Region Ends Year with More Jobs & Other Successes

by Webmaster

As 2015 comes to a close, we should celebrate that Los Angeles County has 73,200 more jobs than one year ago and our unemployment rate stands at 5.9 percent, down from 8 percent in November 2014. The result is a happier holiday season for many families and friends.

Economic progress requires partnerships between business and government and I want to reflect on some of those efforts during 2015. At the urging of the L.A. Area Chamber and many other business groups, bi-partisan majorities in Congress came together to pass several major pieces of legislation.

After 34 short-term extensions and the two-year MAP-21 bill, Congress approved the first long-term transportation package since 2005. “Fixing America’s Surface Transportation” (FAST) Act, contains key victories for L.A. and will ensure the construction of essential transportation and goods movement infrastructure for the future.

Included in this transportation bill was the reauthorization of the Export-Import Bank, which expired earlier in the year and is used by many small and large manufacturers in our region. Additional good news on the trade front was Congress granting the president Trade Promotion Authority, which sets the stage for a 2016 vote on the recently negotiated Trans-Pacific Partnership with 11 other countries.

Just this past month, Congress passed the “Every Student Success Act” (ESSA). This bill replaces the No Child Left Behind legislation and promises that that all students, including our youngest learners, have equal access to a quality education no matter their background or ethnicity.

Closer to home, 2015 saw a greater emphasis by the City and County of Los Angeles on economic development. The County took advantage of new state legislation to use leftover Community Reinvestment Act (CRA) dollars to support small businesses and manufacturers, invest in emerging technology sectors and attract foreign investment. Meanwhile the L.A. City Council began the process of reducing the gross receipts tax and created a new committee to focus on job creation.

As homelessness continues to spike in our communities, the County and City made new financial commitments to end chronic and veteran homelessness and put into place additional resources to address short term homelessness. The two governmental bodies are exhibiting unprecedented collaboration on this issue.

Over the summer, L.A. presented its best face to the world as we hosted 6,500 athletes from 165 countries for the Special Olympics World Games. The number of businesses, public agencies, host communities and individual citizens who played a role in the success of the Games was inspiring. We hope to repeat this achievement with a winning bid for the 2024 Summer Olympics and mobilize our region around the construction of housing and infrastructure projects that will benefit the citizens of L.A. City and County for generations.

One of the many contributors to new jobs during 2015 was the enhanced film tax credit enacted by the California legislature. Another was major infrastructure projects like the modernization of Los Angeles International Airport. LAX hit record passenger numbers this year, all while updating nearly every terminal, approving plans to build the Midfield Satellite Concourse and debuting the ambitious $5 billion Land Access Modernization Program, which will transform the way passengers access the airport and finally connect LAX to Metro.

Tourism visitors hit a record high in 2015 and privately funded projects like the new Broad Museum and the remodeled Petersen Automotive Museum will bring more visitors in the future. I could go on and on with more examples across the county, but the message is clear.

2015 has been a good year for the L.A. area economy thanks to major investments by businesses and government. Thank you to everyone who played a role in these investments. I wish you all a happy holiday season and a wonderful new year for your families and employees.

And that’s The Business Perspective.