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Greater Los Angeles : Office Snapshot - Q1 2013

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Greater Los Angeles : Office Snapshot - Q1 2013

Los Angeles County’s economy continued to improve with a drop in unemployment to 10.3% in February from 11.4% year ago. In the last twelve months, 89,400 jobs were added for a 2.3% annual growth rate. The largest gain was in the professional and business services sector, 25,300 new jobs, which is historically the last sector to recover following a recession. The government sector continued to contract, losing 9,600 jobs in the last year. According to the Los Angeles County Economic Development Corporation (LAEDC), nonfarm jobs are expected to grow by 1.7% this year, with another 1.8% gain in 2014, however, it may be 2015 or 2016 before nonfarm employment exceeds the peak of 4.1 million reached in 2007.

Source : Cushman & Wakefield

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