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Report: LA County Economy Headed In A Good Direction

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(credit: Frazer Harrison/Getty Images)

LOS ANGELES (CBSLA.com) — Los Angeles County’s economy will continue to improve at a rate of 3 to 4 percent this year, according to a report released Tuesday.

Forecast L.A., which was released Tuesday morning at Loyola Marymount University, also found that a majority of Angelenos believe the region is heading in a good direction.

“People are increasingly optimistic about their own economic situation and the situation of the region, and then leaders are especially optimistic about their cities,” said Fernando Guerra, director of the Thomas and Dorothy Leavey Center for the Study of Los Angeles at LMU.

“All three trends are merging, mutually reinforcing each other saying that the city of L.A., the county of L.A. are heading in a good direction for the coming year,” Guerra said.

The report, which combines an economic forecast with an opinion poll of Angelenos and their local elected leaders, also found that the county is heading out of the “funk” that started in 2008 and should see a steady improvement over the next few years, with employment growth rising to 2.5 percent.

Housing remains a major concern for a majority of Angelenos, with 83 percent of participants reporting that home ownership remains out of their reach in their city. The report points to population growth that is outstripping new construction.

(©2014 CBS Local Media, a division of CBS Radio Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. Wire services contributed to this report.)

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