I would like to review some statistics that might indicate the economic health of Hollywood. This research is purely because I am curious and want to know the truth. I'm sharing it with you because writing for just myself is boring.
First, let us review the Unemployment rate for Los Angeles County, CA.
- Unemployment Rate in Los Angeles County, CA -
In this 30 year chart we can see that the unemployment rate in Los Angeles County is historically low for now. It could be that people have given up working though. So let's check the labor force statistics.
- Civilian Labor Force in Los Angeles County, CA -
Here we can see that the labor force of Los Angeles County has been steadily growing even throughout the 2008 recession. What's interesting here is that post covid, the number of workers dropped from 5.3 million and only recovered to about 5 million even to this day. Los Angeles has essentially reverted back to where it was in 2015, and there seems to be no growth.
- Resident Population in Los Angeles County, CA -
We can see in this 50 year graph that the population of Los Angeles County peaked in 2017 at 10.1 million people, but the growth rate has been slowly declining since 2005 dropping to 9.6 million at the last data point in 2023 on this graph. Is this evidence that Los Angeles actually peaked in 2005?
- Housing Cost -
Here we can see the cost of housing has not cooled at all and continues to move upward.