LAEDC Economic Update Finds A drop in Runaway TV/Film Production and Home Sales, but Ports data shows signs of growth
LAEDC Chief Economist Dr. Nancy Sidhu is available today for interviews on all of the hot button Economic Issues impacting Southern Caifornia and Los Angeles County.
- (1888PressRelease) October 22, 2010 - Los Angeles County Economic Development Corporation (LAEDC) Chief Economist Nancy D. Sidhu, Ph.D. reported that state and local trends indicate a mixed bag for the economic recovery. The twin ports saw an uptick in the number of containers handled in September. Similarly, on-location filming throughout the County has trended upward as well this year. However, the housing market is still suffering with median home prices down nearly 47 percent from the peak in May of 2007.
• September saw a remarkable increase of 25.6 percent in the total TEUs handled at the twin ports of Los Angeles and Long Beach. Total TEUs handled were in excess of 1.2 million containers.
• Year to date on-location filming in Los Angeles County was up 11 percent as of September. In the third quarter, much of the growth in on-location filming was due to the increase in campaign ads.
• Sales of existing homes declined sharply in the third quarter with about 440,000 transactions, while new home permits were up just slightly for the year at 40,000 new permits issued.
• Job trends by industry for California in August included growth in Administrative & Support Services (+39,400 jobs over the year), Education (17,300) and Health Services (4,900). Declines in employment were deepest in the Government, Construction and Wholesale Trade sectors.
• Watch for new September jobs and unemployment figures to be released on Friday, Oct. 22nd.
Contact LAEDC Chief Economist Nancy D. Sidhu, Ph.D. for more information and analysis about local and state economic trends. Call George McQuade, MAYO Communications, at (818) 340-5300 to arrange your interview today.
About the LAEDC
The LAEDC, the region's premier business leadership organization is a private, non-profit organization established in 1981 under section 501(C) (3). Its mission is to attract, retain, and grow businesses and jobs for the regions of Los Angeles County. Since 1996, the LAEDC has helped retain or attract more than 163,000 jobs, providing $8.5 billion in direct economic impact from salaries and $135 million in annual tax revenue benefit to local governments and education in Los Angeles County.
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