County Economy on Slow Path to Recovery

County Economy on Slow Path to Recovery Job growth is expected to decline less than 1 percent in the San Fernando Valley an indication the economy is beginning to look up following a poor 2009, according to the mid-year forecast from the Los Angeles Economic Development Corp. The Antelope Valley should see a 1.1 percent employment loss, particularly in retailing and professional and business services while the Santa Clarita Valley is expected to have a 2.4 percent employment loss, according to the forecast. The mid-year report was presented July 21 by economists with the LAEDC. The presentation marked the final one by its long-time senior economist Jack Kyser, who retired last month. The forecast painted an improving picture for Los Angeles County although cautioning that some major industry sectors will continue to face challenges as the economy struggles to recover. Tourism, entertainment, and international trade were identified as bright spots, and even retail is expected to improve as consumer confidence increases during the year. Manufacturing, nonresidential real estate, and apartment and condo construction are expected to remain weak. Nonfarm employment is forecast to drop at about 1.2 percent in L.A. County, an improvement over the loss of 5.9 percent in 2009. In Ventura County, employment is expected to drop by 1.5 percent as activity slows at Port Hueneme, the financial services industry continues to struggle, and construction and real estate remain weak. Positive forces include growth in health care and social services, and continued good news from the agriculture industry.