Paramount 21st Century Threat Meets Critical Workforce Demand

$15.4 million – Average cost to a company from a cybercrime

100 million – Number of Cyberattacks directed at Los Angeles City government departments

209,000 – Cybersecurity jobs in the U.S. that are unfilled

FF Cyber Security

On December 14th, the LAEDC will host its seminal series, Future Forum, where Cyber Security will be the issue in focus. In the last five years we have seen a serious uptick in cyber attacks – in all its manifestations – across wide swaths of key industry clusters, from entertainment, defensegovernment, retail, transportation, and financial and insurance services. Even politics is not off limits to cyber attacks as demonstrated by the Presidential election when news broke that the Democratic National Committee was infiltrated by malware planted by two Russian hacking crews. The impact and consequences of a cyber attack have never been more concerning. For Los Angeles, a region that encompasses many leading industries, universities, businesses, and vital access points for national and international trade, securing these assets and infrastructure has never been more paramount.

But what methodologies and best practices exist to counter the cyber threat? How do public and private sector organizations prepare their workforce for an ever-evolving threat? What is the current state of job growth and employment demand for IT and cyber security professionals?

Research and data from the Bureau of Labor Statistics to well-respected global information security and management firms such as CISCO and Kaspersky Lab, indicate significant job growth and in-demand positions by both public and private sector employers for this burgeoning field of information technology. The federal government, in its Cybersecurity National Action Plan, budgeted more than $62 million for cyber security personnel and recruitment of the next generation cybersecurity workforce through the following incentives:

  • National Initiative for Cybersecurity Education
  • Expansion of the Scholarship for Service program
  • Establishing a CyberCorps Reserve
  • Development of a Cybersecurity Core Curriculum
  • Increasing and bolstering investment in, participating universities in the National Centers for Academic Excellence in Cybersecurity Program
  • Enhancing student loan forgiveness programs for cybersecurity experts joining the Federal workforce

As a region, Southern California is well-positioned to heed the call by federal government employers as our region is home to many leading colleges and universities including four which are accredited as National Centers for Academic Excellence by the Department of Homeland Security and the National Security Agency: Cal Poly Pomona, CSU San Bernardino, CSU Dominguez Hills, and UC Irvine. 

Future Forum on Cyber Security, while serious in topic, presents the ideal opportunity to gather key stakeholders, students, and public and private sector professionals from throughout LA County to come together to discuss how best we can combat the cyber threat and be at the cusp of innovative cybersecurity tactics and best practices. 

SCAG Summit includes LAEDC Economic Update for L.A. County

scag-econ-update-coverAn economic update for L.A. County has been published, including updates on growing industries and occupations, providing an objective look at the jobs created since the Great Recession.  The report identifies the importance of fostering job growth in our region’s export-oriented industries where we have regional competitive advantage, such as aerospace, entertainment and digital media, bioscience, advanced teransportation and others.  The report also notes our current trajectory, which includes a high percentage of job growth in low-paying occupations, which is a stark reminder of the importance of focused economic development to create better paying jobs that are critical to raising standards of living for L.A .County.

The report is part of a group of reports published by Southern California Association of Governments (SCAG), and SCAG generously commissioned the report as part of it’s Seventh Annual Southern California Economic Summit, which took place on Dec 1st, 2016.

Read the Report HERE. 

Read media coverage HERE.

Report: Foreign Direct Investment in SoCal

Today, LAEDC affiliate World Trade Center LA released a report on the role of Foreign Direct Investment in the Southern California region.

Read the report HERE

Read media coverage:

LA Daily News:  What growing global trade means for Los Angeles area businesses

KPCC:  Which country invests most in LA? The answer might surprise you

FDI cover

WTCLA Report: Foreign Direct Investment Plays Significant Role in SoCal

 LOS ANGELES, CA – (June 17, 2016) Today, at the SELECT LA Investment Summit, the World Trade Center Los Angeles (WTCLA) published a new report on the impact of Foreign Direct Investment (FDI) to the Southern California (SoCal) economy, revealing the number of foreign-owned establishments in the region and the jobs created by those employers, and ranking countries based on investment levels in the SoCal region.

