Economy
Further information: Los Angeles County Economy See also: Los Angeles Chamber of CommerceThe economy of Los Angeles is driven by international trade, entertainment (television, motion pictures, video games, recorded music), aerospace, technology, petroleum, fashion, apparel, and tourism. Los Angeles is also the largest manufacturing center in the western United States. The contiguous ports of Los Angeles and Long Beach together comprise the fifth-busiest port in the world and the most significant port in the Western Hemisphere and is vital to trade within the Pacific Rim. Other significant industries include media production, finance, telecommunications, law, healthcare, and transportation. The Los Angeles–Long Beach–Santa Ana metropolitan statistical area (MSA) has a gross metropolitan product (GMP) of $735.7 billion (as of 2010), making it the third largest economic center in the world, after the Greater Tokyo Area and the New York-Newark-Bridgeport CSA. If counted as a country, the surrounding CSA has the 15th largest economy in the world in terms of nominal GDP. Los Angeles has been classified an "Alpha world city" according to a 2010 study by a research group at Loughborough University in England.
The city is home to six Fortune 500 companies. They are energy company Occidental Petroleum, healthcare provider Health Net, metals distributor Reliance Steel & Aluminum, engineering firm AECOM, real estate group CBRE Group and builder Tutor Perini.
Other companies headquartered in Los Angeles include California Pizza Kitchen, Capital Group, Capstone Turbine, The Cheesecake Factory, Cathay Bank, City National Bank, The Coffee Bean & Tea Leaf, DeviantArt, Far East National Bank, Farmers Insurance Group, Fox Entertainment Group, Gibson, Dunn & Crutcher, Guess?, Hanmi Bank, Herbalife, J2 Global Communications, The Jim Henson Company, KB Home, Korn/Ferry, Latham & Watkins, Mercury Insurance Group, Oaktree Capital Management, O’Melveny & Myers, Pabst Brewing Company, Paul, Hastings, Janofsky & Walker, Premier America, Premiere Radio Networks, Rentech, Sunkist, The TCW Group, Tokyopop, Triton Media Group, United Online, and VCA Antech.
The metropolitan area is home to the headquarters of many companies who moved outside of the city of Los Angeles to escape its high taxes and high crime rate while keeping the benefits of remaining in close proximity. For example, Los Angeles charges a gross receipts tax based on a percentage of business revenue, while many neighboring cities charge only small flat fees.
The University of Southern California (USC) is the city's largest private sector employer and contributes $4 billion annually to the local economy.
According to the city's 2010 Comprehensive Annual Financial Report, the top ten employers in the city as of 2009 are, in descending order, the City of Los Angeles, the County of Los Angeles, University of California, Los Angeles, University of Southern California, Cedars-Sinai Medical Center, Kaiser Permanente, Fox Entertainment Group, Farmers Insurance Group, TeamOne,and Northrop Grumman.
Read more about this topic: Los Angeles, California
Famous quotes containing the word economy:
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)