the PRIVATE BANK of CALIFORNIA

LAEDC's Mid-Year Economic Forecast

"Innovation Thrives in Los Angeles County"

08.03.12

The Los Angeles Economic Development Corporation's (LAEDC) Mid-Year Economic Forecast seminar was held last week in Downtown Los Angeles.  This year’s theme was ‘Innovation Thrives in Los Angeles County’ and was moderated by the award-winning broadcast journalist, Frank Mottek of KNX 1070 Newsradio.  Innovation plays an important role in enhancing the economic competitiveness of Southern California and this seminar shed light on LAEDC’s annual forecast of local, state, national, and global economies.  The report was produced by LAEDC’s Kyser Center for Economic Research, led by Chief Economist Dr. Robert Kleinhenz.  An expert panel joined Dr. Kleinhenz to present the comprehensive update, including Kimberly Ritter-Martinez, Associate Economist for the Kyser Center and editor of LAEDC’s weekly economic newsletter, as well as Gwynne Shotwell, President of SpaceX, Will Pomerantz Vice President Special Projects for Virgin Galactic, and Dr. Bruce Chelsey, Director of Advanced Space & Intelligence Systems for a unit of Boeing Phantom Works. 

Aerospace is a major industry in Southern California and Los Angeles is the center for innovation as our national space program transfers from the public to the private sector.  Shotwell, Pomerantz, and Dr. Chelsey are leaders in aerospace and discussed how they are transforming the aerospace and space travel industries and launching them to new heights.  Additional Southern California industries of importance, that were discussed, are financial services, business and professional management services, and motion picture/TV production.

The Private Bank of California would like to extend its appreciation to LAEDC for continuing to produce the Mid-Year Economic Forecast.  Their annual report keeps The Bank and other local businesses up-to-date, enabling the community to maintain its focus on innovation.  For more information on the Los Angeles Economic Development Corporation visit LAEDC.org.