PRTODAY / NewswireToday Free press release distribution service network

More news: Economy
Written by / Agency / Source: MAYO Communications

Check Ads Availability|e-mail Article


Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!

Southland Economy Looks Good For Overall Growth - LAEDC has release its 2007 Mid-Year Forecast Update and housing will remain a drag through early 2009, while Hollywood and the ports face uncertainty because of labor contracts – will there be a strike?
Southland Economy Looks Good For Overall Growth

 

NewswireToday - /newswire/ - Los Angeles, CA, United States, 2007/07/19 - LAEDC has release its 2007 Mid-Year Forecast Update and housing will remain a drag through early 2009, while Hollywood and the ports face uncertainty because of labor contracts – will there be a strike?.

   
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Economy Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Los Angeles—Southern California’s economy will turn in a “decent” performance in 2007, a gain of 1.4 percent or 98,100 new nonfarm jobs, despite the drag from the housing sector, according to the Los Angeles County Economic Development Corporation (LAEDC)’s “2007 Mid-Year Economic Forecast”.
“However, housing won’t be the only thing to worry about,” said Chief Economist Jack Kyser for the LAEDC. “The film industry has a string of critical labor contracts to negotiate. In addition, international trade is facing environmental challenges, but in 2008 will also bring a labor contract of its own to negotiate although the two parties have agreed to start negotiations early.”

Highlights of the LAEDC Forecast:

- Among the five local metropolitan areas, the Riverside-San Bernardino area will be the leader as measured by job growth in 2007 and 2008. However, this area is being restrained by the housing slowdown. “Laggards” include Orange and San Diego counties, with the former being hurt by the melt down in sub prime lending and the latter by overbuilding of condos.

- 2007 will mark an important milestone for Los Angeles County, as nonfarm employment (an average of 4,142,600 jobs) will finally surpass the previous high attained way back in 1990 (an average of 4,135,700 jobs).

- Local industries with the best growth prospects over the next two years include professional, scientific and technical services (which include accounting, law, engineering, computer software design, and scientific R & D), health services, and leisure & hospitality services. International trade will also provide support, with an increase of 6.3 percent to 16.75 million containers handled in 2007.

- “Laggard” industries in the region will include residential construction, durable goods manufacturing, and finance and insurance in 2007.

- The LAEDC Mid-year Forecast also checks the health of smaller areas within the five local metropolitan areas. In Los Angeles County, the best performance will be turned in by the Antelope Valley and the East San Fernando Valley. The laggard will be the perennial problem child, South Los Angeles. In Orange County, “south” county will grow a little faster than the north, with job losses in financial services a problem for both. In the Riverside-San Bernardino area, the I-15 Corridor and the High Desert will turn in the best performances, while the Moreno Valley will be a laggard, again due to housing.

“A frequently asked question is when the housing industry will turn around,” said Kyser. “We are a tad bearish, forecasting a distressing 33.7 percent decline in the number of new housing permits in the 5-county area in 2007 and a 6.8 percent slide in 2008. This comes on the heels of declines in 2005 and 2006. Housing weakness will remain in evidence through late 2008, and the recovery will be restrained. Don’t look for a return to double digit gains in prices.”

Another key local industry facing rough going is the motion picture/TV production industry, with the Writers Guild contract expiring in October 2007, and the Screen Actors and Directors guild contracts up for renewal in June 2008. “The dialogue between the two parties has been rather harsh,” observed Kyser. “There is a high potential for a disruption in this industry, either a strike or a “de facto” strike. Stockpiling of filmed product is already underway.”

Support for the Southern California economy will continue to come from major construction projects, both public and private. $1.3 billion in improvements are underway at Los Angeles International Airport, while ground was broken in mid-2007 for the convention center hotel in downtown Los Angeles.

The LAEDC Forecast looks for moderate growth in the U.S. economy, but does not expect a recession. Gross domestic product should increase by 2.2 percent in 2007 and by 3.1 percent in 2008. Housing isn’t the only drag on the national economy; the domestic auto industry is extremely troubled as well.

“While the forecast is for continued growth in the Southern California economy during 2007 and 2008, it won’t be easy for the business community,” explained Kyser. “There is a looming state health care plan with unknown costs, possible tweaks to the workmen’s compensation insurance program, and ambitious plans on the environmental front. The cost of doing business in the state will go up.”

However, the Forecast finds that government agencies will face slower growth in tax revenues, as well as calls for increased investment in infrastructure. All government agencies will need a healthy and growing economy to generate the required tax revenue, yet little thought is generally given to economic development, and providing a better climate for industries to grow.

