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.

  • Xen

    The area of DT Los Angeles bordered by multiple freeways has many times more city blocks than the 60 blocks mentioned in this article. The Fashion District alone has 83 blocks. So what section of DT Los Angeles is this 60 block area? Could it be South Park?

  • rjsmitty

    LOL —11,000 people moved in , but 144,000 moved out !

    • Spin

      Exactly. Funny how they always neglect to mention the “other side of the coin”. Just like the whole “Crime is going down in L.A.” is a bunch of bull. All I see is articles about crime.

  • Maury

    If I was making 87K a year, I sure as hell wouldn’t move to the rat nest. This is nothing more than advertising for real estate rentals/sales.

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