After a couple of rough years, it seems like L.A.’s economy has found its stride and has surged back. It’s just been announced that unemployment numbers have been cut in half in just three years, down to just five percent from a peak of 10 percent, and there are now more jobs in L.A. than at any point in the last 25 years.
“I am proud that the number of jobs in L.A. has surged past pre-1992 levels,” Mayor Eric Garcetti said at a public announcement of the positive numbers, according to My News L.A. “Now is the time to keep the momentum going. We must continue investing in the people of our city, so that we can create new jobs and prosperity for years to come.”
The mayor’s office would like to take their share of the credit for the addition of 135,000 jobs since he entered office three years ago. They contend that working with business leaders to create more jobs in the city—particularly working to ease the process for developers to build large projects, which bring economic development to the city—has been a major force in growing the local economy.
While the number of jobs on local payrolls is at a high point and, for some salaried jobs wages are even up slightly as well, that doesn’t necessarily mean that all L.A. workers are feeling great about their personal finances. Studies continue to find that high housing prices and the general costs of living in the city are straining many people.
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