Editing Greater Los Angeles (section)

==Economy==

The Los Angeles metropolitan area has the third-largest metropolitan economy in the world, behind the [[Greater Tokyo Area]] and the [[New York metropolitan area]]. In 2022, the [[combined statistical area]] of Greater Los Angeles (which includes the Los Angeles metropolitan area, the [[Inland Empire]], and [[Ventura County, California|Ventura County]]) had a $1.528 trillion economy.

Los Angeles and Orange Counties together have an economy of roughly $1.227 trillion.<ref name="Los Angeles-Long Beach-Anaheim, CA (MSA)"/> Important are [[Real estate bubble|coastal California land values]] and the rents they command, which contribute heavily to GDP earnings, though there are worries that these high land values contribute to the long-term problem of housing affordability and are thus a possible risk to future GDP increase.<ref>{{cite web|url=https://ternercenter.berkeley.edu/construction-costs-series|title=Terner Center|website=ternercenter.berkeley.edu|access-date=2019-06-22|archive-date=November 15, 2020|archive-url=https://web.archive.org/web/20201115071436/https://ternercenter.berkeley.edu/construction-costs-series|url-status=live}}</ref><ref>{{cite web|url=https://lao.ca.gov/reports/2015/finance/housing-costs/housing-costs.aspx|title=California's High Housing Costs: Causes and Consequences|website=lao.ca.gov|access-date=2019-06-22|archive-date=November 16, 2020|archive-url=https://web.archive.org/web/20201116123027/https://lao.ca.gov/reports/2015/finance/housing-costs/housing-costs.aspx|url-status=live}}</ref> This is evident when comparing the coast with the [[Inland Empire]], a large component of the five-county [[combined statistical area]] (CSA) that nevertheless contributes a far smaller portion to regional [[gross metropolitan product]] but still dominates in industry. The Greater Los Angeles CSA is the third-largest [[List of cities by GDP|economic center]] in the world, after [[Greater Tokyo]] and the [[New York-Newark-Bridgeport]] CSA.

Greater Los Angeles is a hotspot for Asian car manufacturers. Specifically, [[Mitsubishi Motors|Mitsubishi]], [[Hyundai Motor Company|Hyundai]], [[American Honda Motor Company|Honda]], and [[Mazda]] have their U.S. headquarters in the area.<ref>{{Cite web |last=Horovitz |first=Bruce |date=1986-03-18 |title=Auto Makers From Asia Flock to Orange County |url=https://www.latimes.com/archives/la-xpm-1986-03-18-fi-27188-story.html |access-date=2023-12-06 |website=Los Angeles Times |language=en-US}}</ref> [[Nissan]] and [[Toyota]] were headquartered in the area in the recent past as well. (Nissan moved to [[Tennessee]]; Toyota moved to [[Texas]].)<ref>{{Cite web |last=Gnerre |first=Sam |date=2021-11-29 |title=South Bay History: Nissan's American headquarters stayed for nearly half a century |url=https://www.dailybreeze.com/2021/11/29/south-bay-history-nissan-motor-corp-s-american-headquarters-stayed-in-south-bay-for-nearly-half-a-century/ |access-date=2023-12-09 |website=Daily Breeze |language=en-US}}</ref>

{{update|section|date=June 2015}}
The economy of the Los Angeles metropolitan area is famously and heavily based on the entertainment industry, with a particular focus on television, [[film industry|motion pictures]], [[interactive games]], and [[Music industry|recorded music]] – the [[Hollywood, Los Angeles|Hollywood]] district of Los Angeles and its surrounding areas are known as the "movie capital of the United States" due to the region's extreme commercial and historical importance to the American [[motion picture industry]]. Other significant sectors include shipping/international trade – particularly at the adjacent [[Port of Los Angeles]] and [[Port of Long Beach]], together comprising the United States' busiest seaport – logistics – the [[Inland Empire]] being the largest concentration of warehousing and intermodal facilities in the world – as well as aerospace, technology, petroleum, fashion and apparel, and tourism.