About the LAEDC
The LAEDC (laedc.org), the region’s premier business leadership organization, is a private, non-profit organization established in 1981 under section 501(C) (3). Our mission is to attract, retain, and grow business and jobs for the regions of Los Angeles County. Since 1996, the LAEDC has helped retain or create more than 132,300 jobs, providing $5.5 billion in direct economic impact from salaries and $94 million in annual tax revenue benefit to Los Angeles County. For more information, please visit their site listed below or call (888) 4-LAEDC-1.

[Editors: Please call for a copy of the study or link and for media interviews with LAEDC Chief Economist Jack Kyser, and LAEDC President Bill Allen Please contact MAYO Communications and LAEDC at websites listed below.]

 
 
Your Banner Ad Here instead - Showing along with ALL Articles covering Economy Announcements

Replace these Affiliate Programs at ANYTIME! Your banner here within the next hour. Learn How!


 

Written by / Agency / Source: MAYO Communications

 
 

Availability: All Regions (Including Int'l)

 

Traffic Booster: [/] Quick Newswire Today Visibility Checker

 

Distribution / Indexing: [+]

 
 
# # #
 
 
  Your Banner Ad showing on ALL
Economy articles,
CATCH Visitors via Your Competitors Announcements!


Southland Economy Looks Good For Overall Growth

Company website links NOT available to basic submissions
It is OK to republish and/or LINK any newswire for any legitimate media purpose as long as you name Newswire Today and LINK as the source.
 
  Is this your article?
Activate ALL web links and social stream by Upgrading to Press Release PREMIUM Plan Now!

|
Publisher Contact: George Mc Quade - MayoCommunications.com 
818-340-5300 Publicity[.]MayoCommunications.com
 
Newswire Today - PRZOOM / PRTODAY disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any MAYO Communications securities in any jurisdiction including any other companies listed or named in this release.

Economy via RSSAdd NewswireToday - PRZOOM Headline News to FeedBurner
Find who RetweetFollow @NewswireTODAY



Are you the owner of this article?, Turn it PREMIUM with your LOGO instead - and make it 3rd party Ads-Free! within the next hour!


Read Latest Articles From MAYO Communications / Company Profile


Read Economy Most Recent Related Newswires:

Frost & Sullivan’s IKC Enables Companies to Assess their Financial Performance in Relation to their Peers, based on Top-Bottom Scores
Iran Economy Exhibits Renewed Optimism, Open for Investments Across Industries, Targets Export Markets Notes Frost & Sullivan
Elevated Investment of $55.6 bn in Infrastructure Development Anticipated for Kenya Finds Frost & Sullivan
Industry 4.0 Business Ecosystem to Change Dynamics in the Global Industrial Landscape Finds Frost &Sullivan
Frost & Sullivan Assesses the Investment Climate in India and its Impact on Next-Generation Investors
Frost & Sullivan Launches Malaysia Mega Trends Report in Collaboration with Malaysian Investment Development Authority
Austria’s Government to Pass New Tax Package
Global Leaders Identify Critical Issues to Overcome Economic Development Challenges At the Economic Development Innovation (EDI) Council Meeting
Russian Internet Remains Growth Hotspot in the Country’s Economy Finds Frost & Sullivan
Converging Industries and Smart Cities to Present Market Opportunities Worth $1.5 Trillion by 2020 Says Frost & Sullivan
Business Credit Quality Weakened in August Says WAIN Street Business Default Index
GE to Invest $2 Billion in Africa by 2018
Greenville, South Carolina Names New Executive to Lead Economic Development Efforts
Greenville, SC Economic Development Group Announces Strong Job, Investment Creation for 2013
Greenwood, S.C. Economic Development Group Names Heather Simmons Jones as CEO

Boost Your Social Network
& Crowdfunding Campaigns


LIFETIME SOCIAL MEDIA WALL
NewswireToday Celebrates 10 Years in Business


PREMIUM Members


Visit  Triggr & Bloom

Visit  BizJobs.com





 
  ©2016 Newswire Today — Limelon Advertising, Co.
Home | About | Advertise/Pricing | Contact | Investors | Privacy/TOS | Sitemap | FRANCAIS
newswire, PR free press releases distribution service magazines engine news alert newsroom press room breaking news public relations articles company news alerts newswiredistribution ezine bizentrepreneur biznewstoday digital business report market search pr firms agencies reports distri-bution today investor relation successful internet entrepreneurs newswire distribution prtoday.com freenewswiredistribution asianewstoday bizwiretoday USA pr UK today - NOT affiliated with PRNewswire as we declined their partnership offer in 2013
 
PRTODAY & NewswireTODAY are NOT affiliated with USA TODAY (usatoday.com)