News / Press Release

Key Economic, Government, Business Leaders Join State Treasurer Fiona Ma to Stress Economic Benefits of Earthquake Resiliency

Earthquakes Don’t Have to Be Disasters If Californians Prepare


Emergency Management Agency (FEMA) estimates 40 percent of businesses that close their doors as a result of disasters will never reopen. When a building collapses, an owner or lessee is left with no operating business and communities can be extensively damaged as workers lose their livelihoods. As seen during the COVID-19 pandemic, California's entire economy suffers when businesses both small and large cannot operate. Governments are also impacted when fewer revenues are generated to support vital services.

USC researchers estimate the eight-county region of Southern California could suffer property damage of $113 billion in a major earthquake, with additional business-related impacts of $68 billion or more. Evan Reis, co-founder of the US Resiliency Council and a structural engineer, estimates that more than 90 percent of buildings in Los Angeles don't comply with modern building codes.

In addition to the costs of physical damage, business interruption and lost market share, courts have determined that property owners can be held legally liable for deaths and injuries occurring in their buildings if they are found negligent of maintaining a hazardous condition by not taking reasonable actions to safeguard their facilities.

For more information about the webinars and to register go to: http://www.usrc.org/index/the-resilience-advantage. To see photos from from the press event click here. To see video coverage of the event click here. 

 

About Optimum Seismic, Inc.
The Optimum Seismic team has been making California cities safer since 1984 by providing full-service earthquake engineering , steel fabrication and construction services for multifamily residential, commercial and industrial buildings. With more than 3,500 earthquake retrofit and renovation projects completed, Optimum Seismic's work includes soft-story multifamily apartments, unreinforced masonry (URM) buildings and tilt-up, non-ductile concrete and steel moment frame buildings. For information, contact Optimum Seismic at (833)-978-7664 or visit optimumseismic.com.

 

About Los Angeles Area Chamber of Commerce 
The Los Angeles Area Chamber of Commerce represents the interests of business in the Los Angeles region. The Chamber’s mission is to design and advance opportunities and solutions for a thriving regional economy that is inclusive and globally competitive. Founded in 1888, the Chamber is the oldest and largest business association in the region. Its member companies work together to promote a prosperous economy and quality of life in the Los Angeles region. For more information, visit www.lachamber.com.

 

About Los Angeles County Economic Development Corporation (LAEDC)
Los Angeles County Economic Development Corporation (LAEDC) is advancing opportunity and prosperity for all. This is achieved via collaborative economic development leadership, objective economic research and analysis, strategic assistance to business, education and government partners, and targeted public policy. LAEDC was established in 1981 as a private, non-profit, public benefit corporation. More info at https://laedc.org/.

 

About Los Angeles County Business Federation (BizFed)
With more than 200 business organizations representing 450,000 employers with 3.5 million employees throughout L.A. County, BizFed is a massive, diverse grassroots alliance that advocates for policies and projects that strengthen the regional economy. Leveraging power in numbers, BizFed explores all sides of critical issues and takes action to make a difference for business growth, job creation, and economic vitality in Southern California. More information can be found at https://bizfedlacounty.org/.

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MEDIA CONTACTS: Tom Robinson, 562 237-1629; Paola Flores, 323-204-2803

SOURCE Optimum Seismic, Inc.; The Los Angeles Business Federation (BizFed)