The City of Los Angeles was previously home to five [[Fortune 500]] companies: energy company [[Occidental Petroleum]] (until 2014 when it moved its headquarters to Houston), healthcare provider [[Health Net]], metals distributor Reliance Steel & Aluminum, engineering firm [[AECOM]], and real estate group [[CB Richard Ellis]]. As of 2024, all of these companies have moved elsewhere. Other companies headquartered in Los Angeles include [[American Apparel]], [[City National Bank (California)|City National Bank]], [[20th Century Studios]], [[Latham & Watkins]], [[Univision]], Metro Interactive, LLC, [[Premier America]], [[Gibson, Dunn & Crutcher]], [[DeviantArt]],<ref>"[http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=22872779 DeviantArt, Inc.] {{Webarchive|url=https://web.archive.org/web/20141213000303/http://investing.businessweek.com/research/stocks/private/snapshot.asp?privcapId=22872779 |date=December 13, 2014 }}" ''[[Businessweek]] Investing''. Accessed November 9, 2008.</ref> [[Guess?]], [[O'Melveny & Myers]]; [[Paul, Hastings, Janofsky & Walker]], [[Tokyopop]], [[The Jim Henson Company]], [[Paramount Pictures]], [[Sunkist Growers, Incorporated]], [[Tutor Perini]], [[Fox Sports Net]], [[Capital Group Companies|Capital Group]], and [[The Coffee Bean & Tea Leaf]]. [[Korean Air]]'s US passenger and cargo operations headquarters are in two separate offices in Los Angeles.<ref>"[http://www.koreanair.com/local/na/ld/eng/au/ci/Contact_Info.htm Contact Info] {{Webarchive|url=https://web.archive.org/web/20081230231703/http://www.koreanair.com/local/na/ld/eng/au/ci/Contact_Info.htm |date=December 30, 2008 }}". ''[[Korean Air]]''. Retrieved September 20, 2008.</ref> Entertainment and media giant [[The Walt Disney Company]] is headquartered in nearby [[Burbank, California|Burbank]].

[[File:Aerial view of Port of Long Beach.jpg|thumb|left|[[Port of Long Beach]]]] The [[Port of Los Angeles]] and [[Port of Long Beach]] together comprise the fifth-busiest port in the world, being the center of imports and exports for trade on the west Pacific Coast as well as being one of the most significant ports of the [[western hemisphere]]. The Port of Los Angeles occupies {{convert|7500|acres|0|abbr=off}} of land and water along {{convert|43|mi|km|abbr=off}} of waterfront and is the busiest container port in the United States. The Port is the busiest port in the United States by container volume, the 8th busiest container port in the world.<ref name=AAPA-PIS-WPR-2005>[http://aapa.files.cms-plus.com/Statistics/WORLD%20PORT%20RANKINGS%202005.xls ''"World Port Rankings – 2005"''] {{webarchive|url=https://web.archive.org/web/20070927223354/http://aapa.files.cms-plus.com/Statistics/WORLD%20PORT%20RANKINGS%202005.xls |date=September 27, 2007 }} – Port Industry Statistics – [[American Association of Port Authorities]] (AAPA) – Updated May 1, 2007 – (Microsoft Excel *.XLS document)</ref><ref name=AAPA-PIS-NAPCT-2006>[http://aapa.files.cms-plus.com/PDFs/2006%5FNorth%5FAmerican%5FContainer%5FTraffic.pdf ''"North American Port Container Traffic – 2006"''] {{webarchive|url=https://web.archive.org/web/20081219193825/http://aapa.files.cms-plus.com/PDFs/2006_North_American_Container_Traffic.pdf |date=December 19, 2008 }} – Port Industry Statistics – [[American Association of Port Authorities]] (AAPA) – Updated May 14, 2007 – (Adobe Acrobat *.PDF document)</ref><ref name=polaorg>[http://www.portoflosangeles.org/about/faqs.asp#9 FAQ # 22] {{webarchive|url=https://web.archive.org/web/20100613000526/http://portoflosangeles.org/about/faqs.asp |date=June 13, 2010 }} at the Port of Los Angeles.org</ref> The top trading partners in 2004 were: China ($68.8&nbsp;billion), Japan ($24.1&nbsp;billion), Taiwan ($10.8&nbsp;billion), Thailand ($6.7&nbsp;billion), & South Korea ($5.6&nbsp;billion)

The Port of Long Beach is the second-busiest container port in the United States. It adjoins the separate Port of Los Angeles. Acting as a major gateway for U.S.-Asian trade, the port occupies {{convert|3200|acres|0|abbr=off}} of land with {{convert|25|mi|km|abbr=off}} of waterfront in the city of [[Long Beach, California]]. The seaport has approximately $100&nbsp;billion in trade and provides more than 316,000 jobs in [[Southern California]]. The Port of Long Beach imports and exports more than $100&nbsp;billion worth of goods every year. The seaport provides the country with jobs, generates tax revenue, and supports retail and manufacturing businesses.{{Citation needed|date=April 2017}}

===Economic statistics for Los Angeles and Orange Counties===
In 2014, the population of the Long Beach–Los Angeles–Anaheim metropolitan statistical area (MSA) reached 13,262,220 and ranked second in the United States – a 1 percent increase from 2013.<ref>{{cite web|url=http://proximityone.com/metros/2013/cbsa31080.htm#6.4|title=Los Angeles-Long Beach-Anaheim, CA MSA Situation & Outlook Report|website=proximityone.com|access-date=2019-09-25|archive-date=February 24, 2021|archive-url=https://web.archive.org/web/20210224133039/http://proximityone.com/metros/2013/cbsa31080.htm#6.4|url-status=live}}</ref> In 2014, Los Angeles–Long Beach–Anaheim had a [[Per capita personal income in the United States|per capita personal income]] (PCPI) of $50,751 and ranked 29th in the country.

