WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE THE STATE OF THE WESTSIDE ECONOMY
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THE STATE OF THE WESTSIDE ECONOMY
EXECUTIVE SUMMARY
The Westside of Los Angeles includes many iconic places: the Venice and Santa Monica beaches, the boulevards of Beverly Hills and West Hollywood, the Malibu coast, and the Hollywood studios. The region is one of the wealthiest in the United States and is home to a highly advanced economy. This report documents the state of the Westside economy, tracking its performance over the past 10 years and comparing it with that of the surrounding region.
•
In 2019, the region represented by the Westside Council of Chambers of Commerce was home to about 550,000 jobs, paying nearly $95,000 per year on average.
•
Jobs in the Westside constitute the equivalent of a third of the City of Los Angeles total and about 15% of the jobs in Los Angeles County. Westside wages are 26% higher than those in Los Angeles as a whole and roughly 36% higher than the County’s.
•
The region has slightly over 700,000 residents, most of whom are highly educated. In 2018, 60% held at least a bachelor’s degree, compared with fewer than 40% in Los Angeles County. Westside residents are also much wealthier than County residents on average.
•
The Arts, Entertainment, & Recreation sector accounts for 1 in 5 Westside jobs. Professional, Scientific, & Technical Services has the next highest share, 14%, followed by Information and Health Care & Social Assistance, which each account for 11%.
•
By any conventional measure of economic vitality, such as job growth, average wages, and wage growth, the Westside is the jewel of the Los Angeles County economy.
•
The region’s economy faces two major challenges, one short term and one long term. In the short term are macro headwinds related to the spread of, and measures to contain, the coronavirus. The Westside hasn’t been immune to the job losses sustained nationally and in the state. A full recovery of the labor market will not occur before 2023.
•
The region has a job-housing imbalance, with more jobs than residents to do the work. As workers from elsewhere in the County commute to the Westside, traffic and environmental impacts increase.
•
The imbalance is exacerbated by the relatively slow-growing Westside population. This is primarily due to lower levels of housing construction, which raises house prices and has made the Westside less hospitable to young families than elsewhere in the County.
•
The Westside is much less diverse than L.A. County as a whole. In L.A. County, fewer than 30% of residents are white, compared with nearly 60% on the Westside.
THE STATE OF THE WESTSIDE ECONOMY
Key findings:
4
INTRODUCTION COVID-19 has created a worldwide economic shock, one from which the communities of the Westside Chambers haven’t been immune. Public health mandates to curb the spread of the virus, in addition to precautions taken by the public, led to the biggest-ever monthly job losses in the nation and California in April. Since April, the labor market has recovered, although the unemployment rate nationally is about 8%, while the unemployment rate in California hovers over 11%. The resurgence of the virus nationally will slow the economic recovery that was underway. Relying heavily on activities that require face-to-face contact, such as in the Arts & Entertainment, Healthcare, and Leisure & Hospitality industries, the recovery in Los Angeles County has failed to keep pace with the nation’s. As of September, total nonfarm employment in Los Angeles County was 9% below February 2020 levels, nearly 500,000 fewer jobs, despite employment gains following April’s historic decline. The unemployment rate in Los Angeles County remained stubbornly high, 15.1%, in September. Two industries have been hit the hardest: Arts & Entertainment and Accommodation & Food Services. As of September, employment in Arts & Entertainment was still 40% lower than a year earlier, while Accommodation & Food employment was still 28% lower. These sectors account for one third of the job losses incurred since the start of the pandemic. The economic situation is unique because the damage is not the result of structural imbalances in the economy, as in most other recessions, but is due to responses to the viral outbreak. Under optimistic scenarios, the jobs lost since the pandemic began will not be fully recovered until at least 2022, and the labor market will not return to its pre-pandemic trend before 2023. Following a phased reopening, Gov. Newsom on July 13 ordered indoor operations at restaurants, wineries, movie theaters, museums, and card rooms to close in response to the growth of daily cases. The state has now recorded the most cases of any state. The number of COVID-19 deaths in the state, about 10,000, is third in the nation, behind the 32,000-plus deaths in New York state.
THE STATE OF THE WESTSIDE ECONOMY
The data in this analysis cover a period before the virus. That said, state and national data offer insights into the sectors that have been impacted by the recession. Nearly 70% of all job losses have occurred in the Leisure & Hospitality, Retail, Health Care, and Government sectors. These trends illustrate how the economies in the Westside have been affected. As such, although this report will not identify the employment changes resulting from COVID-19, it will identify areas of vulnerability in the community, based on the economic activities in each place.
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THE WESTSIDE ECONOMY In 2019, the Westside Council of Chambers of Commerce (WC3) represented an area with about 550,000 jobs, paying an average salary of nearly $95,000 per year. The region was home to over 700,000 residents. Together, Westside jobs represented a third of the total jobs in Los Angeles as a whole and around 15% of the jobs in Los Angeles County. Westside wages were 26% higher than those in Los Angeles and roughly 36% higher than in the County. Since the Great Recession, Westside employers added jobs at a slightly faster rate than in Los Angeles and at a much quicker rate than in the County.
CHANGE IN TOTAL EMPLOYMENT WESTSIDE, CITY OF LOS ANGELES, LOS ANGELES COUNTY 135
Indexed at Q1-10=100
130 125 120 115 110 105
Westside
City of L.A.
Source: California Employment Development Department; analysis by Beacon Economics
County of L.A.
THE STATE OF THE WESTSIDE ECONOMY
95
Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19
100
6
Furthermore, inflation-adjusted wages increased 13%, compared with about half that rate in Los Angeles.
CHANGE IN WAGES WESTSIDE, CITY OF LOS ANGELES, LOS ANGELES COUNTY 120
Indexed at Q1-10=100
115
110
105
100
Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Q4-18 Q1-19
95
THE STATE OF THE WESTSIDE ECONOMY
Westside
7
City of L.A.
Source: California Employment Development Department; analysis by Beacon Economics
County of L.A.
The following chart shows how Westside jobs are divided across various sectors. The largest share is in Arts, Entertainment, & Recreation, accounting for 21% of the jobs in the region. Professional, Scientific, & Technical Services has 14%, followed by Information and Health Care & Social Assistance, which each have 11%. Nearly 46,000 businesses are in the Westside. The largest share, 20%, is in Professional, Scientific & Technical Services. Arts, Entertainment, & Recreation accounts for 18%.
KEY LABOR MARKET DYNAMICS FOR WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 2019 INDUSTRY
EMPLOYMENT
SHARE OF TOTAL EMPLOYMENT
ESTABLISHMENTS
SHARE OF TOTAL ESTABLISHMENTS
Arts, Entertainment, and Recreation
111,265
21%
8,204
18%
Professional, Scientific, and Technical Services
73,565
14%
9,146
20%
Health Care and Social Assistance
61,900
11%
4,947
11%
Information
60,742
11%
4,236
9%
Retail Trade
51,367
9%
3,588
8%
Utilities
42,068
8%
560
1%
Finance and Insurance
36,776
7%
5,105
11%
27,231
5%
1,807
4%
Other Services (except Public Administration)
22,766
4%
4,250
9%
Public Administration
18,419
3%
273
1%
Wholesale Trade
10,923
2%
1,359
3%
Manufacturing
8,450
2%
610
1%
Educational Services
8,339
2%
587
1%
Agriculture, Forestry, Fishing and Hunting
8,264
2%
1,270
3%
542,074
100%
45,941
100%
Administrative and Support and Waste
Total
Source: California Employment Development Department; analysis by Beacon Economics
THE STATE OF THE WESTSIDE ECONOMY
Management and Remediation Services
8
In the following table, location quotients measure the industries in which the Westside specializes relative to other regions. In this case, the Westside, Los Angeles, and L.A. County economies are compared with the California economy1. A location quotient of 1 for an industry means that the region’s economy has the same share of workers in a sector as in California as a whole. For Other Services in the table below, the Westside has a location quotient of 1. This means Other Services accounts for the same share of jobs in the Westside as in the California economy. A location quotient greater than 1 means a region has a larger share of jobs in a sector, and a quotient less than 1 means a sector has a smaller share of jobs. As the following table reveals, the Westside has the biggest relative strength in the Transportation and Utilities sectors; the share of such jobs is 10 times higher in the Westside than in the state. This is, of course, due to LAX Coastal, the state’s largest international airport. Other areas of strength include Arts, Entertainment, & Recreation, as well as Information, Finance & Insurance, and Professional, Scientific, & Technical Services. The region has a much greater specialization in these sectors than Los Angeles or L.A. County. The strength of Westside economy in these sectors demonstrates that the region has a disproportionate number of high-skill, new-economy activities that are grounded in information content and professional services. By contrast, the region lacks strength in blue-collar, heavy-industry activities, such as Manufacturing and Wholesale Trade. The mix of industries in the Westside, in relatively more advanced sectors of the economy, helps explain why the region’s jobs pay higher wages than those in the City and County.
LOCATION QUOTEINTS FOR WESTSIDE, CITY OF LOS ANGELES AND LOS ANGELES COUNTY
THE STATE OF THE WESTSIDE ECONOMY
INDUSTRY
9
WESTSIDE
CITY OF L.A.
COUNTY OF L.A.
Transportation and Utilities
9.9
6.3
1.0
Arts, Entertainment, and Recreation
7.5
4.6
1.1
Information
2.7
1.1
1.5
Finance and Insurance
1.7
1.5
1.0
Professional, Scientific, and Technical Services
1.4
0.9
0.9
Other Services (except Public Administration)
1.0
0.9
1.1
Retail Trade
0.8
0.7
1.0
Administrative and Support and Waste Management and Remediation Services
0.6
0.7
0.9
Health Care and Social Assistance
0.6
0.6
1.1
Agriculture, Forestry, Fishing and Hunting
0.6
1.1
0.0
Public Administration
0.5
3.1
0.8
Wholesale Trade
0.4
0.8
1.2
Manufacturing
0.2
0.5
1.0
Educational Services
0.1
0.3
1.0
Source: California Employment Development Department; analysis by Beacon Economics
To calculate a location quotient for each industry, first, it is necessary to work out each industry’s share of a region’s total employment. Second, it is necessary to calculate each industry’s share of the state’s total employment. Each industry’s share of city total employment is then divided by the state’s share for each industry. 1
If a location quotient is 1, this means an industry accounts for the same share of workers in a region as it does for the state. If the location quotient is greater than 1, it means an industry accounts for a higher share of total jobs in a region than for the state, and if the number is less than 1, the opposite is true. For example, suppose the manufacturing sector accounts for 7% of all employment in the westside, and 7% of all employment in the state. When 7% is divided by 7%, this yields a value of 1, meaning the manufacturing sector is equally important to each economy. Now suppose the entertainment industry accounts for 10% of employment in the westside, but 5% of employment in the state. When 10% is divided by 5%, this yields a value of 2. This means the westside has a relative strength in the sector since it makes up twice the share of the westside’s total employment compared to the case for the state. Finally, suppose the tech sector accounts for 5% of the westside’s employment but 10% of the state’s total employment. When 5% is divided by 10%, this yields a value of 0.5. This would indicate that the westside has a relative weakness in the sector since the sector makes up half the share of the westside’s total employment compared to the state’ economy.
