How has your city sustained interest as an attractive option for companies seeking new alternatives and locations, given the challenges of the past few years on the economy and daily work life?
The City of Inglewood stands as a premier national destination strategically positioned just three miles away from LAX, one of the nation’s busiest airports. With its proximity to Downtown Los Angeles and surrounded by Los Angeles on three sides, Inglewood is situated at the heart of the South Bay, making it an exceptionally desirable location. The Inglewood sports and entertainment district is unmatched in California, attracting a continuous stream of visitors. This influx of tens of thousands of cars and hundreds of thousands of people, combined with high-end retail, entertainment and sports offerings, creates a thriving ecosystem of “opportunity purchases” before and after events. The resulting sales taxes bolster the City’s ability to invest in critical infrastructure, public safety and essential services, further enhancing the City’s overall appeal to businesses.
Moreover, Inglewood boasts direct access to major transportation hubs, sports, and entertainment, translating into increased consumer spending and substantial buying power. Businesses, especially those relying on foot traffic, find Inglewood to be an ideal location due to its ability to draw and retain a steady market for extended periods. In summary, Inglewood offers a comprehensive package of advantages that makes it a prime choice for businesses looking to establish themselves.
How does your city differentiate itself from others in the region?
Inglewood distinguishes itself from neighboring cities through its unique governance model. Led by Mayor James T. Butts, Jr., a seasoned municipal expert with five decades of experience, the City operates like a nonprofit corporation. This approach ensures efficient and reliable execution of deals, minimizing capital risk associated with political uncertainties. The trust and confidence established at the municipal level are crucial when forming partnerships involving significant financial investments, which often reach millions or even billions of dollars.
Furthermore, Inglewood has demonstrated a commitment to fiscal responsibility, maintaining a ratio of over 67% of its general unobligated reserves compared with its annual spending plan. Those reserves total over $100 million. The City’s financial stability is exceptional, far surpassing the typical 10% reserve held by most cities. Inglewood has also received an AA credit rating from S&P (elevating successively annually from BBB- in 2011), signifying the City’s economic strength. These indicators collectively reflect the success of creating an environment conducive to growth and prosperity.
Which industries are demonstrating the most interest in your area today?
Inglewood, known as the “City of Champions,” boasts a rich history in sports and entertainment. Under Mayor James T. Butts, Jr.’s 13-year tenure, the City has experienced a remarkable resurgence, re-establishing itself as a vibrant hub for hospitality, retail and entertainment. Notable additions include the NFL Network, the LA Philharmonic Youth Orchestra program, Girls Scouts of Greater Los Angeles, Showtime Production Studios, YouTube Theater, and the Kia Forum, which hosts 80 concerts annually. Major events like Super Bowl LVI, the presence of NFL teams (Rams and Chargers), the Clippers, Wrestle Mania, FIFA World Cup 2026, and the 2028 Olympics have further solidified Inglewood’s status as a premier destination. In July and August 2023 alone, the City welcomed 680,000 visitors for the Taylor Swift and Beyonce concert engagements. The hotel and hospitality industry is flourishing in Inglewood, with three new state-of-the-art luxury hotels in the pipeline, offering over 650 rooms and a range of amenities, including rooftop pools, business services and meeting space, restaurants, lounges, outdoor gardens, modular parking and helipads.
Retail continues to expand, with one million square feet of retail space and fine dining options set to open. Additionally, Cineopolis, the first movie theater in three decades, opened in July 2023, alongside the soon-to-open Cosm LA – Hollywood Park, an immersive concert and virtual reality event experience model employing cutting-edge technology.
What type of new-build activity are homebuilders experiencing, and what’s next for the housing sector in the coming months?
Inglewood is recognized as the fastest-growing city in the county, witnessing a surge in housing development across all income levels. The City ranks number one per capita and in whole numbers for low-income housing in the South Bay region. Simultaneously, there has been an influx of market- rate and luxury housing construction.
Since 2013, home values in Inglewood have experienced remarkable growth, surging by 140%, surpassing the state’s growth rate of 104% and the national rate of 103%. Median household buying income has also risen significantly, with a growth rate of 34.6% since 2013, outpacing both the county and the State of California. In 2023, the LA County Assessor’s Assessment Roll recorded a total assessed value of $2 trillion dollars for Los Angeles County. Of the $2 trillion, Inglewood contributed a notable total assessed value of $16.1 billion for residential, apartment complexes, and commercial and industrial properties in Inglewood. This represents a 5.3% improvement over 2022, a 71% increase over the last five years, and an impressive 143.4% increase over the past 13 years.
These figures translate into approximately $43.8 million in property taxes generated for the fiscal year 2023-2024. In 2023, the median home sales price for single-family homes reached $760,000, marking a 5% increase over 2022 and a 10% increase over 2021. This trend is expected to continue, presenting significant generational wealth opportunities for Inglewood residents.
