Economy
Further information: Los Angeles County Economy See also: Los Angeles Chamber of CommerceThe economy of Los Angeles is driven by international trade, entertainment (television, motion pictures, video games, recorded music), aerospace, technology, petroleum, fashion, apparel, and tourism. Los Angeles is also the largest manufacturing center in the western United States. The contiguous ports of Los Angeles and Long Beach together comprise the fifth-busiest port in the world and the most significant port in the Western Hemisphere and is vital to trade within the Pacific Rim. Other significant industries include media production, finance, telecommunications, law, healthcare, and transportation. The Los Angeles–Long Beach–Santa Ana metropolitan statistical area (MSA) has a gross metropolitan product (GMP) of $735.7 billion (as of 2010), making it the third largest economic center in the world, after the Greater Tokyo Area and the New York-Newark-Bridgeport CSA. If counted as a country, the surrounding CSA has the 15th largest economy in the world in terms of nominal GDP. Los Angeles has been classified an "Alpha world city" according to a 2010 study by a research group at Loughborough University in England.
The city is home to six Fortune 500 companies. They are energy company Occidental Petroleum, healthcare provider Health Net, metals distributor Reliance Steel & Aluminum, engineering firm AECOM, real estate group CBRE Group and builder Tutor Perini.
Other companies headquartered in Los Angeles include California Pizza Kitchen, Capital Group, Capstone Turbine, The Cheesecake Factory, Cathay Bank, City National Bank, The Coffee Bean & Tea Leaf, DeviantArt, Far East National Bank, Farmers Insurance Group, Fox Entertainment Group, Gibson, Dunn & Crutcher, Guess?, Hanmi Bank, Herbalife, J2 Global Communications, The Jim Henson Company, KB Home, Korn/Ferry, Latham & Watkins, Mercury Insurance Group, Oaktree Capital Management, O’Melveny & Myers, Pabst Brewing Company, Paul, Hastings, Janofsky & Walker, Premier America, Premiere Radio Networks, Rentech, Sunkist, The TCW Group, Tokyopop, Triton Media Group, United Online, and VCA Antech.
The metropolitan area is home to the headquarters of many companies who moved outside of the city of Los Angeles to escape its high taxes and high crime rate while keeping the benefits of remaining in close proximity. For example, Los Angeles charges a gross receipts tax based on a percentage of business revenue, while many neighboring cities charge only small flat fees.
The University of Southern California (USC) is the city's largest private sector employer and contributes $4 billion annually to the local economy.
According to the city's 2010 Comprehensive Annual Financial Report, the top ten employers in the city as of 2009 are, in descending order, the City of Los Angeles, the County of Los Angeles, University of California, Los Angeles, University of Southern California, Cedars-Sinai Medical Center, Kaiser Permanente, Fox Entertainment Group, Farmers Insurance Group, TeamOne,and Northrop Grumman.
Read more about this topic: Los Angeles
Famous quotes containing the word economy:
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)