LARC Releases Its 2023 Regional Plan Update
A companion to the 2021 – 2024 regional plan, this annual update provides current data on the economy and labor market, as well as a review of our colleges’ accomplishments across multiple student success metrics.
As of fall 2022, California was on the cusp of surpassing Germany as the fourth-largest economy in the world. However, even with the promises and opportunities of our regional economy, residents struggle to find stable jobs that pay well and provide the upward mobility that is foundational to economic security. These challenges were amplified by the global pandemic, highlighting the fragility of some sectors within the regional economy, particularly service sectors, such as leisure, retail, and hospitality.
According to an October 2022 quarterly economic briefing by the Los Angeles Economic Development Corporation (LAEDC), Los Angeles County lost more than 785,000 jobs during the pandemic. LA’s unemployment rate peaked at over 19% in May 2020. Notably, as of 2022, the county’s economy had mostly rebounded, with 91% of the jobs lost during the pandemic regained and unemployment falling to 4.5% as of October 2022. Even still, job creation and growth still lag in some industries, including leisure, hospitality, and retail.
You can find a copy of the update here.
LARC Releases Report: Los Angeles County’s Neglected Majority
LARC recently released a report, Los Angeles County’s Neglected Majority, that analyzes the true success for high school students in Los Angeles County.
There are nearly half a million high school students in the Los Angeles region. The latest available data indicates that 82% of Los Angeles high schoolers graduate, and of those, just over half attend college. But that statistic doesn’t tell the whole story. Our new report examines data around student movements after high school and finds that only 16% of high school students will go on to graduate from a 4-year college and achieve living wage employment.
The report makes five recommendations to help all our students be prepared for high-paying and in-demand occupations in Los Angeles County, regardless of their college plans.