and retaining high-quality jobs.

El Segundo beat four other finalist cities Burbank, Lancaster, Long Beach and Santa Clarita for the first-ever title of most business-friendly city in L.A. County. The panelists cited the South Bay city’s high concentration of Fortune 500 companies, its ability to process a business license application in less than 24 hours, and its lower-than-average utility and hotel bed tax rates.

“We are thrilled to be the first city LAEDC has honored with this award,” said El Segundo Mayor Kelly McDowell. “We have always believed that the El Segundo community sets standards of excellence in service and quality of life that are second to none.”

The Los Angeles County Economic Development Corp. launched the most business-friendly city contest earlier this year as a way to drum up interest among local government officials in being more responsive to the concerns of business.

“In today’s fiercely competitive global economy, we need to be aggressive in both attracting and retaining quality jobs for our region,” said LAEDC president and chief executive Bill Allen. “That is why this award is so important.”