12/25/2023 0 Comments Silver screen productionAs oil prices climb and stay high due to global demand for a scarce resource, the city will have to find ways to provide cheaper, more mass transit to the kind of young professionals who provide the creative energy to power a major global city. ![]() Los Angeles imports much of its water and the United States imports much of the oil families need to drive around the super-sprawl of the city. At the same time, LA needs that money to manage a city that is very wide and very dry. Like much of California, the city is weathering a pension crisis that threatens to force cuts to major public services. Northrop Grumman and Boeing are two of the ten biggest private sector employers, with nearly 45,000 workers between the two of them.Īfter the housing mess clears up, the city's greatest challenge might be resources - financial and topographical. If entertainment is the soul of the city, finance, trade and aerospace are the muscle. Today Los Angeles is the third biggest city in the world, after New York and Tokyo, by total metro economy, and the sixth most powerful city in the world, according to the A.T. Even with new technologies gnawing at studio's bottom line, 2011 saw entertainment employment numbers rise to a ten-year high. Today, entertainment is the city's largest cluster, employing 160,000 workers and drawing millions of tourists to the region each year to gawk at the hills and boulevards made famous by the legacy of Hollywood. One was Los Angeles.ĭespite all this, LA is indubitably one of the most powerful cities in the world, in no small part thanks to the industry kicked off by Cecil B. Of America's 30 largest metros, only five actually shrank in population. The city's unemployment rate was 11.4%, higher than any major U.S. ![]() In 2011, one-quarter of LA's homes were in negative equity, as the foreclosure crisis swept right through southern California. One century later, California bet on another industry famous for slick agents, tragic story-lines, and computer-generated illusions.
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