To many, Los Angeles is synonymous with Hollywood. The entertainment industry is one of the largest economic drivers in the city, and it provides hundreds of thousands of jobs. There are also plenty of green spaces for locals and visitors to relax and unwind.
But beyond Tinseltown, Los Angeles has always been a city filled with innovation and entrepreneurial spirit. If you’re looking for business opportunities or simply want to learn more about the city, this article is for you.
The Creative Sector
One of the most vibrant communities in Los Angeles is its creative sector. Designers, photographers, illustrators, and other creative professionals live and work in the city. Many famous companies, such as Klassic Kitchens and Designers Kitchen, were founded by creative individuals who saw an opportunity in the city and decided to seize it.
The Media & Entertainment Industry
Another large sector of the economy in Los Angeles is the media and entertainment industry. The city is home to a variety of news organizations and television stations, such as KCET, Los Angeles’ PBS station, and the award-winning Los Angeles Times.
Hollywood is also a major hub for the movie industry, especially following the success of the Marvel Cinematic Universe. The House of Mouse now has a second base in the city, with the opening of Disney +, the company’s new production facility. There are also plenty of sound stages and backlots where filmmakers can capture stunning visuals for their projects.
Rents Are On the Rise
One of the major issues facing the city is affordable housing. Rents across the city are becoming more expensive, and it’s driven in part by a lack of supply and in part by increasing demand. The average price of a studio apartment in Hollywood is now $3,300 per month, a 25% increase since last year. It’s even more expensive in adjacent areas, such as Westwood, where the average rent for a studio apartment is now $4,700 per month, a 33% increase since last year. Just last month, the city approved a brand-new budget proposal that increases property taxes to pay for more police and firefighters on the job. It also includes a modest raise for teachers and other public workers. But even with these measures, the city will continue to struggle with the affordability issue for years to come.
Another potential crisis facing the city is a looming technology-society duality. As more and more people get access to the internet, youth unemployment is soaring, especially among the under-35 crowd. It’s also dragging down wages for everyone else. While the city desperately needs more jobs and affordable housing, businesses and cities around the globe are struggling with how to effectively engage with and hire this new generation of online-savvy, tech-enabled millennials.
Global Cities Are On the Rise
A city’s geography and climate can impact how it functions and what kind of industries it promotes or discourages. Los Angeles’ temperate climate is quite distinct from that of a desert city like Phoenix, which gave rise to the expression ‘red-headed stepchild’ when the two cities battled over which should get the 2024 Summer Olympics. Los Angeles is actually one of the most popular host cities for the Olympics, along with Paris and Rome, and it’s seeing an influx of tourists and new business opportunities.
Meanwhile, the city’s position on the coast makes it a major transportation hub for people living in the San Francisco Bay Area, creating a vibrant community of shared interests and attitudes. The proliferation of shared, autonomous vehicles is also changing how people get around the city. This highly-connected, global city is evolving, and so must your business.