Posted on 07/05/2009 12:59:51 PM PDT by BenLurkin
After losing tens of thousands of jobs since 2007 in construction, manufacturing, retail and other industries, with more losses expected, Los Angeles County could be years from recovering, economists say. Other California communities will recover faster from the deep national recession, but Los Angeles County won't be back at its 2007 employment level until after 2014, according to Massachusetts-based economic forecasting firm IHS Global Insight's "Recession Rebound" report.
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Nationally, IHS Global Insight says most states are not expected to recover their pre-recession employment levels until 2011-12, with California expected to regain its lost jobs by 2013. Bakersfield will be first to recover, and Los Angeles County and Redding - north of Sacramento - last, the firm says.
"Texas, Oklahoma, Utah and Alaska will be among the first to recover, while several states of the upper Midwest - namely Michigan, Ohio and Indiana - are expected to trail the rest of the nation for years to come,"
Of the 70 areas nationwide that are expected to take longer than five years to regain lost jobs, two are in California: Los Angeles County and Redding. Of the other areas, 12 are in Michigan, seven in Ohio and six in Indiana.
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The Los Angeles County Economic Development Corp. says Los Angeles County lost 53,000 jobs in 2008 and is projected to lose 171,000 jobs this year and 79,600 in 2010. Hardest hit were construction, manufacturing industries, retail stores and financial services, all connected to the housing market that has been rocked by a collapse in prices and the biggest upswing in foreclosures since the 1990s.
"A lot of manufacturing in Los Angeles is tied to construction, everything from furniture to rebar," Kyser said.
(Excerpt) Read more at avpress.com ...
We are a giant welfare state and they keep wanting to tax the wealthy and cigarette smokers. Well both have been in great decline and they will come for all of us next.
CA is beautiful, but our leadership are all mentally impaired and corrupted IMO.
And they can’t even blame Bush.
I doubt it will ever come back. I have lived here for years and it has become the third world. The people coming here expect corruption from their elected officials and they are getting it. The gangs are entrenched and are being funded by various programs.
Just wait until the welfare checks stop comming.
I wonder why.
Lower taxes and friendlier laws in CA?! Surely you jest.
To add, it’s a segregated city full of sanctimonious white liberal hypocrites, anti-white minorities with an attitude problem and taxes up to your eyeballs. Im just waiting for the state to declare a state of emergency because Svhwarzenegger is utterly clueless.
Then the sacking of the city and county begins. They will enter homes, businesses, churches any thing having any form of personal property that can be seized and bartered with.
As they enter homes and business for sacking purposes, they had better get use to the the sound of a 12 gauge shotgun pump being chambered - chunk - chunk.
DITTO.
There are nothing here but illegal aliens with Villiaragossa as their MS13 cartel leader. This city is totally corrupt. If this was an old western movie you would expect the U.S. Marshals to ride in about now.
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