The following table shows how jobs in the region are divided across the region. LAX Coastal and ancillary industries have the largest share of Westside jobs, with close to 100,000 in 2019. LAX Coastal is followed by Santa Monica and Hollywood, which each have about 85,000 jobs. Venice, West Hollywood, and Culver City have added jobs at the fastest rate since 2010. Century City has the highest-paying jobs, followed by Santa Monica and West L.A. Wages have grown fastest in Venice, Culver City, LAX Coastal, and Santa Monica.
ECONOMIES OF WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE LOCATION
TOTAL EMPLOYMENT
AVERAGE ANNUAL WAGE
Q1-2019
GROWTH (%)
Q1-2019 ($)
GROWTH (%)
Total
542,074
30.0
94,666
13.3
LAX Coastal
97,029
33.7
79,750
42.1
Santa Monica
87,629
26.0
118,234
41.6
Hollywood
84,235
29.6
76,453
2.1
West LA
59,463
18.8
112,580
22.0
Culver City
51,766
41.7
85,589
66.8
Beverly Hills
51,410
19.1
96,961
4.4
West Hollywood
39,774
42.8
76,770
36.9
Century City
32,338
39.1
211,819
6.1
Mar Vista
14,380
12.2
78,657
4.0
Venice
12,173
67.5
97,642
76.0
Malibu
7,710
23.1
59,930
3.5
Pacific Palisades
4,165
12.2
51,854
-24.1
THE STATE OF THE WESTSIDE ECONOMY
Source: California Employment Development Department; analysis by Beacon Economics
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WESTSIDE DEMOGRAPHICS
THE STATE OF THE WESTSIDE ECONOMY
In 2018, the Westside had just over 707,000 residents. If the region were its own city, it would rank as the 20th largest in the U.S., behind Denver and ahead of Washington, D.C. It would rank above Boston, Las Vegas, and Atlanta. The Westside has 0.77 job per resident, compared with 0.41 per resident in Los Angeles and 0.35 in Los Angeles County. This figure is significant because the Westside, as a job-rich community, relies on outside workers. This generates traffic both locally and in the broader L.A. region.
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To elaborate: Since 2010, the Westside’s population has grown 2.5%, compared with 3.1% growth in Los Angeles and 4.6% in the County. At the same time, Westside jobs have grown about 26%. The high job growth is due in large part to the recovery from the Great Recession; the depth of the job losses amplified the rate of subsequent job growth. Yet the slow population growth contributes to the people-job imbalance. The Westside has a highly educated workforce. In 2018, 60% of residents held at least a bachelor’s degree, compared with fewer than 40% in Los Angeles County.
EDUCATIONAL ATTAINMENT IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 40 35
% of Total
30 25 20 15 10 5 0 Less than High School
High School Graduate
Some College
Bachelor’s Degree
Graduate or Professional Degree
Source: American Community Survey; analysis by Beacon Economics
EDUCATIONAL ATTAINMENT IN LOS ANGELES COUNTY 30 25
15 10 5 0 Less than High School
High School Graduate
Source: American Community Survey; analysis by Beacon Economics
Some College
Bachelor’s Degree
Graduate or Professional Degree
THE STATE OF THE WESTSIDE ECONOMY
% of Total
20
12
The Westside also has many high-income households. Forty-two percent earned more than 100,000 per year in 2018, compared with 32% in the County.
INCOME PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 20 18 16
% of Total
14 12 10 8 6 4 2 0 $24,999 and Under
$25,000 to $49,999
$50,000 to $74,000
$75,000 to $99,999
$100,000 to $149,999
$150,000 to $199,999
$200,000 and Over
$75,000 to $99,999
$100,000 to $149,999
$150,000 to $199,999
$200,000 and Over
Source: American Community Survey; analysis by Beacon Economics
INCOME PROFILE IN LOS ANGELES COUNTY 20 18 16
% of Total
THE STATE OF THE WESTSIDE ECONOMY
14 12 10 8 6 4 2 0 $24,999 and Under
$25,000 to $49,999
$50,000 to $74,000
Source: American Community Survey; analysis by Beacon Economics
13
About a quarter of Westside residents are 65 or older, compared with 24% in the County. At the same time, only 16% of Westside residents are 19 or younger, compared with 25% in L.A. County. The region’s higher share of retirees amplifies the people-job imbalance.
AGE PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 30 25
% of Total
20 15 10 5 0 19 and Under
20 to 34
35 to 44
45 to 54
55 to 64
65 and Over
45 to 54
55 to 64
65 and Over
Source: American Community Survey; analysis by Beacon Economics
AGE PROFILE IN LOS ANGELES COUNTY 30 25
15 10 5 0 19 and Under
20 to 34
35 to 44
Source: American Community Survey; analysis by Beacon Economics
THE STATE OF THE WESTSIDE ECONOMY
% of Total
20
14
The Westside has a slightly larger share of male residents than L.A. County.
GENDER PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 56 54 52
% of Total
50 48 46 44 42 40 Female
Male
Source: American Community Survey; analysis by Beacon Economics
GENDER PROFILE IN LOS ANGELES COUNTY 56 54 52
THE STATE OF THE WESTSIDE ECONOMY
% of Total
50
15
48 46 44 42 40 Female
Source: American Community Survey; analysis by Beacon Economics
Male
It has a much larger share of white residents than the County, 60% vs. 30%. In L.A. County, Hispanics make up nearly 50% of the total, compared with 20% in the Westside. The County also has a larger share of Blacks and Asian-Americans.
RACE PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 60 50
% of Total
40 30 20 10 0 Asian
Black
Hispanic/Latino
Other
White
Hispanic/Latino
Other
White
Source: American Community Survey; analysis by Beacon Economics
RACE PROFILE IN LOS ANGELES COUNTY 60 50
30 20 10 0 Asian
Black
Source: American Community Survey; analysis by Beacon Economics
Following is an overview of the economy and population of each Westside community.
THE STATE OF THE WESTSIDE ECONOMY
% of Total
40
16
17
THE STATE OF THE WESTSIDE ECONOMY | BEVERLY HILLS
BEVERLY HILLS
With roughly 51,000 jobs, Beverly Hills accounts for about 9% of Westside employment. Jobs have increased about 19% since 2010. With about 36,000 residents, Beverly Hills is especially job-rich, with more jobs than residents to work them. Since 2010, the population has been flat. Beverly Hills has especially high-paying jobs, about $97,000 per year on average. Around one quarter of the jobs are in Information, Professional, Scientific, & Technical Services and Finance & Insurance. These sectors pay more than $120,000 per year on average. Of the 6,500 businesses in the City, more than half are in the Professional, Scientific, & Technical Services, Health Care & Social Assistance, and Arts, Entertainment, & Recreation sectors.
LABOR MARKET DYNAMICS IN BEVERLY HILLS EMPLOYMENT INDUSTRY
AVERAGE ANNUAL WAGES
ESTABLISHMENTS AVG. JOBS PER
LQ
Q1-2019
GROWTH (%)
Q1-2019 ($)
GROWTH (%)
Q1-2019
51,410
19.1
96,961
4.4
6,509
8
1.0
Agriculture, Forestry, Fishing and Hunting
574
-13.4
79,583
-61.5
109
5
0.4
Manufacturing
574
-3.9
73,986
-42.0
61
9
0.1
Wholesale Trade
1,299
25.7
86,986
-4.7
175
7
0.4
Retail Trade
6,342
42.4
69,293
19.1
436
15
0.9
Information
2,229
51.8
198,567
-4.3
460
5
0.9
Finance and Insurance
5,528
24.2
191,996
33.2
915
6
2.4
5,765
2.7
127,039
-0.2
1,229
5
1.0
3,046
48.9
58,354
26.1
241
13
0.6
Health Care and Social Assistance
7,226
36.2
66,283
-0.1
1,220
6
0.6
Arts, Entertainment, and Recreation
14,612
44.8
80,138
-2.4
1,070
14
9.2
2,526
-2.8
47,072
-16.4
585
4
1.1
1,689
-4.5
95,454
15.2
9
188
0.5
Total
Professional, Scientific, and Technical Services Administrative and Support and Waste
ESTABLISHMENT
Other Services (Except Public Administration) Public Administration
Source: California Employment Development Department; analysis by Beacon Economics
THE STATE OF THE WESTSIDE ECONOMY | BEVERLY HILLS
Management and Remediation Services
18
About two-thirds of City residents hold a bachelor’s degree or greater. Fewer than 15% of the population has only a high school degree or less.
EDUCATIONAL ATTAINMENT IN BEVERLY HILLS 40 35
% of Total
30 25 20 15 10 5 0 Less than High School
High School Graduate
Some College
Bachelor’s Degree
Graduate or Professional Degree
Source: American Community Survey; analysis by Beacon Economics
EDUCATIONAL ATTAINMENT IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 40
19
30
% of Total
THE STATE OF THE WESTSIDE ECONOMY | BEVERLY HILLS
35
25 20 15 10 5 0 Less than High School
High School Graduate
Source: American Community Survey; analysis by Beacon Economics
Some College
Bachelor’s Degree
Graduate or Professional Degree
Nearly a quarter of residents are 65 or older. Again, this worsens the job imbalance, especially with more than 20% of the population 19 or younger.
AGE PROFILE IN BEVERLY HILLS 25
% of Total
20
15
10
5
0 19 and Under
20 to 34
35 to 44
45 to 54
55 to 64
65 and Over
55 to 64
65 and Over
Source: American Community Survey; analysis by Beacon Economics
AGE PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 30 25
15 10 5 0 19 and Under
20 to 34
35 to 44
Source: American Community Survey; analysis by Beacon Economics
45 to 54
THE STATE OF THE WESTSIDE ECONOMY | BEVERLY HILLS
% of Total
20
20
It’s no surprise that the City is home to relatively wealthy residents. Thirty percent of households have an income above $200,000 per year, and 25% have an annual income of more than $100,000.
INCOME PROFILE IN BEVERLY HILLS 35 30
% of Total
25 20 15 10 5 0 $24,999 and Under
$25,000 to $49,999
$50,000 to $74,000
$75,000 to $99,999
$100,000 to $149,999
$150,000 to $199,999
$200,000 and Over
Source: American Community Survey; analysis by Beacon Economics
INCOME PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 20
21
16 14 % of Total
THE STATE OF THE WESTSIDE ECONOMY | BEVERLY HILLS
18
12 10 8 6 4 2 0 $24,999 and Under
$25,000 to $49,999
$50,000 to $74,000
Source: American Community Survey; analysis by Beacon Economics
$75,000 to $99,999
$100,000 to $149,999
$150,000 to $199,999
$200,000 and Over
Beverly Hills has a slightly larger share of female residents than the Westside overall, where 52% are female.
