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Thursday, Dec 8, 2022
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L.A. Residents Less Optimistic About Economy

L.A. residents are less optimistic about the Los Angeles economy this year than last year as the county’s job growth rate is expected to slow for the remainder of this year and next, according to a survey and forecast to be released this morning.

In a survey of more than 2,400 residents conducted this winter by Loyola Marymount University’s Center for the Study of Los Angeles, 73 percent said they expected the regional economy to improve this year, down from 81 percent a year ago. And 65 percent said the region was moving in the right direction this year, down from 69 percent a year ago.

“Residents of Los Angeles are not as upbeat in their predictions as last year,” said Fernando Guerra, director of LMU’s center. “But a majority believe that the economy will do better next year, that their neighborhoods are good places to live and that the region is moving in the right direction.”

The biggest concern of local residents: the cost of housing. Only 16 percent of survey respondents said homes in the region are affordable, down from 20 percent a year ago. What’s more, 73 percent of residents surveyed said they expect further housing price increases over the next year.

The survey results on the economic outlook correspond to a slight slowdown in economic growth this year compared to last year, according to a forecast to be released simultaneously on Wednesday morning from Beacon Economics, a Los Angeles economic consulting firm.

Beacon forecasts the job growth rate to slow to 1.7 percent this year on a net job gain of 74,000, down from 2.4 percent last year. And the unemployment rate, currently at 5.4 percent, is expected to tick up to 6 percent.

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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