LAEDC Releases Tepid 2020/2021 Forecast

According to the just-released Los Angeles County Economic Development Corporation forecast for 2020/2021, California and Los Angeles County are poised for moderate yet sustained growth during the next two years, with optimism tempered by the unanticipated impacts from the coronavirus outbreak and continued concerns over issues of skyrocketing housing and the high cost of living in Los Angeles looming as handicaps to more robust growth.

The forecast expects California’s gross domestic product to grow 2.0% in 2020 and 1.6% in 2021, and LA County’s GDP to grow 1.8% in 2020 and dip to 1.6% in 2021.

The overall 10-county Southern California region is forecasted to grow at 1.8% over the next two years.

Healthcare, tourism and entertainment are forecasted to be major growth industries for Southern California.

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