The report, sponsored by Chair of L.A. County Board of Supervisors Hilda L. Solis in collaboration with JPMorgan Chase and other firms, underscores the tremendous amount of international connections that are essential to economic activities and jobs here in SoCal and L.A. County.  The research was conducted by WTCLA affiliate LAEDC.

Findings of the report include:

  • There are 9,105 foreign owned firms in SoCal, which directly employ 366,415 people, who receive estimated wages of $23.6 billion/yr. The economic impact of this activity sustains 8.1% of all jobs in SoCal (direct, indirect, and induced jobs).
  • Manufacturing is the sector in which foreign owned firms employ the most workers in SoCal, with 116,721 workers, providing $6.8 billion in estimated wages.
  • Foreign-owned enterprises in SoCal most commonly originate from 1) Japan with 2,440 firms and 79,421 jobs, 2) United Kingdom with 1,145 firms and 54,910 jobs, and 3) Germany with 825 firms and 32,594 jobs.
  • Over the period of study, China was a relatively minor source of investment in SoCal until 2013 and 2014, years when investment rose dramatically to $1.1 billion and $1.5 billion, respectively. A. County received the bulk of that investment.
  • In 2015, California had the most foreign investment “greenfield” projects of any state in the U.S., with 230 projects. New York ranked second (192) and Texas ranked third (147).  In terms of total project value, California ranked fourth ($4 billion), with New York ranked first ($8.8 billion).
  • Foreign investments in “greenfield” projects in SoCal totaled more than $29 billion from 2003-2015.
  • The report also isolates the data specifically for the counties of Los Angeles, Orange, San Diego, San Bernardino, Riverside, and Ventura.

“In this global economy, the L.A. region is uniquely suited and appealing to foreign investors,” said Supervisor Solis. “Our draw combined with our international connections result in jobs and economic opportunity that provide benefits locally and throughout Southern California.”

As part of its commitment to foreign-direct investment in the region, JPMorgan Chase contributed $230,000 to WTCLA today to advance this effort.

“It’s eye opening to learn there are almost 10,000 foreign-owned firms in SoCal, employing more than a quarter of a million people,” said Joni Topper, Managing Director, JPMorgan Chase Commercial Bank Los Angeles. “Los Angeles is competing on a global stage and our competitors for jobs and investment are putting their best feet forward as regions, with solutions. We too must understand and embrace that when investment comes to Riverside and San Bernardino, to Ventura, or to Orange and San Diego Counties – Southern California benefits as a whole.“

The report release coincides with the 2016 SELECT LA Investment Summit, hosted by LAEDC affiliate World Trade Center Los Angeles.

In addition to the FDI report, WTCLA affiliate LAEDC also released its annual International Trade Outlook at SELECT LA.  For details, visit www.LAEDC.org.

About World Trade Center Los Angeles (WTCLA)

As the leading international trade service and promotion organization in the Los Angeles region, WTCLA supports the development of international trade and business opportunities through our business assistance, matchmaking and educational services, and promotes Los Angeles as the premier destination for international trade and foreign investment. WTCLA has led or assisted in the attraction of more than $1 billion of foreign investment into Los Angeles County. The WTCLA is an affiliate of the Los Angeles County Economic Development Corporation (LAEDC).  www.WTCLA.org

About the LAEDC

The Los Angeles County Economic Development Corporation (LAEDC) provides strategic economic development leadership to promote a globally competitive, prosperous and growing L.A. County economy to improve the health and wellbeing of our residents and communities and enable those residents to meet their basic human need for a job.  We achieve this through objective economic research and analysis, strategic assistance to government and business, and targeted public policy.  Our efforts are guided and supported by the expertise and counsel of our business, government and education members and partners.  www.LAEDC.org

Media Contact:   Lawren Markle / 213-236-4847 / [email protected]

Report: International Trade Outlook for Los Angeles region

LAEDC has released the 2016-2017 International Trade Outlook, providing and overview and forecast for this important industry in the Los Angeles region.

