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.