In 2014, Los Angeles–Long Beach–Anaheim placed third among the largest exporters in the United States (shipment totaling to $75.5 billion). The metro accounted for 40.8 percent of California's merchandise exports, mainly exporting computer and electronic products ($18.6 billion); transportation equipment ($15.3 billion) and chemicals ($5.6 billion). Nonetheless, the greater Los Angeles metro has immensely benefited from the free trade agreements: greater Los Angeles exported $25.1 billion to the NAFTA region and $776 million in goods to the CAFTA region.

Overall, in 2014 the average wages and salaries reached $57,519 (in 2010, the average wages and salaries reached $54,729).<ref>{{cite web|url=http://proximityone.com/metros/2013/cbsa31080.htm#6|title=Los Angeles-Long Beach-Anaheim, CA MSA Situation & Outlook Report|website=proximityone.com|access-date=2019-09-25|archive-date=February 24, 2021|archive-url=https://web.archive.org/web/20210224133039/http://proximityone.com/metros/2013/cbsa31080.htm#6|url-status=live}}</ref> Meanwhile, the median household income in 2014 was $56,935, a 1.4 percent increase from 2013 (average median household income was $56,164).<ref>{{Cite web |title=Los Angeles-Long Beach-Anaheim, CA ---MARKET REPORT--- |url=https://zondahome.com/wp-content/uploads/2014/08/Zonda_Market_Report_CA_Los-Angeles-Long-Beach-Anaheim.pdf |url-status=live |archive-url=https://web.archive.org/web/20220305060316/https://zondahome.com/wp-content/uploads/2014/08/Zonda_Market_Report_CA_Los-Angeles-Long-Beach-Anaheim.pdf |archive-date=March 5, 2022 |access-date=March 5, 2022 |website=Zonda}}</ref>

''Note'': Dollar items are in current dollars (not adjusted for inflation). Per capita items in dollars; other dollar items in thousands of dollars.

Table 2 (refer below) is a chart of the four highest sectors in the metro area, with health care and social assistance reaching 15.54%.
{| class="wikitable"
|-
|'''Industry'''
|'''Los Angeles–Long Beach–Anaheim, CA MSA'''
|-
|'''NAICS 62 Health care and social assistance'''
|15.54%
|-
|'''NAICS 44–45 Retail trade'''
|11.27%
|-
|'''NAICS 72 Accommodation and food services'''
|10.79%
|-
|'''NAICS 31–33 Manufacturing'''
|10.47%
|}

Table 3 (refer below) displays the location quotient for employment in the Los Angeles–Long Beach–Anaheim MSA. Top three sectors include information; art, entertainment, and recreation; and real estate and rental and leasing. (Data obtained from the Bureau of Labor Statistics, 2014. Data measures Location Quotient for sectors in the MSA area. U.S. Total is the base areas.<ref>{{cite web|url=https://www.bls.gov/cew/about-data/location-quotients-explained.htm|title=QCEW Establishment Size Classes (For NAICS-Based Data)|website=bls.gov|access-date=2019-09-25|archive-date=November 14, 2020|archive-url=https://web.archive.org/web/20201114003717/https://www.bls.gov/cew/about-data/location-quotients-explained.htm|url-status=live}}</ref>)
{| class="wikitable"
|-
|'''Industry'''
|'''Los Angeles–Long Beach–Anaheim, CA MSA'''
|-
|'''NAICS 99 Unclassified'''
|2.46
|-
|'''NAICS 51 Information'''
|1.88
|-
|'''NAICS 71 Arts, entertainment, and recreation'''
|1.36
|-
|'''NAICS 53 Real estate and rental and leasing'''
|1.29
|-
|'''NAICS 42 Wholesale trade'''
|1.21
|-
|'''NAICS 61 Educational services'''
|1.13
|-
|'''NAICS 54 Professional and technical services'''
|1.11
|-
|'''NAICS 56 Administrative and waste services'''
|1.06
|-
|'''NAICS 81 Other services, except public administration'''
|1.04
|-
|'''NAICS 31–33 Manufacturing'''
|1
|-
|'''NAICS 62 Health care and social assistance'''
|1
|-
|'''NAICS 72 Accommodation and food services'''
|1
|-
|'''NAICS 55 Management of companies and enterprises'''
|0.95
|-
|'''NAICS 48–49 Transportation and warehousing'''
|0.88
|-
|'''NAICS 52 Finance and insurance'''
|0.86
|-
|'''NAICS 44–45 Retail trade'''
|0.85
|-
|'''NAICS 23 Construction'''
|0.76
|-
|'''NAICS 22 Utilities'''
|0.65
|-
|'''NAICS 11 Agriculture, forestry, fishing and hunting'''
|0.15
|-
|'''NAICS 21 Mining, quarrying, and oil and gas extraction'''
|0.15
|}