Part I of Long Beach’s Economic Blueprint Highlights Employment and Wage Growth

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Photos and video by Keeley Smith. 

When the Long Beach i-team announced its agenda last year, one of its objectives included developing an “Economic Development Blueprint,” with the intent of producing an action plan for the city aimed at “stimulating and growing the local economy.”

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Well, Part I of the Economic Development Blueprint is in—meaning the city’s financial situation and economic data is mapped out in one user-friendly report. While no action plan is suggested by the organization commissioned to write the report, Beacon Economics (this is Part I, after all), the city’s growing industries and employment data are out, something the mayor described as a crucial step in maintaining a high-functioning Economic Development Commission. 


 

“It’s our hope that the commission will reveal everything in one place, with no more guessing,” said Mayor Robert Garcia. “[...] There isn’t really a document that really lays out the vision. So, really one of the main reasons we put together the Economic Development Commission was to start this Blueprint process.”

Part I of Long Beach’s Economic Blueprint Highlights Employmen...

Part I of the Economic Development Blueprint for the City of Long Beach is in, unveiled on Tuesday by officials. The blueprint maps out the city's financial situation and economic data, underscoring higher employment and wages relative to pre-recession levels. Read more: http://lbpo.st/2dMR6BO

Posted by Long Beach Post on Tuesday, October 18, 2016

According to the blueprint, employment and wages are higher than pre-recession levels, and the average private wage of a Long Beach resident is up almost $6,000 from the $46,000 average of the first quarter of 2006. However, Long Beach’s unemployment rate, now at 5.8 percent, is notably higher than recession-level unemployment, which stood at approximately 13.6 percent in 2010. However, Long Beach's employment rate is still lagging behind thta of the rest of Los Angeles County, which stands at 5.2 percent. 

Economic Blueprint

The professional services, science, technology and management is growing explosively (a 10 percent increase over 2015), along with transportation and warehouse (a 15 percent increase over 2015) and construction (a 9.3 percent increase).

The average cost of rent has increased by about $200 a month since 2009, speaking to the growing issue of affordable housing.

Apartment Rental Rates

Image of courtesy of Beacon Economics. 

Recording and displaying U.S. Census data, Beacon Economics also disseminates income level according to race and gender. 

But city officials took time on Tuesday to hone in on the fact that any loss in manufacturing jobs is largely due to Boeing’s closure of its C-17 plant, as well as the fact that 77 percent of Long Beach residents work elsewhere, in either Los Angeles or Orange counties.

Overall, the Long Beach economy is up 4 percent, according to the report—higher than the national average.

“There’s no time like the present,” said Robert Kleinhenz, of the report. “We’ve never had access to this kind of localized data before.”

This report was updated on 10/19/16 at 9:29AM, with correct unemployment data. 

 

 



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