The Los Angeles city economy boomed last year, registering more than 2 percent job growth over the previous year, a 25 percent jump in the valuation of building permits and a 7.5 percent increase in business gross receipts taxes, according to a report released Oct. 17 from Beacon Economics.
The report, issued as part of the Los Angeles Area Chamber of Commerce’s annual lobby day at L.A. City Hall, also broke down economic performance in each of the city’s 15 council districts.
Council District 8 in South Los Angeles was the leader in job growth, jumping 8.2 percent between 2016 and 2017, followed by Council District 11, which takes in West Los Angeles and most of Silicon Beach.
Only one council district lost jobs last year: the 14th in downtown, which edged down 0.4 percent.
Building permit valuations were up in 10 of the 15 council districts, in some cases up sharply, such as the near tripling in valuation for Council District 9 to $930 million; the district includes part of the booming South Park section of downtown and the Figueroa Corridor stretching down to the USC campus.
But building permit valuations were down through most of L.A.’s Westside, especially in Council District 5, which registered a drop of 25 percent.
Retail sales rose 3.6 percent between the fiscal year ending in June 2017 and the fiscal year ending in June of this year, with the largest gains in Council District 13 (Hollywood) and Council District 14 (downtown). The gain in CD 13 reflects in part the booming tourism business.
Wage growth came in at 2.5 percent, roughly on par with the national average. Wages in Council District 10, taking in Koreatown and part of South Los Angeles, shot up 22 percent, followed by district 11, up 6.5 percent. Three council districts in the San Fernando Valley – 2, 6 and 12 – reported slight drops of less than 1 percent in wages.
The chamber’s lobby day focused on boosting the city’s housing stock, stimulating job creation and continuing the investment in the region’s trade, travel and tourism infrastructure.
Economy, education, energy and transportation reporter Howard Fine can be reached at [email protected]. Follow him on Twitter @howardafine.