GENDER PROFILE IN BEVERLY HILLS 56 54 52
% of Total
50 48 46 44 42 40 Female
Male
Source: American Community Survey; analysis by Beacon Economics
GENDER PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 56 54
% of Total
50 48 46 44 42 40 Female Source: American Community Survey; analysis by Beacon Economics
Male
THE STATE OF THE WESTSIDE ECONOMY | BEVERLY HILLS
52
22
Beverly Hills has a much larger share of white residents than the Westside average. Nearly 80% are white, compared with a regional average of less than 60%.
RACE PROFILE IN BEVERLY HILLS 90 80 70
% of Total
60 50 40 30 20 10 0 Asian
Black
Hispanic/Latino
Other
White
Source: American Community Survey; analysis by Beacon Economics
RACE PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 90 80
23
60 % of Total
THE STATE OF THE WESTSIDE ECONOMY | BEVERLY HILLS
70
50 40 30 20 10 0 Asian
Black
Source: American Community Survey; analysis by Beacon Economics
Hispanic/Latino
Other
White
THE STATE OF THE WESTSIDE ECONOMY | CENTURY CITY
CENTURY CITY
24
With a population of about 2,300 in 2018 and home to around 32,000 jobs, Century City is an extremely job-rich community. Since 2010, the population has been flat. Century City has about 15% of Westside jobs. The number has grown about 39% since 2010, exceeding the job growth of the region. The average job in Century City pays a staggering $212,000 per year. This is due to Century City’s strength in the Information, Professional, Scientific, & Technical Services and Finance & Insurance sectors, which are high-paying and together account for nearly two-thirds of the jobs. Roughly 2,700 business establishments are in the community, a third of which are in Professional, Scientific, & Technical Services.
LABOR MARKET DYNAMICS IN CENTURY CITY EMPLOYMENT INDUSTRY
AVG. JOBS PER
LQ
GROWTH (%)
Q1-2019 ($)
GROWTH (%)
Q1-2019
32,338
39.1
211,819
6.1
2,676
12
1.0
Agriculture, Forestry, Fishing and Hunting
135
-21.8
118,177
28.1
20
7
0.1
Wholesale Trade
503
58.1
264,661
137.3
45
11
0.2
Retail Trade
2,415
10.7
42,382
8.1
101
24
0.4
Information
2,598
19.5
267,165
19.3
259
10
1.4
Finance and Insurance
6,083
17.0
435,976
-0.7
421
14
3.4
11,177
48.7
185,636
17.2
903
12
2.5
2,431
55.4
178,349
199.8
98
25
0.7
Health Care and Social Assistance
1,303
118.9
66,874
-24.2
172
8
0.2
Arts, Entertainment, and Recreation
5,118
102.5
120,105
-5.6
484
11
4.2
575
-21.4
72,940
-6.8
174
3
0.3
Professional, Scientific, and Technical Services Administrative and Support and Waste Management and Remediation Services
Other Services (Except Public Administration)
THE STATE OF THE WESTSIDE ECONOMY | CENTURY CITY
ESTABLISHMENTS
Q1-2019
Total
25
AVERAGE ANNUAL WAGES
Source: California Employment Development Department; analysis by Beacon Economics
ESTABLISHMENT
Century City’s small population is extremely educated. More than 70% hold a bachelor’s degree or higher.
EDUCATIONAL ATTAINMENT IN CENTURY CITY 45 40 35
% of Total
30 25 20 15 10 5 0 Less than High School
High School Graduate
Some College
Bachelor’s Degree
Graduate or Professional Degree
Source: American Community Survey; analysis by Beacon Economics
EDUCATIONAL ATTAINMENT IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 40
30
% of Total
25 20 15 10 5 0 Less than High School
High School Graduate
Source: American Community Survey; analysis by Beacon Economics
Some College
Bachelor’s Degree
Graduate or Professional Degree
THE STATE OF THE WESTSIDE ECONOMY | CENTURY CITY
35
26
The job imbalance is exacerbated by the fact that nearly 50% of residents are 65 or older, while fewer than 10% are 19 or younger.
AGE PROFILE IN CENTURY CITY 50 45
% of Total
40 35 30 25 20 15 10 5 0
19 and Under
20 to 34
35 to 44
45 to 54
55 to 64
65 and Over
55 to 64
65 and Over
Source: American Community Survey; analysis by Beacon Economics
AGE PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE
27
25 20 % of Total
THE STATE OF THE WESTSIDE ECONOMY | CENTURY CITY
30
15 10 5 0 19 and Under
20 to 34
35 to 44
Source: American Community Survey; analysis by Beacon Economics
45 to 54
Century City skews to the high end of income distribution. Over 35% of the households earn more than $200,000 per year, and 25% have a household income above $100,000 per year.
INCOME PROFILE IN CENTURY CITY 40 35
% of Total
30 25 20 15 10 5 0 $24,999 and Under
$25,000 to $49,999
$50,000 to $74,000
$75,000 to $99,999
$100,000 to $149,999
$150,000 to $199,999
$200,000 and Over
Source: American Community Survey; analysis by Beacon Economics
INCOME PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 20
16
% of Total
14 12 10 8 6 4 2 0 $24,999 and Under
$25,000 to $49,999
$50,000 to $74,000
Source: American Community Survey; analysis by Beacon Economics
$75,000 to $99,999
$100,000 to $149,999
$150,000 to $199,999
$200,000 and Over
THE STATE OF THE WESTSIDE ECONOMY | CENTURY CITY
18
28
Century City has a larger share of female residents, 52%, than the Westside as a whole.
GENDER PROFILE IN CENTURY CITY 56 54 52
% of Total
50 48 46 44 42 40 Female
Male
Source: American Community Survey; analysis by Beacon Economics
GENDER PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 56 54
29
50 % of Total
THE STATE OF THE WESTSIDE ECONOMY | CENTURY CITY
52
48 46 44 42 40 Female
Source: American Community Survey; analysis by Beacon Economics
Male
Its share of white residents (70%) is higher than the Westside average. Century City also has nearly double the share of AsianAmerican residents as the Westside average.
RACE PROFILE IN CENTURY CITY 90 80 70
% of Total
60 50 40 30 20 10 0 Asian
Black
Hispanic/Latino
Other
White
Source: American Community Survey; analysis by Beacon Economics
RACE PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 90 80
% of Total
60 50 40 30 20 10 0 Asian
Black
Source: American Community Survey; analysis by Beacon Economics
Hispanic/Latino
Other
White
THE STATE OF THE WESTSIDE ECONOMY | CENTURY CITY
70
30
31
THE STATE OF THE WESTSIDE ECONOMY | CULVER CITY
CULVER CITY
With nearly 52,000 jobs, about 10% of the jobs in the Westside, Culver City is also home to around 47,500 residents. It is another job-rich Westside community that has had flat population growth over the past 10 years. The City has had higher job growth than the rest of the Westside region. Although its wages are lower than the Westside average, it has had higher-than-average wage growth since 2010. It has relative strength in Arts, Entertainment, & Recreation and the Information sectors. The Information sector has grown 300% over the past 10 years. Culver City has 2,700 business establishments, most of which are in Professional, Scientific, and Technical Services, although establishments are spread fairly evenly across many sectors.
LABOR MARKET DYNAMICS IN CULVER CITY
INDUSTRY
AVERAGE ANNUAL WAGES
ESTABLISHMENTS AVG. JOBS PER
LQ
Q1-2019
GROWTH (%)
Q1-2019 ($)
GROWTH (%)
Q1-2019
51,766
41.7
85,589
66.8
2,743
19
1.0
Agriculture, Forestry, Fishing and Hunting
671
-17.4
56,041
2.3
110
6
0.5
Utilities
313
-33.5
54,693
-6.1
29
11
0.8
Manufacturing
2,004
8.6
113,521
106.0
72
28
0.4
Wholesale Trade
1,487
-24.9
75,678
-3.6
115
13
0.6
Retail Trade
6,097
16.9
38,189
15.0
314
19
1.0
Information
7,429
309.9
247,559
127.5
227
33
3.4
Finance and Insurance
1,943
18.1
80,837
9.3
208
9
0.9
6,577
56.0
96,664
21.7
498
13
1.3
6,135
-7.3
48,839
86.4
152
40
1.4
Educational Services
1,212
38.3
39,456
-16.4
49
25
0.2
Health Care and Social Assistance
5,836
83.5
34,582
-34.3
273
21
0.6
Arts, Entertainment, and Recreation
6,063
79.5
48,056
54.6
397
15
4.3
1,496
-9.9
42,954
35.9
262
6
0.7
4,502
59.5
59,108
-6.6
39
116
1.4
Total
Professional, Scientific, and Technical Services Administrative and Support and Waste Management and Remediation Services
Other Services (Except Public Administration) Public Administration
Source: California Employment Development Department; analysis by Beacon Economics
ESTABLISHMENT
THE STATE OF THE WESTSIDE ECONOMY | CULVER CITY
EMPLOYMENT
32
Residents are highly educated, if a little less than the regional average. Nearly a quarter hold only a high school degree or less.
EDUCATIONAL ATTAINMENT IN CULVER CITY 35 30
% of Total
25 20 15 10 5 0 Less than High School
High School Graduate
Some College
Bachelor’s Degree
Graduate or Professional Degree
Source: American Community Survey; analysis by Beacon Economics
EDUCATIONAL ATTAINMENT IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 40 35
33
25 % of Total
THE STATE OF THE WESTSIDE ECONOMY | CULVER CITY
30
20 15 10 5 0 Less than High School
High School Graduate
Source: American Community Survey; analysis by Beacon Economics
Some College
Bachelor’s Degree
Graduate or Professional Degree
Culver City has a larger share of young residents than the region’s average, with 1 in 5 under age 20. This suggests it has a larger share of families than other parts of the Westside.
AGE PROFILE IN CULVER CITY 25
% of Total
20
15
10
5
0 19 and Under
20 to 34
35 to 44
45 to 54
55 to 64
65 and Over
55 to 64
65 and Over
Source: American Community Survey; analysis by Beacon Economics
AGE PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 30
% of Total
20 15 10 5 0 19 and Under
20 to 34
35 to 44
Source: American Community Survey; analysis by Beacon Economics
45 to 54
THE STATE OF THE WESTSIDE ECONOMY | CULVER CITY
25
34
Households are distributed evenly across the income spectrum, compared with the wider Westside community. More than 40% of households earn more than $100,000, but about 50% fewer households earn more than $200,000 per year than the Westside average.
