Los Angeles is the most famous city in California having a population of about 3.8 million. This number can give a view about its economy. Everything that is required for an economy to flourish is gifted to the country. A better climate, infrastructure, people, institutions and knowledge are all that Los Angeles is gifted with. Therefore, it is a world center for many areas, be it business, international trade, culture, education, science and technology. It is the second most populous city in the United States. The economy of Los Angeles is famous for having the largest manufacturing center in the western United States. The economy of Los Angeles was once known as the developed economy however we now see that times have changed and not it is continuously struggling to be in the line of other developed economies.
In the manufacturing center, the largest components include apparel, computer transportation and electronic products. The preceding few years has seen an extensive expansion. After fashion apparel, steel fabrication is the second most famous industry in Los Angeles. Los Angeles is known as the third largest economic center due to the presence of the Los Angeles long beach riverside. One of the largest finance and banking industry is also present in Los Angeles. When it comes to banking industry a numerous foreign and domestic branches of the banks operate in this city along with many financial law firms and investment banks.
The economy of Los Angeles is also gifted with best known entertainment industry in the form of films, television and music production. Also a careful attention is given to the development of the city. Together this makes the city an attractive destination for tourism which further adds to the betterment of its economy.
There are many companies who have moved outside the city just to get the benefits of tax exemption or let's say avoid giving the taxes to the government but still their headquarters are located in this city in order to keep the benefits of proximity to many other areas. If we look for employment, we can see that while the companies in other countries are doing layoffs, in this city one can still find a lot of employment opportunities. The city offers a diversity of employment opportunities with a wide range of skills. Not just the domestic employees are available but also the immigrants are available there in the city that provides a steady source of labor. Due to the availability of diverse skilled labor and such large number of immigrants, the urban region has now achieved a new ethnic as well as cultural diversity in its labor force.
Average hourly earnings of the workers who are employed in the manufacturing sector can earn up to $18.67 which also shows that the economy of this city is better than many other economies and people enjoy a better standard of living over here. Many steps has been taken by the government to further develop the economy of the city and still further considerations are there that are under process.