WHERE THE JOBS ARE IN LOS ANGELES

March 15, 2014 on 12:10 am | In Fascinating Information, Investment Opportunities, Lease Rates, Market Snapshot, Office Fodder, Statistics, Trends, Uncategorized | 4 Comments

edited by Jodi Summers

Bravo to us! The Los Angeles County economy will continue to advance on many fronts through 2014. Things we can look forward to this year include:

Population should cross the 10 million threshold this year.

  • Nonfarm jobs in Los Angeles County, which grew by 1.7% in 2013, should grow by 1.3% 2014.
  • Total personal income is also growing; from a 2.1% gain in 2013 to a projected 4.9% increase is projected for 2014.

Experts say it may be 2015 or 2016 before nonfarm employment exceeds the pre-recession peak of 4.12 million reached in 2007…but we’re making fine process.

Here’s how the Los Angeles Times breaks down employment by neighborhood:

South Bay/LAX: In 2012, total core employment in the region grew by 1.7% or 6,900 jobs. In 2013, significant hiring took place in professional and business services (2,700 jobs), leisure and hospitality (1,500 jobs) and construction (1,200 jobs). However, the region’s information sector saw payrolls contract by 1,300 jobs.

LAX passenger traffic increased slightly during the first five months of 2013, rising by 3.7% from the same period a year ago. Domestic passenger travel increased by 5.0%, while international passenger travel increased by 0.3%. Hotel occupancy rates near the airport increased to 88.3% in April 2013 from 83.1% a year ago.

South Los Angeles: Total core employment in South Los Angeles grew by 4.7% or 3,200 jobs in 2012. The recession hit the region hard although core employment is seeing a gradual return to pre-recession levels, gaining 4.7% or 3,200 jobs. Professional and business services grew by 27.9% or 1,500 jobs through 2013. Education and health services contributed 1,300 jobs (9.5%) to core employment.

Westside: Total core employment in the region rose by 3.4% or 11,300 jobs in 2012. The professional and business service sector led employment growth with a gain of 2,800 jobs, followed by leisure and hospitality (2,700 jobs) and information (2,400 jobs). As for travel and tourism, Santa Monica hotel occupancy rates edged up to 86.5% in April 2013 from 85.3% a year ago. Daily room rates continued to grow, increasing 6.0% over the same period.

West Los Angeles office vacancy rates declined during the first quarter of this year compared with 95,000 square feet of new office space is currently under construction.

Yet, office space will fare better than its reputation would lead one to believe. One factor working to the advantage of the sector is that it did not build into oversupply.

**

http://articles.latimes.com/2013/dec/16/business/la-fi-economic-outlook-20131216

http://www.uli.org/press-release/2014-emerging-trends-in-real-estate/

http://www.socalofficerealestateblog.com/?p=2512

http://chooselacounty.com/images/doingbusiness/la-county-map.jpg

http://ridley-thomas.lacounty.gov/wp-content/uploads/2011/11/Screen-shot-2011-11-28-at-12.32.07-PM.png

http://www.rreef.com

http://www.uli.org/wp-content/uploads/ULI-Documents/Emerging-Trends-in-Real-Estate-Americas-2014.pdf

http://www.quickmeme.com/img/3e/3ef91899f1d9fb79d83b37321934852bf1aefa59712fcb35eed3f917702fbd1d.jpg

4 Comments »

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  1. Californians are telling pollsters they are not feeling either secure or confident. Two surveys taken late last year by the Hoover Golden State Poll found twice as many Californians reported being worse-off financially (33 percent) than better off (17 percent) over the last year; two out of three Californians predicted their state tax rates will increase this year, while 1 percent predicted a decrease; and only one in seven Californians are “very confident” they can afford both higher taxes and other pocketbook expenses. And the fact that over a million Californians have voted with their feet — by moving to Texas, Nevada, Florida and other states not hostile to economic growth — is well documented.

    Comment by SMDP — March 20, 2014 #

  2. Shrugging off a seasonal slowdown in trading activity, commercial real estate prices continued their steady upward movement in January, according to the latest CoStar Commercial Repeat Sale Indices (CCRSI), analyzing commercial property sales through January 2014.

    The steady pricing trends in January reflected continuing solid fundamentals, increased support of property sales by mortgage lenders and a rapid decline in distressed sales.

    Comment by Jodi Summers — March 20, 2014 #

  3. Since 2004, the amount of money owed by graduates entering the workforce has more than tripled, to a whopping $1.1 trillion. And since purchasing a first home hinges largely on the buyer’s total debt, owing large amounts of money for student loans can be a major obstacle to homeownership.

    The reality is daunting for 20- and 30-somethings, and the housing market is feeling the ripple effect. “You have to have that swath of first-time buyers who will eventually be your move-up buyers,” said Dustin Hobbs, spokesman for the California Mortgage Bankers Assn. “When you take that out, it damages the whole chain.”

    Comment by Copyright © 2014, Los Angeles Times — April 25, 2014 #

  4. It’s not exactly shocking that the top one percent are much whiter than America as a whole, but it is worth noting. The overwhelming maleness of the top 1 percent is also interesting in a world where some people are proclaiming that the economy is working great for women. But the same survey also shows that 70 percent of the “next 90 percent” are male. This appears to be an artifact of Survey of Consumer Finances methodology, which appears to code mixed-gender married couples as male.

    Comment by Vox — May 1, 2014 #

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