INCOME PROFILE IN CULVER CITY 20 18 16
% of Total
14 12 10 8 6 4 2 0 $24,999 and Under
$25,000 to $49,999
$50,000 to $74,000
$75,000 to $99,999
$100,000 to $149,999
$150,000 to $199,999
$200,000 and Over
Source: American Community Survey; analysis by Beacon Economics
INCOME PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 20 18
35
14 12 % of Total
THE STATE OF THE WESTSIDE ECONOMY | CULVER CITY
16
10 8 6 4 2 0 $24,999 and Under
$25,000 to $49,999
$50,000 to $74,000
Source: American Community Survey; analysis by Beacon Economics
$75,000 to $99,999
$100,000 to $149,999
$150,000 to $199,999
$200,000 and Over
Culver City has a larger share of female residents, 52%, than the Westside average.
GENDER PROFILE IN CULVER CITY 56 54 52
% of Total
50 48 46 44 42 40 Female
Male
Source: American Community Survey; analysis by Beacon Economics
GENDER PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 56 54
% of Total
50 48 46 44 42 40 Female Source: American Community Survey; analysis by Beacon Economics
Male
THE STATE OF THE WESTSIDE ECONOMY | CULVER CITY
52
36
It has a much smaller share of white residents than the Westside average, 40% compared with nearly 60%. Culver City has significantly larger shares of Asian-American, Black and Hispanic residents.
RACE PROFILE IN CULVER CITY 90 80 70
% of Total
60 50 40 30 20 10 0 Asian
Black
Hispanic/Latino
Other
White
Source: American Community Survey; analysis by Beacon Economics
RACE PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 90 80
37 37
60 % of Total
THE THE STATE STATE OFOF THE THE WESTSIDE WESTSIDE ECONOMY ECONOMY | CULVER | CULVER CITY CITY
70
50 40 30 20 10 0 Asian
Black
Source: American Community Survey; analysis by Beacon Economics
Hispanic/Latino
Other
White
THE STATE OF THE WESTSIDE ECONOMY | HOLLYWOOD
HOLLYWOOD
38
ADVOCATE. ENGAGE. THRI VE.
ELEVATI NG THEHOLL YWOOD EXPERI ENCE-TOGETHER WWW. HOLL YWOODCHAMBER. NET
With over 84,000 workers, Hollywood is the third-largest job center in the Westside. Its employment growth of 29.6% since 2010 is on par with the job growth for the region. As one would expect, Hollywood has relative strength in Arts, Entertainment, & Recreation, while the Health Care sector, thanks to major hospitals, accounts for 1 in 4 jobs. Jobs in Hollywood pay less than the Westside average, although they are considerably higher than in Los Angeles. With 162,000 residents, Hollywood is the largest Westside community by population. Nearly 6,000 business establishments are in the community, around a quarter of which are in Arts, Entertainment & Recreation. Other notable shares of establishments are in the Professional, Scientific, & Technical Services and Information sectors.
LABOR MARKET DYNAMICS IN HOLLYWOOD EMPLOYMENT INDUSTRY
AVG. JOBS PER
LQ
GROWTH (%)
Q1-2019 ($)
GROWTH (%)
Q1-2019
84,235
29.6
76,453
2.1
5,702
15
1.0
Agriculture, Forestry, Fishing and Hunting
588
44.9
57,648
31.3
121
5
0.3
Utilities
705
15.6
37,420
-10.6
59
12
1.1
Manufacturing
1,144
8.0
53,474
11.7
81
14
0.1
Wholesale Trade
1,109
9.3
63,997
1.9
147
8
0.3
Retail Trade
7,584
27.6
38,446
7.8
553
14
0.7
Information
13,480
29.7
162,769
1.3
698
19
3.8
Finance and Insurance
2,515
-1.3
66,547
-49.7
457
6
0.7
5,984
21.8
97,093
-17.5
763
8
0.7
3,008
66.6
41,035
3.2
205
15
0.4
Educational Services
2,550
53.2
37,667
-22.7
84
30
0.3
Health Care and Social Assistance
20,531
36.5
85,847
21.6
452
45
1.3
Arts, Entertainment, and Recreation
18,320
49.7
38,496
34.3
1,433
13
8.0
3,672
-1.5
41,566
10.9
601
6
1.1
3,045
-15.7
57,038
-0.9
49
62
0.6
Professional, Scientific, and Technical Services Administrative and Support and Waste Management and Remediation Services
THE STATE OF THE WESTSIDE ECONOMY | HOLLYWOOD
ESTABLISHMENTS
Q1-2019
Total
39
AVERAGE ANNUAL WAGES
Other Services (Except Public Administration) Public Administration
Source: California Employment Development Department; analysis by Beacon Economics
ESTABLISHMENT
Although Hollywood is relatively well educated, it has a larger share of non-college-educated residents than other Westside communities. About a third of Hollywood residents hold a high school diploma or less.
EDUCATIONAL ATTAINMENT IN HOLLYWOOD 35 30
% of Total
25 20 15 10 5 0 Less than High School
High School Graduate
Some College
Bachelor’s Degree
Graduate or Professional Degree
Source: American Community Survey; analysis by Beacon Economics
EDUCATIONAL ATTAINMENT IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 40
30
% of Total
25 20 15 10 5 0 Less than High School
High School Graduate
Source: American Community Survey; analysis by Beacon Economics
Some College
Bachelor’s Degree
Graduate or Professional Degree
THE STATE OF THE WESTSIDE ECONOMY | HOLLYWOOD
35
40
The age distribution is similar to the Westside’s as a whole, although Hollywood skews a little younger.
AGE PROFILE IN HOLLYWOOD 35 30
% of Total
25 20 15 10 5 0 19 and Under
20 to 34
35 to 44
45 to 54
55 to 64
65 and Over
55 to 64
65 and Over
Source: American Community Survey; analysis by Beacon Economics
AGE PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 30
41
20 % of Total
THE STATE OF THE WESTSIDE ECONOMY | HOLLYWOOD
25
15 10 5 0 19 and Under
20 to 34
35 to 44
Source: American Community Survey; analysis by Beacon Economics
45 to 54
Hollywood has fewer wealthy residents than the Westside as a whole. Nearly 50% of Hollywood households have an income of less than $50,000 per year, and 25% earn more than $100,000 per year.
INCOME PROFILE IN HOLLYWOOD 30 25
% of Total
20 15 10 5 0 $24,999 and Under
$25,000 to $49,999
$50,000 to $74,000
$75,000 to $99,999
$100,000 to $149,999
$150,000 to $199,999
$200,000 and Over
$150,000 to $199,999
$200,000 and Over
Source: American Community Survey; analysis by Beacon Economics
INCOME PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 20 18
14 % of Total
12 10 8 6 4 2 0 $24,999 and Under
$25,000 to $49,999
$50,000 to $74,000
Source: American Community Survey; analysis by Beacon Economics
$75,000 to $99,999
$100,000 to $149,999
THE STATE OF THE WESTSIDE ECONOMY | HOLLYWOOD
16
42
Hollywood has more male residents than the Westside average, at 52%.
GENDER PROFILE IN HOLLYWOOD 56 54 52
% of Total
50 48 46 44 42 40 Female
Male
Source: American Community Survey; analysis by Beacon Economics
GENDER PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 56 54
43
50 % of Total
THE STATE OF THE WESTSIDE ECONOMY | HOLLYWOOD
52
48 46 44 42 40 Female
Source: American Community Survey; analysis by Beacon Economics
Male
Hollywood has a smaller share of whites than the Westside average, around 47% compared with 59%. It has a larger share of Hispanics, who make up more than a third of the population.
RACE PROFILE IN HOLLYWOOD 90 80 70
% of Total
60 50 40 30 20 10 0 Asian
Black
Hispanic/Latino
Other
White
Source: American Community Survey; analysis by Beacon Economics
RACE PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 90 80
% of Total
60 50 40 30 20 10 0 Asian
Black
Source: American Community Survey; analysis by Beacon Economics
Hispanic/Latino
Other
White
THE STATE OF THE WESTSIDE ECONOMY | HOLLYWOOD
70
44
45
THE STATE OF THE WESTSIDE ECONOMY | LAX COASTAL
LAX COASTAL
ME 0 60 R E OV
M
R BE
S S
O TR
NG
lax coastal chamber of commerce SUPPORTING
BUSINESS
AND
ENHANCING
WWW.LAXCOASTAL.COM
COMMUNITY
With nearly 100,000 jobs, the LAX Coastal area is the Westside’s largest employment center. Given the presence of the busiest international airport in California, it is no surprise that more than 40% of LAX Coastal’s jobs are in the Transportation sector. Although the area has the third-largest population in the Westside, about 86,000 residents, there are fewer residents than jobs. Wages are lower than the Westside average but higher than Los Angeles’. The area has nearly 4,200 businesses, most of which are in Professional, Scientific, & Technical Services and Arts, Entertainment, & Recreation.
LABOR MARKET DYNAMICS IN LAX COASTAL
INDUSTRY
AVERAGE ANNUAL WAGES
ESTABLISHMENTS AVG. JOBS PER
LQ
Q1-2019
GROWTH (%)
Q1-2019 ($)
GROWTH (%)
Q1-2019
97,029
33.7
79,750
42.1
4,151
23
1.0
Agriculture, Forestry, Fishing and Hunting 1,316
9.2
91,478
33.7
169
8
0.4
Utilities
40,402
83.2
92,140
71.0
296
137
44.1
Manufacturing
1,534
-31.9
128,545
38.6
48
32
0.1
Wholesale Trade
1,296
19.9
85,822
27.1
141
9
0.2
Retail Trade
5,302
25.9
57,588
40.6
278
19
0.4
Information
5,344
174.6
165,745
47.4
302
18
1.1
Finance and Insurance
4,846
32.9
83,391
19.9
491
10
1.0
6,497
31.1
118,396
31.3
851
8
0.6
3,742
6.6
52,381
44.0
233
16
0.4
3,361
9.5
59,002
13.8
400
8
0.1
20,231
41.2
35,851
15.9
543
37
6.3
3,160
28.1
32,529
-18.9
402
8
0.7
Total
Professional, Scientific, and Technical Services Administrative and Support and Waste Management and Remediation Services Health Care and Social Assistance Arts, Entertainment, and Recreation Other Services (Except Public Administration)
Source: California Employment Development Department; analysis by Beacon Economics
ESTABLISHMENT
THE STATE OF THE WESTSIDE ECONOMY | LAX COASTAL
EMPLOYMENT
46
LAX Coastal residents are relatively well educated, with nearly two-thirds holding a bachelor’s degree or higher, and fewer than 15% of residents hold only a high school degree or less.
