Building a World-Class City for the 21st Century was the title of the 2008 Los Angeles Economy and Jobs Committee (LAEJC) report which opened with the following paragraphs:
Los Angeles, the nation’s second largest city, has a vibrant culture, a diverse population and a strong economy. The city is a leader in a number of important areas. It is the largest manufacturing center in the United States, a major financial and professional services center, the nation’s largest retail market, home to one of the world’s most important seaports and busiest airports and the entertainment and cultural capital of the United States. The city also houses extraordinary centers of higher education, medical research and care, apparel, tourism, manufacturing and design, technology and biotechnology, goods movement and more.
Yet, for all of this economic activity, since its peak employment in 1995 the City of Los Angeles has declined by almost 30,000 jobs. In the past 17 years, Los Angeles has lost a net of 106,446 manufacturing jobs, a large majority of which were in the aerospace and high tech industries. Manufacturing jobs continue to be on a steady decline.
After its first 15 months of work, the Los Angeles Economy and Jobs Committee produced a wide-ranging set of 100 recommended steps the City of Los Angeles can take to nurture and grow its economy and jobs. In its effort to investigate obstacles to economic growth and job creation, the committee took a comprehensive look at the Los Angeles business climate, identifying critical needs and prioritizing opportunities for growth.
The committee’s recommendations were organized into ten categories aimed at creating more jobs and building a stronger economy in Los Angeles.
Areas of focus included LAX, Port of Los Angeles, Workforce Development, South Los Angeles, Building/Land Use, Business Climate, State/Federal investments, Government Reforms, and Eight Sector Strategies.
It was a remarkable report with some remarkable results – in no small part due to the creation and leadership of the L.A. Coalition. The L.A. Coalition has publicly and privately educated decision makers and partnered with many organizations to maintain momentum on the recommended investments and reforms.
TRANSFORMING THE CITY
A few of the multi-billion dollar investments that are transforming our City and creating quality jobs include:
The modernization of LAX is a major economic driver. By 2023 more than $14 billion will be spent to renovate and rebuild the airport. A recent study by LAEDC found that LAX’s operations create 620,610 local jobs, and its on-going capital- improvement program has created another 121,640 annual jobs, generating $37.3 billion in labor income, $126.6 billion in business revenues (output), $6.2 billion in state and local taxes, and $8.7 billion in federal tax revenues. The airport also purchased more than $1.9 billion in goods and services in fiscal years 2014 and 2015.