The business-friendly city, the US's second largest, is outperforming both New York and Chicago, writes Matthew A Winkler
Eric Garcetti, a Rhodes scholar, former Navy reserves lieutenant and jazz pianist says Olympic aspirations are a sign of the city’s strengthLos Angeles, home to 10-million people, a corporate-liking mayor, and maybe the 2028 Olympics. Picture: 123RF/SEAN PAVONE
Garcetti didn’t set off the LA boom, but there’s no doubt the city has prospered under his leadership. The Rhodes scholar, former Navy reserves lieutenant and jazz pianist says that Olympic aspirations are a sign of strength for the sunny metropolis of 10-million people. In 2028, LA will host the summer games for the third time, the only US city to do so and a rarity globally in making them a money maker.
More than a decade before his fellow Democrats were proposing a Green New Deal, Garcetti authored LA’s clean water bond and municipal green-building ordinances. And at a point when corporate wealth is denounced by many fellow Democrats, Garcetti says, “I never met a CEO I didn’t like.” That’s proving to be a winning message in the bond market, where the City of Los Angeles Department of Airports municipal debt handed investors a 5.6% return during the past 12 months. That performance in income plus appreciation easily beat the 4.6% average of US issuers, including California, at 4.2%. It also exceeded the return on national airport municipal debt, at 4.4%, and on transportation bonds, at 4.3%, according to data compiled by Bloomberg.
LA’s GDP per capita surged 11.8% over the past five years, dwarfing Chicago’s 7.4%, almost three times New York’s 4.1%, and twice the average for 383 US metropolitan areas, Bloomberg data shows. Some of the gain is attributed to population growth of 2.5% as New York grew 2.1% and Chicago declined 0.2%.
“We have probably the greatest collection of research institutions in any one city, which supports everyday healthcare and biosciences, where we now have more jobs than in either the traditional centres of San Diego or San Francisco,” Garcetti says.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rapper Nipsey Hussle shot dead outside his Los Angeles store: Media - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Grammy-nominated rapper Nipsey Hussle was shot and killed outside his clothing store in south Los Angeles on Sunday, media reports said.
Read more »
Rapper Nipsey Hussle shot dead outside his Los Angeles store - mediaAccording to the newspaper, Hussle, 33, was shot multiple times and rushed to a hospital, where he was pronounced dead.
Read more »
Trump foe Avenatti to face embezzlement charge in Los Angeles courtAttorney Michael Avenatti, who represented adult film star Stormy Daniels in her legal battles with US President Donald Trump, is set to appear in the US District Court in Los Angeles on Monday to face embezzlement and fraud charges.
Read more »
Grammy-nominated rapper Nipsey Hussle shot and killedNipsey Hussle was shot and killed outside his clothing store in LA, while two other people were injured.
Read more »
Nipsey Hussle death underscores deep-rooted violence of US streetsThe Grammy-nominated rapper was shot dead in the US city of Los Angeles on Sunday.
Read more »
Grammy-nominated rapper Nipsey Hussle shot and killedNipsey Hussle was shot and killed outside his clothing store in LA, while two other people were injured.
Read more »
Grammy-nominated rapper Nipsey Hussle shot and killedThe rapper was shot multiple times in Los Angeles.
Read more »
Nipsey Hussle death underscores deep-rooted violence of US streetsThe Grammy-nominated rapper was shot dead in the US city of Los Angeles on Sunday.
Read more »
Tesla boom lifts Norway's electric car sales to 58% market shareAlmost 60% of all new cars sold in Norway in March were fully electric, the Norwegian Road Federation (NRF) said on Monday.
Read more »
Grammy-nominated US rapper Nipsey Hussle shot deadGrammy-nominated rapper Nipsey Hussle was shot dead in the US city of Los Angeles Sunday, sparking an outpouring of grief from fellow celebrities as the city's mayor blamed
Read more »