EDUCATIONAL ATTAINMENT IN LAX COASTAL 45 40 35
% of Total
30 25 20 15 10 5 0 Less than High School
High School Graduate
Some College
Bachelor’s Degree
Graduate or Professional Degree
Source: American Community Survey; analysis by Beacon Economics
EDUCATIONAL ATTAINMENT IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 40
47
30 25 % of Total
THE STATE OF THE WESTSIDE ECONOMY | LAX COASTAL
35
20 15 10 5 0 Less than High School
High School Graduate
Source: American Community Survey; analysis by Beacon Economics
Some College
Bachelor’s Degree
Graduate or Professional Degree
The age distribution is similar to that of the entire Westside, with nearly 15% of residents 65 or older and nearly 25% under 20.
AGE PROFILE IN LAX COASTAL 30 25
% of Total
20 15 10 5 0 19 and Under
20 to 34
35 to 44
45 to 54
55 to 64
65 and Over
55 to 64
65 and Over
Source: American Community Survey; analysis by Beacon Economics
AGE PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 30
% of Total
20 15 10 5 0 19 and Under
20 to 34
35 to 44
Source: American Community Survey; analysis by Beacon Economics
45 to 54
THE STATE OF THE WESTSIDE ECONOMY | LAX COASTAL
25
48
Household income is a little higher than in the Westside as a whole; 22% earn more than $200,000 a year.
INCOME PROFILE IN LAX COASTAL 25
20
15
10
5
0
$24,999 and Under
$25,000 to $49,999
$50,000 to $74,000
$75,000 to $99,999
$100,000 to $149,999
$150,000 to $199,999
$200,000 and Over
Source: American Community Survey; analysis by Beacon Economics
INCOME PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 20 18 16
THE STATE OF THE WESTSIDE ECONOMY | LAX COASTAL
14
49
12 10 8 6 4 2 0 $24,999 and Under
$25,000 to $49,999
$50,000 to $74,000
Source: American Community Survey; analysis by Beacon Economics
$75,000 to $99,999
$100,000 to $149,999
$150,000 to $199,999
$200,000 and Over
LAX Coastal has a slightly larger share of female residents than the Westside average.
GENDER PROFILE IN LAX COASTAL 56 54 52
% of Total
50 48 46 44 42 40 Female
Male
Source: American Community Survey; analysis by Beacon Economics
GENDER PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 56 54
% of Total
50 48 46 44 42 40 Female Source: American Community Survey; analysis by Beacon Economics
Male
THE STATE OF THE WESTSIDE ECONOMY | LAX COASTAL
52
50
The share of residents by race is remarkably similar to the Westside average.
RACE PROFILE IN LAX COASTAL 90 80 70
% of Total
60 50 40 30 20 10 0 Asian
Black
Hispanic/Latino
Other
White
Source: American Community Survey; analysis by Beacon Economics
RACE PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 90 80 70
51 51
% of Total
THE STATE STATE OF OF THE THE WESTSIDE WESTSIDE ECONOMY ECONOMY || LAX LAX COASTAL COASTAL THE
60 50 40 30 20 10 0 Asian
Black
Source: American Community Survey; analysis by Beacon Economics
Hispanic/Latino
Other
White
THE STATE OF THE WESTSIDE ECONOMY | MALIBU
MALIBU
52
After Pacific Palisades, Malibu has the fewest jobs in the Westside, just over 77,000. Job growth over the past 10 years, 23%, lags the Westside average of 30%. Wages are lower than the Westside average, and lower than in the City and County of Los Angeles. With a population of about 20,000, Malibu is one of the few communities that has more people than jobs. It has nearly 1,000 business establishments, most of which are in Professional, Scientific, & Technical Services, but for the most part, establishments are distributed evenly across sectors.
LABOR MARKET DYNAMICS IN MALIBU EMPLOYMENT INDUSTRY
AVG. JOBS PER
LQ
GROWTH (%)
Q1-2019 ($)
GROWTH (%)
Q1-2019
7,710
23.1
59,930
3.5
968
8
1.0
Agriculture, Forestry, Fishing and Hunting
333
-8.1
55,252
19.5
90
4
1.3
Wholesale Trade
139
95.3
62,059
-51.2
28
5
0.3
Retail Trade
1,015
36.9
39,047
16.0
91
11
0.8
Information
122
-62.9
92,319
-2.2
68
2
0.3
Finance and Insurance
399
2.7
72,731
0.5
152
3
1.0
995
34.6
152,207
27.3
156
6
1.0
384
29.1
42,716
-16.7
47
8
0.5
Health Care and Social Assistance
1,061
92.6
51,688
-7.0
93
11
0.6
Arts, Entertainment, and Recreation
2,679
34.1
37,161
-3.4
149
18
10.0
221
24.6
46,728
-7.0
83
3
0.6
361
-4.4
62,211
-6.9
13
28
0.6
Professional, Scientific, and Technical Services Administrative and Support and Waste Management and Remediation Services
Other Services (Except Public Administration) Public Administration
THE STATE OF THE WESTSIDE ECONOMY | MALIBU
ESTABLISHMENTS
Q1-2019
Total
53
AVERAGE ANNUAL WAGES
Source: California Employment Development Department; analysis by Beacon Economics
ESTABLISHMENT
Nearly two-thirds of Malibu residents hold a bachelor’s degree or better, and fewer than 5% lack a high school degree.
EDUCATIONAL ATTAINMENT IN MALIBU 40 35
% of Total
30 25 20 15 10 5 0 Less than High School
High School Graduate
Some College
Bachelor’s Degree
Graduate or Professional Degree
Source: American Community Survey; analysis by Beacon Economics
EDUCATIONAL ATTAINMENT IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 40 35
% of Total
25 20 15 10 5 0 Less than High School
High School Graduate
Source: American Community Survey; analysis by Beacon Economics
Some College
Bachelor’s Degree
Graduate or Professional Degree
THE STATE OF THE WESTSIDE ECONOMY | MALIBU
30
54
It has a larger share of residents 65 or older than the Westside average, and nearly 25% are 19 or younger.
AGE PROFILE IN MALIBU 25
% of Total
20
15
10
5
0 19 and Under
20 to 34
35 to 44
45 to 54
55 to 64
65and Over
55 to 64
65 and Over
Source: American Community Survey; analysis by Beacon Economics
AGE PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 30 25
55
% of Total
THE STATE OF THE WESTSIDE ECONOMY | MALIBU
20 15 10 5 0 19 and Under
20 to 34
35 to 44
Source: American Community Survey; analysis by Beacon Economics
45 to 54
Nearly 40% of Malibu households have an annual income of $200,000 or more, and about a third earn less than $100,000 per year.
INCOME PROFILE IN MALIBU 45 40 35
% of Total
30 25 20 15 10 5 0 $24,999 and Under
$25,000 to $49,999
$50,000 to $74,000
$75,000 to $99,999
$100,000 to $149,999
$150,000 to $199,999
$200,000 and Over
$150,000 to $199,999
$200,000 and Over
Source: American Community Survey; analysis by Beacon Economics
INCOME PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 20 18 16 14
10 8 6 4 2 0 $24,999 and Under
$25,000 to $49,999
$50,000 to $74,000
Source: American Community Survey; analysis by Beacon Economics
$75,000 to $99,999
$100,000 to $149,999
THE STATE OF THE WESTSIDE ECONOMY | MALIBU
% of Total
12
56
Females make up a slightly larger share of Malibu residents than the Westside average.
GENDER PROFILE IN MALIBU 56 54 52
% of Total
50 48 46 44 42 40 Female
Male
Source: American Community Survey; analysis by Beacon Economics
GENDER PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 56 54 52
57
% of Total
THE STATE OF THE WESTSIDE ECONOMY | MALIBU
50 48 46 44 42 40 Female Source: American Community Survey; analysis by Beacon Economics
Male
Malibu is whiter than the community average. Nearly 80% are white, and Malibu has a smaller share of residents of other races than the Westside average.
RACE PROFILE IN MALIBU 90 80 70
% of Total
60 50 40 30 20 10 0 Asian
Black
Hispanic/Latino
Other
White
Source: American Community Survey; analysis by Beacon Economics
RACE PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 90 80 70
50 40 30 20 10 0 Asian
Black
Source: American Community Survey; analysis by Beacon Economics
Hispanic/Latino
Other
White
THE STATE OF THE WESTSIDE ECONOMY | MALIBU
% of Total
60
58
59
THE STATE OF THE WESTSIDE ECONOMY | MAR VISTA
MAR VISTA
Mar Vista has the fourth-lowest number of jobs in the Westside, with just over 14,000. Its 12% job growth over the past 10 years considerably lags that of the Westside average of 30%. Wages are lower than the regional average but higher than in the City and County of Los Angeles. Mar Vista’s economy has relative strength in the Professional, Scientific, & Technical Services and Information sectors. With a population of roughly 59,000, Mar Vista is one of the few communities with more people than jobs. It has nearly 1,600 businesses, most of which are in Professional, Scientific, & Technical Services and Arts, Entertainment, & Recreation.
LABOR MARKET DYNAMICS IN MAR VISTA
INDUSTRY
AVERAGE ANNUAL WAGES
ESTABLISHMENTS AVG. JOBS PER
LQ
Q1-2019
GROWTH (%)
Q1-2019 ($)
GROWTH (%)
Q1-2019
14,380
12.2
78,657
4.0
1,592
9
1.0
493
-11.9
47,087
32.1
81
6
1.2
1,335
50.7
87,586
-3.5
40
34
0.9
376
-21.7
89,703
11.4
65
6
0.5
Retail Trade
1,759
-1.5
47,620
-10.6
103
17
0.9
Information
1,587
50.7
115,080
-17.1
152
10
2.4
647
-13.6
59,973
-19.6
141
5
1.0
3,682
45.4
129,531
8.2
380
10
2.4
462
4.9
54,585
56.5
89
5
0.4
Educational Services
1,027
32.2
41,566
-15.0
37
28
0.6
Health Care and Social Assistance
1,371
9.9
40,432
-30.0
139
10
0.5
Arts, Entertainment, and Recreation
1,219
52.4
31,887
-10.9
199
6
2.9
422
25.9
30,514
-18.8
167
3
0.7
Total Agriculture, Forestry, Fishing and Hunting Manufacturing Wholesale Trade
Finance and Insurance Professional, Scientific, and Technical Services Administrative and Support and Waste Management and Remediation Services
Other Services (Except Public Administration)
Source: California Employment Development Department; analysis by Beacon Economics
ESTABLISHMENT
THE STATE OF THE WESTSIDE ECONOMY | MAR VISTA
EMPLOYMENT
60
Mar Vista is highly educated, with over 55% of residents holding a bachelor’s degree or higher. The community has a larger share of residents with lower levels of education than the Westside average. Twenty percent of residents have only a high school education or less.
