CALIFORNIA BUSINESS MINUTE
Tourism: Los Angeles County
07-09-09
Hi, I am Tim Johnson and welcome to the California Business Minute.
According to a recent analysis completed by economist Jack Kyser of the Los Angeles
County Economic Development Corporation, tourism is now the largest sector of the
Los Angeles County economy. Los Angeles County has one of the nation's most diverse
economies, with manufacturing, film and television, aerospace and education and a
very large medical, health care cluster.
However, international trade has been the top job creator for years, driven by the
ports of Los Angeles and Long Beach, the busiest port complex in the nation while
tourism has long ranked second or third behind international trade.
Kyser said in an article with the Los Angeles Times, “Since the recession began,
the number of jobs in seaports, manufacturing, financial services, fashion and
design have decreased.
Thus with the decline in the dollar offering international visitors favorable exchange
rates, Los Angeles County attracted 25.9 million visitors, including 4.8 million
tourists from abroad who in total spent a record $14.2 billion in 2007. Last year
in 2008, the county hosted 25.6 million tourists who shelled out $13.8 billion,
according to LA Inc., the Los Angeles Visitors & Convention Bureau.
In 2007, tourism and hospitality generated 2.4% more jobs over the previous year,
jumping into the top spot. Tourism and hospitality were responsible for 456,000
jobs in Los Angeles County in 2007, as compared with 288,000 jobs for professional
and business services and 281,000 jobs for international trade.
Although the state has yet to release detailed data for all of 2008, the study
estimates show tourism and hospitality will hold the top spot through 2008.
I am Tim Johnson and this has been the California Business Minute.
|
