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Tuesday, Jan 31, 2023
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Forecast: L.A. Economy to Continue Strong Growth This Year

The Los Angeles County economy will continue its strong growth this year and beyond, according to a forecast to be released this morning from Loyola Marymount University and Beacon Economics.

The county’s job market will continue to post strong gains, adding roughly 75,000 jobs for a growth rate of 1.7 percent, just below last year’s robust growth rate of 2 percent, the study forecasts. The unemployment rate, now at 7.9 percent, is expected to dip to 7.3 percent by year’s end.

The forecast expects home prices will moderate somewhat, increasing 2.6 percent this year and at an average 4-percent clip for each of the next five years. February’s median home price was $505,000, up 9 percent from a year earlier.

Along with the economic forecast, the results of an opinion survey of Angelenos on the economy will be released Tuesday morning. The survey is expected to show Angelenos believe the economy has finally turned the corner.

“Angelenos were correct about the expanding economy last year, and they expect things to improve even more this year,” said Fernando Guerra, director of the Thomas and Dorothy Leavey Center for the Study of Los Angeles at LMU.

Howard Fine
Howard Fine
Howard Fine is a 23-year veteran of the Los Angeles Business Journal. He covers stories pertaining to healthcare, biomedicine, energy, engineering, construction, and infrastructure. He has won several awards, including Best Body of Work for a single reporter from the Alliance of Area Business Publishers and Distinguished Journalist of the Year from the Society of Professional Journalists.
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