New International Trade Study released today by LAEDC shows light at the end of the economic recovery tunnel

Front page story on LA Daily News (click on image to read it)

LAEDC report forecasts two-way trade to grow by nine percent in 2010 with separate report showing striking economic and personal ties with China
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Los Angeles — Southern California’s key international trade industry will see improving activity during 2010 and 2011 after two dismal years in 2008 and 2009, according to theInternational Trade Trends & Impactsreport released today by the Los Angeles County Economic Development Corporation (LAEDC).
The total value of two-way trade through the Los Angeles Customs District should increase by 9.0 percent to $308.5 billion, while the number of containers moved at the ports of Los Angeles and Long Beach will grow by 10.2 percent in 2010.

“The global economic downturn was a huge problem in 2009, as the economies of four of the Los Angeles Customs District’s top five trading partners dropped into recession,” said LAEDC Chief Economist Nancy Sidhu, Ph.D.  “However, all five economies have now returned to growth mode, which bodes well for international trade activity in 2010.”
Trade growth at the ports was helped by a number of new projects to meet environmental mandates and expand capacity.  At the port of Los Angeles, work is moving on both the Transpacific Terminal and the China Shipping Terminal.  At Long Beach, construction at Pier G continues, and the completion of the environmental impact report (EIR) for the Middle Harbor project cleared the way for construction to begin there as well, which has the potential to create additional jobs .  The steady increase of export volumes helped by the early recovery in the Asian economies will also contribute to the growth in international trade activity.


“All of these projects have a two-part impact,” said Sidhu.  “Jobs are being created today—when they are desperately needed—and capacity will be increased for the future when trade activity revives.”  “Capacity at the local ports has been a concern in the past, but expansion plans are moving again,” said LAEDC Founding Economist Jack Kyser.


For more on the 2010 International Trade Report and the studies visit:http://tinyurl.com/2fqtorl

International Trade, Tourism and Hollywood To Lead Region To Recovery

 

2010-2011 LAEDC Forecast Event

LAEDC Forecast Report Says U.S., California and Southern California face a measured economic recovery, with stronger growth in 2011                                                    

Entertainment, international trade and tourism cited as regional industry leaders, with an economic boost from major infrastructure projects and a modest rebound in residential real estate 

Los Angeles— A measured economic recovery is underway in the nation, the state and Southern California, according to the 2010-2011“Economic Forecast & Industry Outlook” report released today by the Kyser Center for Economic Research at the Los Angeles County Economic Development Corporation (LAEDC).

In California, three sectors will see employment growth during 2010: information, private education and health services.  Like the national experience, unemployment rates in the state will remain high with the LAEDC forecasting a 12.3 percent average rate in 2010, easing down to 11.9 percent in 2011.

“We project that the U.S. economy will grow by 2.6 percent in 2010 and by 3.1 percent in 2011, after plunging by 2.4 percent during 2009,” said Nancy D. Sidhu, Ph.D., the LAEDC’s chief economist.  “However, unemployment rates in the U.S. will remain uncomfortably high, averaging 9.9 percent in 2010 and 9.4 percent in 2011.”

Sidhu observed that consumer spending holds one of the keys to the economic recovery, with inflation-adjusted gains of 1.9 percent in 2010 and 2.7 percent in 2011 forecast, after falling by 0.6 percent in 2009. 

 “California’s economy is also on the recovery track, but the state will still lose 121,800 jobs in 2010,” said Sidhu.  “However, this will be a huge improvement from the 668,200 jobs lost in 2009.”  California’s housing industry will see a modest recovery in 2010, according to Sidhu. For the full story and link to the forecast visit: http://tinyurl.com/yf85d5m
 

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