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Business Leader BusinessBusiness LeaderLeader EconomicEconomic DevelopmentDevelopment forfor thethe RegionsRegions ofof LosLos AngelesAngeles CountyCounty www.LAEDC.org Los Angeles County Economic Development Corporation Winter 2007-2008 LANCASTER: MOST BUSINESS-FRIENDLY CITY In This Issue: Northrop Grumman and Jack Kyser also honored with Eddy Awards® • LAEDC & WTCA LA-LB Trade Mission to India • LA Economy &Jobs Committee • Eddy Awards® Recap • Business Assistance Team Updates • LAEDC Committee Updates • And much more! LAEDC President and CEO Bill Allen, LAEDC Chief Economist and Eddy Award honoree Jack Kyser, City of Lancaster Mayor Henry Hearns holding the award for the Most Business-Friendly City in LA County, Northrop Grumman Chairman and CEO and Eddy Award honoree Dr. Ronald Sugar, and LAEDC Chairman Ray Holdsworth. For full coverage and photo highlights, turn to page 5. INVESTING IN LA Governor Schwarzenegger Meets with LAEDC Board 2008-2009 California Governor discusses state budget and infrastructure ECONOMIC On January 11, 2008, Governor Arnold Schwarzenegger met with FORECAST more than 50 LAEDC Board members at the offices of City &INDUSTRY National Bank one day after unveiling his budget proposal for OUTLOOK the state. He spent more than an hour with the group and dis- cussed the need to reign in state Wednesday spending while continuing to February 20, 2008 improve the state’s infrastruc- ture by attracting private capital Los Angeles to help fund projects through Marriott Downtown public/private partnerships that will enable California to remain More information on page 3. globally competitive in an envi- ronment of severely limited pub- lic resources. Business Opportunities in India World Trade Center Association to lead a trade mission to New Delhi, Mumbai, and Kolkata The World Trade Center In September 2007, the advance New Delhi is the capital city of Association Los Angeles-Long team, led by Long Beach City India with key opportunities in Beach and the LAEDC in conjunc- Councilmember Dr. Suja defense, energy, environment, tion with the City of Long Beach Lowenthal, WTCA LA-Long Beach healthcare, telecommunications, will embark on a Trade Mission to President Vance Baugham and and transportation. Mumbai, for- India on March 2-9. The Mission LAEDC President and CEO Bill merly known as Bombay, is the will focus on how U.S. companies Allen, visited New Delhi, Mumbai, center for entertainment and can take advantage of an early and Kolkata and had successful media, pollution control, renew- entry into India, an emerging meetings with Indian business able energy, consumer goods, “mega-market.” and government leaders. Indian processed foods, infrastructure, journalists gave broad and favor- airport and ground support LAEDC/WTCA advance team at the When measured on a Purchasing able coverage of the visit and the equipment, and education sec- India Motion Pictures Producers Power Parity basis, India is now March trade mission in the lead- tors. And finally, Kolkata, former- Association welcome reception. the 4th largest economy in the ing Indian media, including the ly known as Calcutta, is the main world, and is growing at approxi- India Express, the Financial commercial and financial hub of mately 8 to 10 percent per year. Express, and the Economic eastern India with growing sec- With such growth, India needs a Times, among others. With this tors in IT, real estate, retail, food- major infrastructure overhaul to successful advance trip complet- processing, healthcare, medical keep up with the change. With a ed, the stage is set for a very suc- devices and airport/sea port population of 1.1 billion and 350 cessful trade mission this March. infrastructure development. million who speak English, India’s middle class is already The Trade Mission will visit New For more information, contact larger than the entire U.S. popu- Delhi (March 2-4), Mumbai (March Greg Moore at (562) 495-6075 lation, and they need and will buy 5-6) and Kolkata (March 7-9). or Lianne Chua at (213) 680- American products and services. 1888. Committees Engage in LA County’s Critical Issues UPCOMING LAEDC LAEDC members address land use, aviation, and international trade COMMITTEES MEETINGS Attendance at meetings is by Led by David Flaks, LAEDC to retain and attract high-value transform underutilized public membership or invitation Director of Policy Initiatives, the jobs and business from the indus- housing development sites into only. Unless noted, all meet- LAEDC regularly convenes a vari- try clusters important for econom- revitalized housing and high- ings are held at the California ety of advisory committees and ic growth and wealth creation. value job creating neighborhoods. Club, 538 S. Flower Street. task forces that serve to engage our members in the ongoing mis- Under the leadership of Aviation Task Force Land Use Strategic Advisory sion and strategic initiatives of Committee Chair Maura O’Connor Committee the organization