Higher Earners, Younger Residents Migrating To Downtown LA
LOS ANGELES (CBS) — The U.S. economy at large may be headed for a double-dip recession, but things are looking up for downtown Los Angeles.
KNX 1070’s Pete Demetriou reports on a new study that shows more businesses and more residents are migrating to the area — and that means more revenue.
The study from the Downtown Center Business Improvement District (BID) of over 11,000 people showed the local population surged 15 percent, along with a 11 percent jump in residential units in the area since 2008.
The residents and employees who work and live downtown range from an average of 33 to 38 years of age, 80 percent of which are college graduates earning an average of almost $87,000 a year.
In addition to their lifestyle and spending habits, BID President Carol Schatz said their demands for area improvement is being noticed by potential investors.
“There is strong interest in bringing more median income restaurants to downtown and department stores and the like,” said Schatz.
Analysts say the surge in demand and investment in the 60-block downtown area bordered by multiple freeways has happened in spite of the recession — a sign that future growth may be even more impressive.