Local business leaders are praising a Los Angeles City Council action to create a new city office that would analyze the economic impacts of proposed city ordinances and regulations.

The council today voted 14-0 to create the Office of Economic Analysis, which will also provide research for initiatives the city could take to spur economic development.

“The City of L.A. will now have the tools to understand how city policies affect job creation and our business climate,” said Gary Toebben, chief executive of the Los Angeles Area Chamber of Commerce. “This is invaluable information as all of us work together to strengthen L.A.’s economy.”

Council President Eric Garcetti spearheaded the drive to create the office, saying the city needed an independent research arm to gauge the impacts of city actions on local businesses and the economy. He modeled his proposal on a similar office in San Francisco.

The Office of Economic Analysis will be housed within the City Administrator’s office. Garcetti’s office will provide $250,000 to run the economic analysis office for the first year. After that, the office would be financed out from the General Fund.