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CONTACT: Sherif Hanna
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Summer 2018

Los Angeles County has seen steady economic growth through the first part of 2018 as job gains have continued across most industries. In addition to rising employment numbers, the County’s unemployment rate has dropped to the lowest it’s been in the last two decades. Employment growth is slowing, however, as the local labor market tightens. The median home price in Los Angeles continues to climb, and has now surpassed its prerecession peak. At the same time, home sales are stagnating, largely due to a lack of supply. If the region’s housing supply does not keep better pace with demand, home sales will continue to decline. 

 

Hospitality Sector Leading LA Job Growth

Nonfarm employment in Los Angeles County increased by 1.3% between April 2017 and April 2018, as the total number of workers reached 4.48 million. Job growth in Los Angeles lagged Orange County (+1.8%) and was significantly lower than in the Inland Empire’s (3.1%). Unemployment in the region decreased by 0.1 percentage point, falling to 4.4% as of April 2018, but was still higher than in both Orange County (3.6%) and the Inland Empire (4.1%).

Much of Los Angeles’s nonfarm employment growth between April 2017 and April 2018 is attributed to job gains in Leisure and Hospitality. That sector added...

 



 

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