LAEDC Announces Forever 21 Founder, Do Won Chang, as its Individual Eddy® Award Honoree

Founder of apparel brand Forever 21 to be honored for economic leadership in L.A. County

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Los Angeles —The Los Angeles County Economic Development Corporation (LAEDC) today announced Do Won Chang, the founder of Forever 21, one of the world’s fastest growing fashion brands, as its individual Eddy® Awards honoree. Inaugurated in 1996, the annual Eddy Awards gala has become the most important economic development award program in the state of California. This year’s 15^th anniversary event will be held on Wednesday, November 10^th, at the Beverly Hilton.

Headquartered in the City of Los Angeles, Forever 21 began in 1984 and has since become synonymous with trendy, affordable fashions. Do Won Chang and his wife Jin Sook Chang emigrated from South Korea in 1981 in search of the American Dream, and began their fashion empire with their first store in Highland Park. Since then, Forever 21 has grown to 457 stores in 15 countries with sales of nearly $3.0 billion annually.

In Los Angeles County, Forever 21 operates dozens of stores throughout the region’s malls and shopping centers, employing more than 3,000 people and thousands more through their supply network.    Taking advantage of the wealth of talent in Los Angeles County’s nation-leading creative industry, Forever 21’s apparel and merchandise is designed in L.A. County, with a large percentage of their products also being manufactured here.  Their vertically integrated model allows them to design, manufacture and distribute merchandise faster than their competitors, an important factor of Forever 21’s success.  For the full story and more about the Eddy Awards visit: http://bit.ly/cpuTS6

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Los Angeles County Economic Development Corp. Adds Season Economist To Its Roster

Robert Swayze joins LAEDC

Long Beach’s manager of economic development, Robert Swayze, joins LAEDC as Sr. Vice President of Economic Development in September

Los Angeles —The Los Angeles County Economic Development Corporation (LAEDC) announced today that Robert Swayze will join the LAEDC as Senior Vice President of Economic Development on September 1, 2010.

“We are thrilled that Robert will be joining the LAEDC team,” said Bill Allen, LAEDC President and CEO.  “He is recognized as one of the premier economic development practitioners in the region and state, and will provide significant experience and insight to our efforts to lead the implementation of L.A. County’s first-ever Strategic Plan for Economic Development.”

Swayze is currently Manager of Economic Development and Cultural Affairs for the City of Long Beach, a position he has held since 2005.  Previously, he was Manager of Regional Economic Development for the Community Development Commission of Los Angeles County.

“Robert brings three great qualities to the LAEDC: significant experience with cities and the County, in-depth familiarity with business financing and technology issues, and a sophisticated policy perspective that is complemented by years of successful hands-on experience attracting, retaining and growing jobs for L.A. County,” said Allen.

Among Swayze’s credits are conceiving and developing the Business Technology Center (BTC), one of California’s largest high tech innovation centers; establishing four business loan programs, including the first equity program for high tech start-ups administered by a county; leading Long Beach’s C-17 Red Team that helped Boeing secure more orders for the C-17 and pushed production out to 2014; and securing a 15-year re-designation for the Long Beach Enterprise Zone.

For the full story visit: http://tinyurl.com/24asbmv

LAEDC's Founding Economist Jack Kyser Retires

Jack Kyser, LAEDC

LAEDC will continue to provide the region’s most up-to-date and timely economic information, analysis and forecasting under the ongoing leadership of Chief Economist, Dr. Nancy Sidhu

Los Angeles — Jack Kyser, the Los Angeles County Economic Development Corporation’s (LAEDC) Founding Economist, today announced his retirement effective June 30th after nearly 30 years as the chief interpreter of the L.A. County economy. Kyser will retire from full time work, but will remain as a consultant to the organization.
The LAEDC’s economic research department, the Kyser Center for Economic Research, will continue under the leadership of Chief Economist, Dr. Nancy Sidhu, to provide critical economic analysis and insight on topics related to the L.A. County economy, as well as produce unbiased analytical research about the industry sectors leading the Southern California five-County economy.
“It was the right time to retire as the department has never been stronger in terms of its economic research capabilities than it is now,” said LAEDC Founding Economist Jack Kyser. “The department is in good hands under Nancy’s leadership. She has done an extraordinary job leading the team and will continue to provide important analyses, opinions and interpretations about the region.” For the full story, bios and images visit:
Visit: http://www.mayocommunications.com/2010-NEWS%20RELEASES/NR-336.htm

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

LAEDC’s Entertainment Report Sees Modest Increase in Industry Employment, Another Strong Year at Box Office

 

Jack Kyser, LAEDC stud author

LAEDC’s Entertainment Report Sees Modest Increasein Industry Employment, Another Strong Year at Box Office

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Despite a boost from California’s film incentive program, runaway TV/film production remains a significant threat

Los Angeles, CA —  A new study released today by the Los Angeles County Economic Development Corporation’s (LAEDC) Kyser Center for Economic Research predicts a modest increase in industry employment in 2010.   The report also forecasts another strong year at the box office, no foreseeable labor issues, and a boost in production from California’s film incentive program.

LAEDC study finds runaway TV/film production threatens Hollywood industry..

Other pluses include NBC’s programming of scripted series in the 10:00 p.m. primetime spot being vacated by Jay Leno and the ongoing investment in the entertainment industry’s infrastructure such as NBC Universal’s Evolution Project and the Disney/ABC Studios at the Ranch. However, key issues include changes in the business model, with an intense focus on costs.  Run-away production remains a significant threat and changing technology, distribution, exhibition and marketing models are noted.

The media industry will continue to struggle, reflecting a slow rebound in advertising and changes in the way consumers access information.

The LAEDC study recommends a renewed focus on entertainment as a serious business because it is a high-wage, high-multiplier activity.  The study cited efforts by the cities of Los Angeles and Santa Clarita to become more “film-friendly.”  It also recommends watching the state’s film incentive plan that has helped boost employment in this sector.

“The coming changes in how the industry operates also need to be monitored,” said LAEDC

Founding Economist Jack Kyser.  “At the end of the day, content is still king and leaders need to be alert so that much of it is still produced in the County.”

For the full study and highlights of the report visit:http://tinyurl.com/yfmwjzj