The number of jobs in Los Angeles has surpassed pre-recession highs and also moved past the local economy’s peak of the early 1990s, Mayor Eric Garcetti announced Wednesday.
The city has added 135,000 jobs over the last three years and unemployment through October has been cut in half during that time, from 10 percent to 5 percent, his office said, citing the UCLA Anderson Forecast.
“Los Angeles’ economy is surging — we’re creating jobs, attracting new business and investment, and bringing greater access to economic opportunity for all Angelenos,” Garcetti said. “I am proud that the number of jobs in L.A. has surged past pre-1992 levels. Now is the time to keep the momentum going. We must continue investing in the people of our city, so that we can create new jobs and prosperity for years to come.”
Garcetti’s office said he has helped create jobs by streamlining development, working one-on-one to help businesses that want to locate and create jobs in L.A. and leading the effort to cut the city’s gross receipts tax by 16 percent, a move that has saved more than $45 million for businesses.
“The Los Angeles economy has made significant gains over the past three years, both in lowering the unemployment rate and increasing the number of payroll jobs in the city. Los Angeles now has more jobs than it did prior to the civil unrest of the early 1990s,” said Dr. William Yu, an economist with UCLA’s Anderson Forecast
“Looking forward, human capital is the key to L.A.’s long-term prosperity. At the city level, it is important to continue focusing on policies that expand opportunity and invest in building a workforce that can compete in the 21st century. To achieve a shared prosperity, we should continue and create programs that help to reduce the human capital disparity across Los Angeles.”
–City News Service