LAEDC 2002 Economic Forecast: Mostly Bright
The outlook for the remainder of 2002 is growing brighter, according to a report on international trade trends recently released by the Los Angeles County Economic Development Corp. [LAEDC].
According to that report, the total value of international trade through the LA Customs District should increase by 3.6 percent in the coming months.
“The economies of the U.S. and other developed nations are in a modest recovery mode and the U.S. dollar is weakening, which is good news for exporters,” said Jack Kyser, chief economist at the LAEDC.
Not all of the news is good news, however. The report predicts that the total value of international trade will still fall short of the record set in 2000 and that the impending expiration of the longshoremen’s contract could negatively impact the economy.
“The situation is more confrontational than usual, and there could be a strike,” said Kyser. “While some people expect this to devastate the local economy, such an event would have national economic implications.”
Another indicator of the potential improvement is found in the increase of inquiries coming into the World Trade Center Association of Los Angeles/Long Beach, according to Barry Sedlik, that organization’s chief executive officer.
“We’re seeing an increase in our TradeMatch program activity of foreign companies looking to find U.S. partners, especially in the region,” said Sedlik. “This is more good news for local businesses and the Southern California economy.”
The LAEDC is a not-for-profit business association whose goal is the retention and creation of jobs and economic bases in Los Angeles County. —Darryl James