EDUCATIONAL ATTAINMENT IN MAR VISTA 35 30
% of Total
25 20 15 10 5 0 Less than High School
High School Graduate
Some College
Bachelor’s Degree
Graduate or Professional Degree
Source: American Community Survey; analysis by Beacon Economics
EDUCATIONAL ATTAINMENT IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 40 35
61
25 % of Total
THE STATE OF THE WESTSIDE ECONOMY | MAR VISTA
30
20 15 10 5 0 Less than High School
High School Graduate
Source: American Community Survey; analysis by Beacon Economics
Some College
Bachelor’s Degree
Graduate or Professional Degree
The age profile of Mar Vista is similar to the entire Westside, although it has a slightly higher share of residents under 19.
AGE PROFILE IN MAR VISTA 30 25
% of Total
20 15 10 5 0 19 and Under
20 to 34
35 to 44
45 to 54
55 to 64
65 and Over
55 to 64
65 and Over
Source: American Community Survey; analysis by Beacon Economics
AGE PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 30
% of Total
20 15 10 5 0 19 and Under
20 to 34
35 to 44
Source: American Community Survey; analysis by Beacon Economics
45 to 54
THE STATE OF THE WESTSIDE ECONOMY | MAR VISTA
25
62
Mar Vista has fewer high- and low-income households than the Westside average.
INCOME PROFILE IN MAR VISTA 20 18 16
% of Total
14 12 10 8 6 4 2 0 $24,999 and Under
$25,000 to $49,999
$50,000 to $74,000
$75,000 to $99,999
$100,000 to $149,999
$150,000 to $199,999
$200,000 and Over
Source: American Community Survey; analysis by Beacon Economics
INCOME PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 20 18 16
63
12 % of Total
THE STATE OF THE WESTSIDE ECONOMY | MAR VISTA
14
10 8 6 4 2 0 $24,999 and Under
$25,000 to $49,999
$50,000 to $74,000
Source: American Community Survey; analysis by Beacon Economics
$75,000 to $99,999
$100,000 to $149,999
$150,000 to $199,999
$200,000 and Over
The distribution of residents by race tracks the Westside average.
GENDER PROFILE IN MAR VISTA 56 54 52
% of Total
50 48 46 44 42 40 Female
Male
Source: American Community Survey; analysis by Beacon Economics
GENDER PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 56 54
% of Total
50 48 46 44 42 40 Female Source: American Community Survey; analysis by Beacon Economics
Male
THE STATE OF THE WESTSIDE ECONOMY | MAR VISTA
52
64
Mar Vista has a smaller share of white residents and a larger share of Hispanics than the Westside average.
RACE PROFILE IN MAR VISTA 90 80 70
% of Total
60 50 40 30 20 10 0 Asian
Black
Hispanic/Latino
Other
White
Source: American Community Survey; analysis by Beacon Economics
RACE PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 90 80 70
65
% of Total
THE STATE OF THE WESTSIDE ECONOMY | MAR VISTA
60 50 40 30 20 10 0 Asian
Black
Source: American Community Survey; analysis by Beacon Economics
Hispanic/Latino
Other
White
THE STATE OF THE WESTSIDE ECONOMY | PACIFIC PALISADES
PACIFIC PALISADES
66
Pacific Palisades has the fewest jobs, about 4,000, in the Westside. It has also had the smallest job growth since 2010. Jobs in Pacific Palisades pay the least in the region, nearly half the Westside average and well below the average for Los Angeles. In 2018, Pacific Palisades had roughly 22,000 residents. Nearly 800 business establishments are in the community, most of which are in Professional, Scientific, & Technical Services and Arts, Entertainment, & Recreation.
LABOR MARKET DYNAMICS IN PACIFIC PALISADES EMPLOYMENT INDUSTRY
AVG. JOBS PER
LQ
GROWTH (%)
Q1-2019 ($)
GROWTH (%)
Q1-2019
4,165
12.2
51,854
-24.1
796
5
1.0
Agriculture, Forestry, Fishing and Hunting
114
21.7
53,850
17.4
35
3
0.8
Wholesale Trade
59
60.4
72,395
-2.9
24
2
0.2
Retail Trade
633
11.4
43,945
18.7
52
12
1.0
Finance and Insurance
312
-26.1
85,916
9.8
139
2
1.5
383
-14.1
97,481
0.2
178
2
0.7
102
-1.3
57,725
-25.9
31
3
0.2
Educational Services
192
87.3
43,952
13.9
18
11
0.3
Health Care and Social Assistance
526
61.0
55,768
-2.1
101
5
0.5
1,544
54.2
38,838
-37.1
136
11
10.8
300
5.8
33,178
-10.6
83
4
1.4
Professional, Scientific, and Technical Services Administrative and Support and Waste Management and Remediation Services
Arts, Entertainment, and Recreation Other Services
THE STATE OF THE WESTSIDE ECONOMY | PACIFIC PALISADES
ESTABLISHMENTS
Q1-2019
Total
67
AVERAGE ANNUAL WAGES
(Except Public Administration)
Source: California Employment Development Department; analysis by Beacon Economics
ESTABLISHMENT
Pacific Palisades residents are the most educated on the Westside, with nearly 80% holding a bachelor’s degree or better. Over 40% hold a graduate or professional degree.
EDUCATIONAL ATTAINMENT IN PACIFIC PALISADES 45 40 35
% of Total
30 25 20 15 10 5 0 Less than High School
High School Graduate
Some College
Bachelor’s Degree
Graduate or Professional Degree
Source: American Community Survey; analysis by Beacon Economics
EDUCATIONAL ATTAINMENT IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE
35 30
% of Total
25 20 15 10 5 0 Less than High School
High School Graduate
Source: American Community Survey; analysis by Beacon Economics
Some College
Bachelor’s Degree
Graduate or Professional Degree
THE STATE OF THE WESTSIDE ECONOMY | PACIFIC PALISADES
40
68
Like Malibu, Pacific Palisades has a higher share of residents over 65 and under 20 than the Westside average.
AGE PROFILE IN PACIFIC PALISADES 30 25
% of Total
20 15 10 5 0 19 and Under
20 to 34
35 to 44
45 to 54
55 to 64
65 and Over
55 to 64
65 and Over
Source: American Community Survey; analysis by Beacon Economics
AGE PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE
69
25 20 % of Total
THE STATE OF THE WESTSIDE ECONOMY | PACIFIC PALISADES
30
15 10 5 0 19 and Under
20 to 34
35 to 44
Source: American Community Survey; analysis by Beacon Economics
45 to 54
It is the wealthiest community in the Westside; nearly 50% of households have an annual income above $200,000.
INCOME PROFILE IN PACIFIC PALISADES 60 50
% of Total
40 30 20 10 0 $24,999 and Under
$25,000 to $49,999
$50,000 to $74,000
$75,000 to $99,999
$100,000 to $149,999
$150,000 to $199,999
$200,000 and Over
Source: American Community Survey; analysis by Beacon Economics
INCOME PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 20 18
% of Total
14 12 10 8 6 4 2 0 $24,999 and Under
$25,000 to $49,999
$50,000 to $74,000
Source: American Community Survey; analysis by Beacon Economics
$75,000 to $99,999
$100,000 to $149,999
$150,000 to $199,999
$200,000 and Over
THE STATE OF THE WESTSIDE ECONOMY | PACIFIC PALISADES
16
70
Pacific Palisades has a larger share of female residents than the Westside average.
GENDER PROFILE IN PACIFIC PALISADES 56 54 52
% of Total
50 48 46 44 42 40 Female
Male
Source: American Community Survey; analysis by Beacon Economics
GENDER PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 56
71
52 50 % of Total
THE STATE OF THE WESTSIDE ECONOMY | PACIFIC PALISADES
54
48 46 44 42 40 Female
Source: American Community Survey; analysis by Beacon Economics
Male
Nearly 85% of residents are white, which is a much higher share than the average in the Westside.
RACE PROFILE IN PACIFIC PALISADES 90 80 70
% of Total
60 50 40 30 20 10 0 Asian
Black
Hispanic/Latino
Other
White
Source: American Community Survey; analysis by Beacon Economics
RACE PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 90
70
% of Total
60 50 40 30 20 10 0 Asian
Black
Source: American Community Survey; analysis by Beacon Economics
Hispanic/Latino
Other
White
THE STATE OF THE WESTSIDE ECONOMY | PACIFIC PALISADES
80
72
73
THE STATE OF THE WESTSIDE ECONOMY | SANTA MONICA
SANTA MONICA
Through our efforts in membership, economic development, and advocacy, we create the environment to help our members prosper and succeed through a proactive working partnership with all levels of government and community organizations to achieve a strong local economy and high quality of life. The core purpose of the Santa Monica Chamber of Commerce is to foster, enable, and facilitate the success of Santa Monica businesses, so our community is financially healthy and all the people living, working, and playing in Santa Monica can enjoy a high quality of life.
www.smchamber.com
With nearly 88,000 jobs, Santa Monica is the second-largest employment center in the Westside. The City also has the secondhighest-paying jobs in the region, with relative strength in the Information; Professional, Scientific, & Technical Services; and Arts, Entertainment, & Recreation sectors. With 94,000 residents, Santa Monica has the second-largest population in the Westside. Its nearly 7,500 businesses are concentrated in Professional, Scientific, & Technical Services and Arts, Entertainment, & Recreation.
LABOR MARKET DYNAMICS IN SANTA MONICA
INDUSTRY
AVERAGE ANNUAL WAGES
ESTABLISHMENTS AVG. JOBS PER
LQ
Q1-2019
GROWTH (%)
Q1-2019 ($)
GROWTH (%)
Q1-2019
87,629
26.0
118,234
41.6
7,443
12
1.0
Agriculture, Forestry, Fishing and Hunting 1,693
23.8
120,338
59.7
202
8
0.7
Utilities
583
-4.0
111,922
63.5
47
12
0.9
Manufacturing
1,374
58.2
88,388
31.5
107
13
0.2
Wholesale Trade
2,386
2.0
105,705
-0.6
225
11
0.5
Retail Trade
8,767
17.3
44,880
10.5
605
14
0.8
Information
14,185
84.6
267,314
59.1
749
19
3.9
Finance and Insurance
5,675
2.2
243,711
45.9
813
7
1.6
14,475
60.6
142,722
21.3
1,528
9
1.7
2,439
27.3
110,324
59.8
256
10
0.3
Educational Services
1,903
-26.0
40,913
-11.7
125
15
0.2
Health Care and Social Assistance
7,695
-2.9
59,994
6.6
914
8
0.5
Arts, Entertainment, and Recreation
15,964
25.0
40,817
4.7
1,162
14
6.7
3,488
11.0
47,818
2.7
665
5
1.0
7,002
10.5
65,228
-4.3
49
144
1.3
Total
Professional, Scientific, and Technical Services Administrative and Support and Waste Management and Remediation Services
Other Services (Except Public Administration) Public Administration
Source: California Employment Development Department; analysis by Beacon Economics
ESTABLISHMENT
THE STATE OF THE WESTSIDE ECONOMY | SANTA MONICA
EMPLOYMENT
74
Nearly 70% of residents hold a bachelor’s degree or greater, and 5% didn’t graduate from high school.