and provide (Seyfarth Shaw) and Vice Chair The Aviation Task Force chaired 10:30 a.m. - 12 p.m. in input on certain key issues that Joe Faulkner (Charles Dunn) by Viggo Butler (United Airports Room 204 affect, or have the potential to members have been invited to Ltd.) continues to focus on issues •March 11 affect the Los Angeles County provide comments on the Revised and develop strategic initiatives •May 13 economy. Draft of the County’s General that support Los Angeles •July 15 Plan, the first revision since International Airport’s (LAX) mod- •September 9 Land Use Strategic Advisory 1980. The Committee also has ernization efforts to conveniently Aviation Task Force Committee been briefed on a variety of and safely accommodate the 9:30 a.m. - 11:00 a.m. issues relating to regional land forecasted increase in air pas- Meeting room TBA As the County’s industrial vacan- use policies, including a briefing senger and cargo volumes, •March 19 cy rate continues its downward by the Los Angeles Community reclaim some of its lost market •April 16 trend to below 1.6%, the Land Redevelopment Agency on its share, and boost customer satis- •June 18 Use Committee continues to pro- upcoming land use recommenda- faction. •July date TBD vide a dynamic voice in the effort tions for the City of Los Angeles, •September 17 to preserve our dwindling indus- and a briefing by the CEO of a Recent meeting highlights have trial land base, keep our industri- local bank and member of the included: a briefing by Gina Marie The next International al firms in the County, and Mayor’s Economy and Jobs Committee meeting is TBD. strengthen our region’s capacity Committee on an initiative to (Continued on page 10) 2 LAEDC Business Leader - Winter 2007-2008 All Eyes on LA County 2008-09 Economic Forecast & Industry Outlook focus on investing in Los Angeles region Despite economic uncertainty across the industry leaders from companies like AEG, The Economic Forecast will also address the country, major investments are being made Related Companies, and TESCO to discuss outlook for the regional economy including in Los Angeles County. From the 4th largest the Los Angeles economy for 2008. the effects of the Writer’s Guild strike and bank in America (Wachovia) to the 3rd largest Longshoremen’s Union contract renegotia- retailer in the world (TESCO), and from the AEG is the developer of LA LIVE. This mixed tion. world’s largest owner of sports teams and use complex is a one-of-a-kind entertainment sports events (AEG) to one of the largest real campus, providing Los Angeles’ residents, “2008 could be a rather nerve-racking year. estate developers (Related Companies), bil- commuters, guests and tourists with a world- The ‘recession’ word is being uttered, and the lions of dollars are being invested here that class sports and entertainment destination. LAEDC Economics Team is on ‘recession will markedly transform the regional economy watch,’” said Kyser. “There are a variety of in coming years. Come hear a panel of indus- The $2.05 billion Grand Avenue project in problems including the health of the global try leaders with these firms explain why they downtown Los Angeles, being developed by financial system, the housing market, and are investing in LA. the Related Companies, is designed to give high energy prices.” Los Angeles a thriving city center. The project 2008 also looks to be impacted by distress in will create over 5,300 long-term jobs and will Register today to reserve your seat for the the housing industry, nervous financial mar- generate over $95 million annually in taxes. Economic Forecast! More information is kets, and labor strife in the motion available online at www.laedc.org/forecast. picture/television production industry. What TESCO, the 3rd largest retailer in the world, can we expect the economic impacts to be? has now opened several Fresh & Easy grocery LAEDC members: Please RSVP to Oakley stores throughout Southern California creat- Boren today for one complimentary registra- On Wednesday, February 20, 2008, LAEDC ing hundreds of jobs for the region. tion per company at [email protected]. Senior Vice President and Chief Economist or (213) 236-4847. Jack Kyser will be joined by California Wachovia is a leading provider of financial Association of Realtors Chief Economist services for retail, small business and com- For sponsorship opportunities, contact Nhien Leslie Appleton-Young, Wachovia Global mercial customers, and a key provider of high Barros at (213) 236-4816. Economist Dr. Jay Bryson, and a panel of quality jobs in the region. LAEDC 2008-2009 Economic Forecast & Industry Outlook Investing in Los Angeles Wednesday, February 20, 2008, at the LA Marriott Downtown 7 a.m. Breakfast & Networking • 8-10 a.m. Program Presenting Sponsor: Hear from industry leaders on why billions of dollars are being invested in LA. JACK KYSER • SVP & Chief Economist • LAEDC LESLIE APPLETON-YOUNG • Chief Economist • CA Association of Realtors DR.
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