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Los Angeles, the nation’s second largest city, has a vibrant culture, a diverse population and a strong economy. The city is a leader in a number of important areas. It is the largest manufacturing center in the United States, a major financial and professional services center, the nation’s largest retail market, home to one of the world's most important seaports and busiest airports and the entertainment and cultural capital of the United States. The city also houses extraordinary centers of higher education, medical research and care, apparel, tourism, manufacturing and design, technology and bio-technology, goods movement and more.
Yet, for all of this economic activity, since its peak employment in 1995 the City of Los Angeles has suffered a decline in employment by almost 30,000 jobs. In the past 17 years, Los Angeles has lost a net of 106,446 manufacturing jobs, a large majority of which were in the aerospace and high tech industries. Manufacturing jobs continue to be on a steady decline.
Under Mayor Antonio Villaraigosa’s leadership, the city has addressed a number of issues that directly influence economic development. Among them are public safety, affordable housing, education and transportation.
To further the city’s efforts to nurture the economy and attract and retain new, quality jobs, the Mayor created the Los Angeles Economy and Jobs Committee (LAEJC). The privately funded, 26-member committee is comprised of independent business, labor, academic and non-profit leaders from the greater metropolitan area. It is chaired by Russell Goldsmith, chairman and chief executive officer of City National Bank. The committee is solely responsible for the content of this report.
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