This story is free to read because readers choose to support LAist. If you find value in independent local reporting, make a donation to power our newsroom today.
This is an archival story that predates current editorial management.
This archival content was written, edited, and published prior to LAist's acquisition by its current owner, Southern California Public Radio ("SCPR"). Content, such as language choice and subject matter, in archival articles therefore may not align with SCPR's current editorial standards. To learn more about those standards and why we make this distinction, please click here.
Report: Los Angeles Area Will Lose 164,000 Jobs in 2009
Thanks in part to the collapsing real estate market in Southern California, the Los Angeles region is expected to lose 164,000 jobs in 2009, according to a a forecast report (.pdf) released Saturday by the U.S. Conference of Mayors. "In Southern California, metro economies have been stung by the sharp decline in their housing markets," they note. "The collapse of these local markets led to tens of thousands of construction job losses, while the subprime mortgage meltdown dramatically affected the Los Angeles MSA, where many of those lenders were headquartered." Unemployment will reach close to 10% in Los Angeles and will hit 11.6% in the Riverside-San Bernardino-Ontario area, they predict. New York City, which will lose 181,000 jobs, sits at the top of list next to Los Angeles.
You come to LAist because you want independent reporting and trustworthy local information. Our newsroom doesn’t answer to shareholders looking to turn a profit. Instead, we answer to you and our connected community. We are free to tell the full truth, to hold power to account without fear or favor, and to follow facts wherever they lead. Our only loyalty is to our audiences and our mission: to inform, engage, and strengthen our community.
Right now, LAist has lost $1.7M in annual funding due to Congress clawing back money already approved. The support we receive from readers like you will determine how fully our newsroom can continue informing, serving, and strengthening Southern California.
If this story helped you today, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
Your tax-deductible donation keeps LAist independent and accessible to everyone.
Right now, LAist has lost $1.7M in annual funding due to Congress clawing back money already approved. The support we receive from readers like you will determine how fully our newsroom can continue informing, serving, and strengthening Southern California.
If this story helped you today, please become a monthly member today to help sustain this mission. It just takes 1 minute to donate below.
Your tax-deductible donation keeps LAist independent and accessible to everyone.
Senior Vice President News, Editor in Chief
