TV And Film Production Will Take Lead Role In L.A.'s Economic Recovery, According To LAEDC Report

July 30, 2010

Source: Shoot

The Los Angeles County Economic Development Corporation (LAEDC) projects the U.S. economy will grow by 3.1 percent in 2010 and by 2.9 percent in 2011 after contracting by 2.4 percent in 2009.

In its latest report, the LAEDC also anticipates that employment will grow through year end 2010, and the nation's unemployment rate will decline slowly, reaching the nine percent range by the end of 2011.

According to the "2010-2011 Economic Forecast and Industry Outlook: Mid-Year Update" report produced by the LAEDC's Kyser Center for Economic Research, California's recovery will be led by tourism, international trade, technology, and television and film production.

The region's famed motion picture/television production industry got off to a good start this year as well. Domestic box office receipts were up strongly over the year, the state film production incentive plan (which does not apply to commercials) gained traction, and television networks, both broadcast and cable, produced a number of pilots and series.

Jobs in the entertainment industry started to rebound at the end of 2009, and for 2010, an increase of 16,900 jobs is estimated in the motion picture and sound recording sector in Los Angeles County.

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