“We’re seeing a convergence of creative companies because we are the entertainment capital of the world,” said Chris Rico, director of innovation at Los Angeles County Economic Development Corp.
Rico said that while the digital media landscape is a small segment of the larger entertainment sector, it’s also the fastest growing.
“The emerging ecosystem of digital media companies is a natural for Los Angeles,” he said. “We have a competitive labor force, vast creative infrastructure and resources in this space that is incomparable.”
A 2017 report by Westchester-based Otis College of Art and Design and the LAEDC pegged the creative economy in the L.A. region, including Orange County, as a $190 billion industry.
Some challenges, LAEDC’s Rico contends, would be keeping talent here, but with the launch of the Entertainment and Digital Media Industry Cluster Development last month, the non-profit plans to bring stakeholders together and identify emerging opportunities and resources. Another upside of keeping talent here is the affordability in the cost of living compared to Silicon Valley, he said.
While the top of the list is digital-media heavy, it includes companies in a variety of industries, such as manufacturing, technology, biosciences, food production, construction and health care.
No. 32 Matt Construction Corp. saw the largest revenue growth by dollar value on the list, with 2016 revenue up by 173 percent to $537 million compared to $197 million in 2014. The family-owned company based in Santa Fe Springs was founded in 1991 by Chief Executive Steve Matt and two family members. Matt said 2016 was the first time the company’s revenue had topped pre-recession levels of about $400 million.
“The majority makeup of our clients is the same, which is mostly commercial and institutional, but what is new lately is that we’ve being securing orders for high-rise residential work,” he said.
That, together with a better economy, has spurred growth, he added. The company counts 219 employees on its payroll.
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