EDUCATIONAL ATTAINMENT IN SANTA MONICA 45 40
% of Total
35 30 25 20 15 10 5 0 Less than High School
High School Graduate
Some College
Bachelor’s Degree
Graduate or Professional Degree
Source: American Community Survey; analysis by Beacon Economics
EDUCATIONAL ATTAINMENT IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 40
75
30
% of Total
THE STATE OF THE WESTSIDE ECONOMY | SANTA MONICA
35
25 20 15 10 5 0
Less than High School
High School Graduate
Source: American Community Survey; analysis by Beacon Economics
Some College
Bachelor’s Degree
Graduate or Professional Degree
Its age distribution is similar to the Westside average, with about 40% of residents under 34 and 17% older than 65.
AGE PROFILE IN SANTA MONICA 30 25
% of Total
20 15 10 5 0 19 and Under
20 to 34
35 to 44
45 to 54
55 to 64
65 and Over
55 to 64
65 and Over
Source: American Community Survey; analysis by Beacon Economics
AGE PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 30
% of Total
20 15 10 5 0 19 and Under
20 to 34
35 to 44
Source: American Community Survey; analysis by Beacon Economics
45 to 54
THE STATE OF THE WESTSIDE ECONOMY | SANTA MONICA
25
76
Like the Westside in general, nearly 50% of households have an annual income above $100,000.
INCOME PROFILE IN SANTA MONICA 25
20
% of Total
15
10
5
0 $24,999 and Under
$25,000 to $49,999
$50,000 to $74,000
$75,000 to $99,999
$100,000 to $149,999
$150,000 to $199,999
$200,000 and Over
Source: American Community Survey; analysis by Beacon Economics
INCOME PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 20 18
77
14 12 % of Total
THE STATE OF THE WESTSIDE ECONOMY | SANTA MONICA
16
10 8 6 4 2 0 $24,999 and Under
$25,000 to $49,999
$50,000 to $74,000
Source: American Community Survey; analysis by Beacon Economics
$75,000 to $99,999
$100,000 to $149,999
$150,000 to $199,999
$200,000 and Over
Santa Monica has a larger share of female residents than the Westside average.
GENDER PROFILE IN SANTA MONICA 56 54 52
% of Total
50 48 46 44 42 40 Female
Male
Source: American Community Survey; analysis by Beacon Economics
GENDER PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 56 54
% of Total
50 48 46 44 42 40 Female Source: American Community Survey; analysis by Beacon Economics
Male
THE STATE OF THE WESTSIDE ECONOMY | SANTA MONICA
52
78
The City skews slightly more white and less Hispanic than the Westside average.
RACE PROFILE IN SANTA MONICA 90 80 70
% of Total
60 50 40 30 20 10 0 Asian
Black
Hispanic/Latino
Other
White
Source: American Community Survey; analysis by Beacon Economics
RACE PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 90 80
79
60 % of Total
THE STATE OF THE WESTSIDE ECONOMY | SANTA MONICA
70
50 40 30 20 10 0 Asian
Black
Source: American Community Survey; analysis by Beacon Economics
Hispanic/Latino
Other
White
THE STATE OF THE WESTSIDE ECONOMY | VENICE
VENICE
80
With close to 12,000 jobs, Venice has the third-fewest in the Westside. Yet it has had the highest job growth of any Westside community over the past 10 years; employment has grown by two-thirds. Venice’s jobs pay more than the region’s average. Over one-third are in Arts, Entertainment, & Recreation, and significant concentrations of jobs are in the Information and Professional, Scientific, & Technical Services sectors. With over 27,000 residents, Venice has one of the highest resident-to-jobs ratios in the region. Of its nearly 1,600 businesses, most are in Professional, Scientific, & Technical Services and Arts, Entertainment, & Recreation.
LABOR MARKET DYNAMICS IN VENICE EMPLOYMENT INDUSTRY
AVG. JOBS PER
LQ
GROWTH (%)
Q1-2019 ($)
GROWTH (%)
Q1-2019
12,173
67.5
97,642
76.0
1,526
8
1.0
Agriculture, Forestry, Fishing and Hunting
88
28.9
43,735
18.7
32
3
0.2
Manufacturing
125
120.0
44,971
15.8
26
5
0.1
Wholesale Trade
378
378.9
86,580
-64.1
44
9
0.5
Retail Trade
1,837
41.1
40,059
8.5
192
10
1.1
Information
1,818
133.1
322,042
161.8
193
9
3.1
452
73.9
77,313
95.8
100
5
0.8
1,993
87.6
110,424
37.4
335
6
1.5
513
332.6
61,364
21.6
48
11
0.5
445
12.1
48,798
25.9
73
6
0.2
3,733
62.1
38,194
15.4
310
12
9.9
334
-7.5
33,507
-19.6
160
2
0.6
458
-4.5
55,294
-2.5
13
35
0.5
Finance and Insurance Professional, Scientific, and Technical Services Administrative and Support and Waste Management and Remediation Services Health Care and Social Assistance Arts, Entertainment, and Recreation Other Services (Except Public Administration)
THE STATE OF THE WESTSIDE ECONOMY | VENICE
ESTABLISHMENTS
Q1-2019
Total
81
AVERAGE ANNUAL WAGES
Public Administration
Source: California Employment Development Department; analysis by Beacon Economics
ESTABLISHMENT
Two-thirds of residents hold at least a bachelor’s degree. Venice has slightly fewer residents who lack a high school degree than the Westside average.
EDUCATIONAL ATTAINMENT IN VENICE 45 40 35
% of Total
30 25 20 15 10 5 0 Less than High School
High School Graduate
Some College
Bachelor’s Degree
Graduate or Professional Degree
Source: American Community Survey; analysis by Beacon Economics
EDUCATIONAL ATTAINMENT IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 40 35
% of Total
25 20 15 10 5 0 Less than High School
High School Graduate
Source: American Community Survey; analysis by Beacon Economics
Some College
Bachelor’s Degree
Graduate or Professional Degree
THE STATE OF THE WESTSIDE ECONOMY | VENICE
30
82
The community’s age distribution tracks the broader Westside’s, with about 40% of residents under 34 and 17% older than 65.
AGE PROFILE IN VENICE 35 30
% of Total
25 20 15 10 5 0 19 and Under
20 to 34
35 to 44
45 to 54
55 to 64
65 and Over
55 to 64
65 and Over
Source: American Community Survey; analysis by Beacon Economics
AGE PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 30 25
83
% of Total
THE STATE OF THE WESTSIDE ECONOMY | VENICE
20 15 10 5 0 19 and Under
20 to 34
35 to 44
Source: American Community Survey; analysis by Beacon Economics
45 to 54
Nearly 50% of Venice households earn more than $100,000 a year. Venice has fewer households at the low end of the income scale than the Westside average.
INCOME PROFILE IN VENICE 25
% of Total
20
15
10
5
0 $24,999 and Under
$25,000 to $49,999
$50,000 to $74,000
$75,000 to $99,999
$100,000 to $149,999
$150,000 to $199,999
$200,000 and Over
Source: American Community Survey; analysis by Beacon Economics
INCOME PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 20 18 16 14
10 8 6 4 2 0 $24,999 and Under
$25,000 to $49,999
$50,000 to $74,000
Source: American Community Survey; analysis by Beacon Economics
$75,000 to $99,999
$100,000 to $149,999
$150,000 to $199,999
$200,000 and Over
THE STATE OF THE WESTSIDE ECONOMY | VENICE
% of Total
12
84
Venice is slightly more males than the Westside average.
GENDER PROFILE IN VENICE 56 54 52
% of Total
50 48 46 44 42 40 Female
Male
Source: American Community Survey; analysis by Beacon Economics
GENDER PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 56 54 52
85
% of Total
THE STATE OF THE WESTSIDE ECONOMY | VENICE
50 48 46 44 42 40 Female Source: American Community Survey; analysis by Beacon Economics
Male
The community is more white and less Asian-American than the Westside average.
RACE PROFILE IN VENICE 90 80 70
% of Total
60 50 40 30 20 10 0 Asian
Black
Hispanic/Latino
Other
White
Source: American Community Survey; analysis by Beacon Economics
RACE PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 90 80 70
50 40 30 20 10 0 Asian
Black
Source: American Community Survey; analysis by Beacon Economics
Hispanic/Latino
Other
White
THE STATE OF THE WESTSIDE ECONOMY | VENICE
% of Total
60
86
87
THE STATE OF THE WESTSIDE ECONOMY | WEST HOLLYWOOD
WEST HOLLYWOOD
West Hollywood’s 43% job growth has been the best in the Westside over the past 10 years. Its wages are lower than the Westside average but higher than Los Angeles’. Over 37% of West Hollywood’s jobs are in Arts, Entertainment, & Recreation, while the Retail sector is the second-largest employer. West Hollywood has a population of roughly 36,000 residents. The City has just over 5,000 business establishments, most of which are in Professional, Scientific, & Technical Services and Arts, Entertainment, & Recreation.
LABOR MARKET DYNAMICS IN WEST HOLLYWOOD
INDUSTRY
AVERAGE ANNUAL WAGES
ESTABLISHMENTS AVG. JOBS PER
LQ
Q1-2019
GROWTH (%)
Q1-2019 ($)
GROWTH (%)
Q1-2019
39,774
42.8
76,770
36.9
5,021
8
1.0
Agriculture, Forestry, Fishing and Hunting
489
77.2
60,292
34.0
99
5
0.5
Utilities
66
-37.9
31,986
0.8
25
3
0.2
Manufacturing
361
-20.1
56,097
50.4
64
6
0.1
Wholesale Trade
984
28.6
71,917
14.1
191
5
0.5
Retail Trade
4,542
-10.8
53,716
18.7
459
10
0.9
Information
2,305
186.7
385,824
128.1
520
4
1.4
Finance and Insurance
1,835
12.1
83,682
-7.6
438
4
1.2
3,719
58.3
112,135
40.8
838
4
1.0
1,820
85.1
51,080
-19.6
186
10
0.6
328
43.7
29,781
-21.3
46
7
0.1
Health Care and Social Assistance
4,508
55.3
45,107
9.6
352
13
0.6
Arts, Entertainment, and Recreation
14,922
74.1
46,393
-0.2
1,238
12
13.8
2,532
12,1
53,238
27.4
546
5
1.6
1,363
-4.8
68,748
2.4
19
73
0.6
Total
Professional, Scientific, and Technical Services Administrative and Support and Waste Management and Remediation Services Educational Services
Other Services (Except Public Administration) Public Administration
Source: California Employment Development Department; analysis by Beacon Economics
ESTABLISHMENT
THE STATE OF THE WESTSIDE ECONOMY | WEST HOLLYWOOD
EMPLOYMENT
88
Nearly two-thirds of residents hold at least a bachelor’s degree, and fewer than 15% didn’t graduate from high school.
