LOS ANGELES—“We are sitting at Ground Zero for entertainment industry celebration, home to the Emmys, Grammys, American Music Awards, ESPYs and MTV Awards. California alone is the eighth largest economy in the world. Southern California is the 16th largest economy in the world.” That is according to Chris Cooper, principal and managing director of Southern California for Avison Young.
Cooper, who welcomed the more than 700 in attendance at the firm's annual meeting last week at the JW Marriott Los Angeles L.A. Live, said that L.A. county economic drivers include entertainment, international trade, aerospace and defense, professional services and technology.
“Los Angeles and Long Beach Ports are the first and second largest ports for container traffic in the US,” he said. “The two ports combined are the ninth busiest internationally, taking in 40% of the nation's imports.”
The entertainment industry in L.A. generates $120-billion annually in output, Cooper continued. “Production leads to business for accountants, lawyers, equipment truck drivers, security guards, caterers, insurance firms and Avison Young brokers,” he said. “This weekend the Emmys equal $50 million in immediate identifiable benefits to L.A. County.”
L.A. has more than 87,000 jobs in the fashion industry as well, he continued. “L.A. County has surpassed New York's fashion district workforce,” he said. “Southern California employs the largest number of apparel workers in the US.”
As for tourism, Cooper said that the County is the 5th largest hotel market in the US and it is still not enough. “There are currently 2,736 hotel rooms under construction in L.A. County.”
Further south, he pointed out that Orange County's economic drivers include real estate and construction, leisure and hospitality, manufacturing and exports. And San Diego, he said, has aerospace and defense, agriculture, biotechnology, health care, tourism and hospitality. “San Diego is home to more than 600 life science companies—employing 42,000 people in the industry,” he said.
Wrapping up, Cooper talked about Downtown L.A.'s growth, noting that there are currently 500,000 employees working Downtown. “In five years the number of residents in Downtown L.A. is expected to reach 90,000.” There are also increased millennial employees that live, work and play in Downtown L.A., he added.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
