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California | REGIONAL ECONOMY

Survey Is Bullish on South Bay Job Outlook

October 26, 2000|STEPHEN GREGORY | SPECIAL TO THE TIMES

The South Bay region of Los Angeles County is expected to add 8,400 new jobs by the end of this year and 8,000 more by the close of 2001, affecting a wide swath of business sectors, according to a local economic forecast released Wednesday.

The total number of jobs in the 15-city region is expected to reach 440,600 next year, constituting a 15% increase since 1995, the report said.

The survey, compiled by the Los Angeles Economic Development Corp., found that the service sector--made up of business, professional and health service companies--is the South Bay's largest employer this year, accounting for an average of 152,500 jobs. The retail sector came in second with 74,600 jobs, and manufacturing was third with 71,100.

The manufacturing sector continues to lag behind its 1991 employment average of 112,700 largely because of the decline of the local aerospace industry.

However, the report noted steady growth in the transportation sector because of the South Bay's proximity to major international trade gateways such as the ports of Long Beach and Los Angeles and Los Angeles International Airport.

In addition, the report projected that retail sales in the region would total roughly $7.1 billion this year, a jump of more than 9% over 1999.

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