San Gabriel Valley Economy – “The San Gabriel Valley added 12,240 jobs in 2013 – the largest yearly job increase since the recession devastated the local economy” …
San Gabriel Valley Economy:
12,240 Jobs Added In 2013
The San Gabriel Valley economy is showing some solid signs of life with new numbers coming in regarding employment. In 2013 the area added 12,240 jobs. The Healthcare and Tourism industries are leading the way.
The Healthcare sector is showing some real power. There is a basis there, not just of “periphery” employment, but new positions for physicians themselves. This is very good news. Physicians are the basis of the Healthcare industry, and when new positions for doctors themselves are added, it creates the need for support employment such as nurses, office personel, medical technicians, etc., and more jobs follow.
As far as tourism goes, the San Gabriel Valley tourist industry is hopping! Over the last few years the area has taken its place as a true “tourist destination” in its own right. This is supported by visitors from China,of course, but also from areas like Canada and many from Europe as well.
Here’s a great article we found this morning that goes into some really interesting deatils. It was written by Cynthia Kurtz, President and CEO of SGV Economic Partnership. It originally appeared in Crown City News.
http://crowncitynews.com Tue, 17 Jun 2014 19:19:54 GMT
Healthcare is leading the San Gabriel Valley’s recovery adding close to 8,000 jobs in 2013 and between 26,000 and 29,000 jobs over the last decade. Healthcare now accounts for 115,200 of the region’s 645,400 jobs.
San GabrielValley Economy Also Benefits From International Trade
The area also has benefitted from many jobs revolving around International Trade. It might seem surprising, but there are more businesses in the San Gabriel Valley area that focus on international trade than there are in the Los Angeles area proper. With the Port of Long Beach and the Port of San Pedro both increasing capacity, this will be an important support to the San Gabriel Valley economy in the future.
All in all, we still need to add more jobs. We’re not yet caught up to where we were at the meltdown of 2008. But this news today is very good and indicates things are definitely moving in the right direction.
Chinese Tourism – “With Los Angeles being a hub city, it makes sense to put money there,” he said. “Chinese have business there, kids who go to school there, plus it’s a great place for them to vacation.” …
San Gabriel Valley Tourism:
Tourism & Investment From China Surging
San Gabriel Valley Is A Prime Destination For Chinese Tourists
We’ve written about this before, so we won’t spend too much time on it, but the influx of Chinese tourists and investment money is still ongoing into Southern California in general … and in particular the San Gabriel Valley. We’ll treat this as an update.
Southern California tourism from China was recorded at 158,000 visitors in 2009. This last year it was over 570,000. Ten years ago China wasn’t even among the top 10 tourist generating nations for the Southland. Now it is number one.
The San Gabriel Valley is a prime destination for tourists and investors from China. With it’s large Asian population creating a vibrant business infrastructure of great restaurants and entertainment facilities, the San Gabriel Valley provides the kind kind of cross-section of American and Chinese influences that provides the comforts of home while still exploring a new culture.
Here’s an up to date article by Tiffany Hsu in the Los Angeles Times that explains what’s going on:
Los Angeles Times Fri, 06 Jun 2014 5 AM
A few years ago, China wasn’t among the 10 largest sources of overseas travelers into the Southland; now it’s the top generator. Nearly half of all Chinese journeying to the U.S. stop in California; nearly three-quarters of those come to Los Angeles. …
Southland Trade With China Booms As Well
Investors from China are purchasing homes here in the San Gabriel valley. We’ve spoken of that before in these pages. They are also purchasing businesses. The overall effect of this influx of Chinese money and tourism is overwhelmingly positive to the economy ofthe Southland. One thing that hasn’t been talked about much as yet is the fact that exports to China from the Southland area have increased greatly as a result of this new economic and cultural activity. Southland exports to China have risen 54% in just the last four years as businesses in the Southland serve a growing Chinese middle class.
San Gabriel Valley Economic News – “Los Angeles County’s jobless rate for March remained unchanged at 8.7 percent. That still landed well below the year-ago rate of 10.1 percent, the state Employment Development Department reported.. …
San Gabriel Valley Economy:
Jobs Were Added, But Unemployment Rate Steady
The Good News Is That Every Sector Is Adding Jobs
Since economic conditions create the market conditions we see in our local real estate market, Costa Real Estate Digest will at times supply information that deals with the economy in a “raw” manner … not particularly focused on real estate, but looking at the Southern California economy in a more general way.
With this in mind, today we’ll take a look at some new figures that are indicative of what’s going on in our area economically.
Several reports have been released recently … from the Bureau of Labor Statistics, Beacon Economics and other statistical outlets, and they are discussed here in a comprehensive article by Kevin Smith that just appeared in the San Gabriel Valley Tribune:
Unemployment rates hold steady; jobs added in Southern California, state – San Gabriel Valley Tribune
http://www.sgvtribune.com Sat, 19 Apr 2014 01:53:12 GMT
“The main thing to note for the L.A. County economy is that we’re generally seeing every sector adding jobs,” said Robert Kleinhenz, chief economist for the Los Angeles County Economic Development Corp. “We continue to see some problems with job counts in financial services, insurance and manufacturing, but the overall picture is one where we can say we’re closing that gap from where we need to be and where we are right now.” …
Overall Direction Is Basically Good News
As you can see in the article, there is good news and bad news as well. These things do work in tandem, though, to create an overall trend. The bottom line is that basically the economy is moving in the right direction, which bodes well for the Southern California real estate market and the San Gabriel Valley area in general.