EDUCATIONAL ATTAINMENT IN WEST HOLLYWOOD 50 45 40
% of Total
35 30 25 20 15 10 5 0
Less than High School
High School Graduate
Some College
Bachelor’s Degree
Graduate or Professional Degree
Source: American Community Survey; analysis by Beacon Economics
EDUCATIONAL ATTAINMENT IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE
89
35 30 25 % of Total
THE STATE OF THE WESTSIDE ECONOMY | WEST HOLLYWOOD
40
20 15 10 5 0 Less than High School
High School Graduate
Source: American Community Survey; analysis by Beacon Economics
Some College
Bachelor’s Degree
Graduate or Professional Degree
West Hollywood has very few young residents. Fewer than 10% are 19 or younger, compared with the Westside average of above 15%. The City has more residents in the 20-to-34 age bracket than the regional average.
AGE PROFILE IN WEST HOLLYWOOD 35 30
% of Total
25 20 15 10 5 0 19 and Under
20 to 34
35 to 44
45 to 54
55 to 64
65 and Over
55 to 64
65 and Over
Source: American Community Survey; analysis by Beacon Economics
AGE PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE
25
% of Total
20 15 10 5 0 19 and Under
20 to 34
35 to 44
Source: American Community Survey; analysis by Beacon Economics
45 to 54
THE STATE OF THE WESTSIDE ECONOMY | WEST HOLLYWOOD
30
90
West Hollywood has slightly fewer high-income households and more low-income households than the Westside average.
INCOME PROFILE IN WEST HOLLYWOOD 25
% of Total
20
15
10
5
0 $24,999 and Under
$25,000 to $49,999
$50,000 to $74,000
$75,000 to $99,999
$100,000 to $149,999
$150,000 to $199,999
$200,000 and Over
Source: American Community Survey; analysis by Beacon Economics
INCOME PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 20 18
91
14 12 % of Total
THE STATE OF THE WESTSIDE ECONOMY | WEST HOLLYWOOD
16
10 8 6 4 2 0 $24,999 and Under
$25,000 to $49,999
$50,000 to $74,000
Source: American Community Survey; analysis by Beacon Economics
$75,000 to $99,999
$100,000 to $149,999
$150,000 to $199,999
$200,000 and Over
The share of male residents, nearly 56%, is five percentage points higher than the Westside average.
GENDER PROFILE IN WEST HOLLYWOOD 56 54 52
% of Total
50 48 46 44 42 40 Female
Male
Source: American Community Survey; analysis by Beacon Economics
GENDER PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 56
52
% of Total
50 48 46 44 42 40 Female Source: American Community Survey; analysis by Beacon Economics
Male
THE STATE OF THE WESTSIDE ECONOMY | WEST HOLLYWOOD
54
92
West Hollywood has a higher share of white residents than the Westside average.
RACE PROFILE IN WEST HOLLYWOOD 90 80 70
% of Total
60 50 40 30 20 10 0 Asian
Black
Hispanic/Latino
Other
White
Source: American Community Survey; analysis by Beacon Economics
RACE PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 90
93
70 60 % of Total
THE STATE OF THE WESTSIDE ECONOMY | WEST HOLLYWOOD
80
50 40 30 20 10 0 Asian
Black
Source: American Community Survey; analysis by Beacon Economics
Hispanic/Latino
Other
White
THE STATE OF THE WESTSIDE ECONOMY | WEST LOS ANGELES
WEST LOS ANGELES
94
With nearly 60,000 jobs, West L.A. is the fourth-largest employment center in the Westside economy. The average annual salary, over $112,000, is the third highest in the region. Nearly half of the jobs in West L.A. are in one of three sectors: Information; Professional, Scientific, & Technical Services; and Finance & Insurance. The Health Care & Social Assistance and Arts, Entertainment, & Recreation sectors also have a high share of jobs. Since 2010, employment growth in West L.A. has lagged the region’s. West L.A. is also the third-largest population center in the Westside, with just over 73,000 residents. Just over 6,000 businesses are in the community, most of which are in Professional, Scientific, & Technical Services and Arts, Entertainment, & Recreation.
LABOR MARKET DYNAMICS IN WEST LOS ANGELES EMPLOYMENT INDUSTRY
AVG. JOBS PER
LQ
GROWTH (%)
Q1-2019 ($)
GROWTH (%)
Q1-2019
59,463
18.8
112,580
22.0
6,286
9
1.0
Agriculture, Forestry, Fishing and Hunting 1,770
50.3
78,740
4.3
203
9
1.0
Wholesale Trade
906
-22.8
98,152
-7.1
161
6
0.2
Retail Trade
5,073
-15.9
46,730
1.8
405
13
0.6
Information
9,644
53.8
220,859
58.2
525
18
3.2
Finance and Insurance
6,540
40.9
207,158
11.2
832
8
2.3
12,318
10.8
114,094
-3.0
1,489
8
1.8
3,149
-14.9
67,821
17.0
221
14
0.5
Educational Services
1,127
97.4
43,340
13.0
86
13
0.1
Health Care and Social Assistance
8,035
46.8
77,260
10.5
760
11
0.6
Arts, Entertainment, and Recreation
6,860
9.5
44,743
-0.3
1,084
6
3.5
4,039
98.8
36,755
-19.7
522
8
1.4
Professional, Scientific, and Technical Services Administrative and Support and Waste Management and Remediation Services
THE STATE OF THE WESTSIDE ECONOMY | WEST LOS ANGELES
ESTABLISHMENTS
Q1-2019
Total
95
AVERAGE ANNUAL WAGES
Other Services (Except Public Administration)
Source: California Employment Development Department; analysis by Beacon Economics
ESTABLISHMENT
West L.A. is more educated than Westside average, with nearly 70% of residents holding a bachelor’s degree or better. West L.A. also has fewer residents with only a high school diploma or less.
EDUCATIONAL ATTAINMENT IN WEST LOS ANGELES 45 40 35
% of Total
30 25 20 15 10 5 0 Less than High School
High School Graduate
Some College
Bachelor’s Degree
Graduate or Professional Degree
Source: American Community Survey; analysis by Beacon Economics
EDUCATIONAL ATTAINMENT IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE
35 30
% of Total
25 20 15 10 5 0 Less than High School
High School Graduate
Source: American Community Survey; analysis by Beacon Economics
Some College
Bachelor’s Degree
Graduate or Professional Degree
THE STATE OF THE WESTSIDE ECONOMY | WEST LOS ANGELES
40
96
West L.A. has less than half the share of residents under age 20 than the region average. At the same time, it has a larger share of residents in the 20-to-34 bracket.
AGE PROFILE IN WEST LOS ANGELES 35 30
% of Total
25 20 15 10 5 0 19 and Under
20 to 34
35 to 44
45 to 54
55 to 64
65 and Over
55 to 64
65 and Over
Source: American Community Survey; analysis by Beacon Economics
AGE PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE
97
25 20 % of Total
THE STATE OF THE WESTSIDE ECONOMY | WEST LOS ANGELES
30
15 10 5 0 19 and Under
20 to 34
35 to 44
Source: American Community Survey; analysis by Beacon Economics
45 to 54
West L.A. has lower shares of households in the lowest and highest income brackets, suggesting the distribution of income is more even than the Westside average.
INCOME PROFILE IN WEST LOS ANGELES 20 18 16
% of Total
14 12 10 8 6 4 2 0 $24,999 and Under
$25,000 to $49,999
$50,000 to $74,000
$75,000 to $99,999
$100,000 to $149,999
$150,000 to $199,999
$200,000 and Over
Source: American Community Survey; analysis by Beacon Economics
INCOME PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 20
16 14 % of Total
12 10 8 6 4 2 0 $24,999 and Under
$25,000 to $49,999
$50,000 to $74,000
Source: American Community Survey; analysis by Beacon Economics
$75,000 to $99,999
$100,000 to $149,999
$150,000 to $199,999
$200,000 and Over
THE STATE OF THE WESTSIDE ECONOMY | WEST LOS ANGELES
18
98
The distribution of residents by gender tracks the broader Westside community.
GENDER PROFILE IN WEST LOS ANGELES 56 54 52
% of Total
50 48 46 44 42 40 Female
Male
Source: American Community Survey; analysis by Beacon Economics
GENDER PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE 56
99
52 50 % of Total
THE STATE OF THE WESTSIDE ECONOMY | WEST LOS ANGELES
54
48 46 44 42 40 Female
Source: American Community Survey; analysis by Beacon Economics
Male
The share of white residents is similar to the rest of the region. West L.A. has a larger share of Asian-Americans and a lower share of Hispanic residents than the Westside average.
RACE PROFILE IN WEST LOS ANGELES 90 80 70
% of Total
60 50 40 30 20 10 0 Asian
Black
Hispanic/Latino
Other
White
Source: American Community Survey; analysis by Beacon Economics
RACE PROFILE IN WESTSIDE COUNCIL OF CHAMBERS OF COMMERCE
80 70
% of Total
60 50 40 30 20 10 0 Asian
Black
Source: American Community Survey; analysis by Beacon Economics
Hispanic/Latino
Other
White
THE STATE OF THE WESTSIDE ECONOMY | WEST LOS ANGELES
90
100
CONCLUSION The data in this report reveal the strength of the Westside economy. By any conventional measure of economic vitality, such as job growth, average wages and wage growth, the Westside is the jewel of the Los Angeles County economy. The Westside economy faces two major challenges, one short term and one long term. In the short term are macro headwinds related to the spread of, and measures to contain, the coronavirus. The Westside has not been immune to the job losses that have been sustained nationally and in the state’s economy. A full recovery of the labor market will not occur before 2023.
THE STATE OFOF THE WESTSIDE ECONOMY THE STATE THE WESTSIDE ECONOMY
The region has an imbalance between housing and employment, with more jobs than residents. The heavy commuting this produces locally and citywide has bad traffic and environmental impacts.
101 101
This imbalance is worsened by two trends. First, the population of the Westside is growing more slowly than the broader Los Angeles region’s. This is primarily due to low levels of housing construction, which raises house prices and makes the Westside less hospitable to younger families. Furthermore, the Westside is much less racially diverse than the broader Los Angeles region. These issues aside, the Westside is one of the most dynamic economies in Southern California.
There’s power and strength in community We are pleased to join the West Hollywood Chamber of Commerce and the City of West Hollywood in support of the business community.
Š 2020 Cedars-Sinai
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THE STATE OF THE WESTSIDE ECONOMY