Read the report HERE 

ITO coverRead media coverage:

LA Daily News:  What growing global trade means for Los Angeles area businesses

KPCC:  Which country invests most in LA? The answer might surprise you

This edition is the 11th Annual International Trade Outlook from LAEDC.  To learn more about this industry cluster visit LAEDC’s page HERE.

During 2016, LAEDC will also be producing an industry cluster report on the Trade and Logistics industry cluster of our region.

Report: Foreign Direct Investment in SoCal

Today, LAEDC affiliate World Trade Center LA released a report on the role of Foreign Direct Investment in the Southern California region.

Read the report HERE

Read media coverage:

LA Daily News:  What growing global trade means for Los Angeles area businesses

KPCC:  Which country invests most in LA? The answer might surprise you

FDI cover

WTCLA Report: Foreign Direct Investment Plays Significant Role in SoCal

 LOS ANGELES, CA – (June 17, 2016) Today, at the SELECT LA Investment Summit, the World Trade Center Los Angeles (WTCLA) published a new report on the impact of Foreign Direct Investment (FDI) to the Southern California (SoCal) economy, revealing the number of foreign-owned establishments in the region and the jobs created by those employers, and ranking countries based on investment levels in the SoCal region.

The report, sponsored by Chair of L.A. County Board of Supervisors Hilda L. Solis in collaboration with JPMorgan Chase and other firms, underscores the tremendous amount of international connections that are essential to economic activities and jobs here in SoCal and L.A. County.  The research was conducted by WTCLA affiliate LAEDC.

Findings of the report include:

  • There are 9,105 foreign owned firms in SoCal, which directly employ 366,415 people, who receive estimated wages of $23.6 billion/yr. The economic impact of this activity sustains 8.1% of all jobs in SoCal (direct, indirect, and induced jobs).
  • Manufacturing is the sector in which foreign owned firms employ the most workers in SoCal, with 116,721 workers, providing $6.8 billion in estimated wages.
  • Foreign-owned enterprises in SoCal most commonly originate from 1) Japan with 2,440 firms and 79,421 jobs, 2) United Kingdom with 1,145 firms and 54,910 jobs, and 3) Germany with 825 firms and 32,594 jobs.
  • Over the period of study, China was a relatively minor source of investment in SoCal until 2013 and 2014, years when investment rose dramatically to $1.1 billion and $1.5 billion, respectively. A. County received the bulk of that investment.
  • In 2015, California had the most foreign investment “greenfield” projects of any state in the U.S., with 230 projects. New York ranked second (192) and Texas ranked third (147).  In terms of total project value, California ranked fourth ($4 billion), with New York ranked first ($8.8 billion).
  • Foreign investments in “greenfield” projects in SoCal totaled more than $29 billion from 2003-2015.
  • The report also isolates the data specifically for the counties of Los Angeles, Orange, San Diego, San Bernardino, Riverside, and Ventura.

“In this global economy, the L.A. region is uniquely suited and appealing to foreign investors,” said Supervisor Solis. “Our draw combined with our international connections result in jobs and economic opportunity that provide benefits locally and throughout Southern California.”

As part of its commitment to foreign-direct investment in the region, JPMorgan Chase contributed $230,000 to WTCLA today to advance this effort.

“It’s eye opening to learn there are almost 10,000 foreign-owned firms in SoCal, employing more than a quarter of a million people,” said Joni Topper, Managing Director, JPMorgan Chase Commercial Bank Los Angeles. “Los Angeles is competing on a global stage and our competitors for jobs and investment are putting their best feet forward as regions, with solutions. We too must understand and embrace that when investment comes to Riverside and San Bernardino, to Ventura, or to Orange and San Diego Counties – Southern California benefits as a whole.“

The report release coincides with the 2016 SELECT LA Investment Summit, hosted by LAEDC affiliate World Trade Center Los Angeles.

In addition to the FDI report, WTCLA affiliate LAEDC also released its annual International Trade Outlook at SELECT LA.  For details, visit www.LAEDC.org.

About World Trade Center Los Angeles (WTCLA)

As the leading international trade service and promotion organization in the Los Angeles region, WTCLA supports the development of international trade and business opportunities through our business assistance, matchmaking and educational services, and promotes Los Angeles as the premier destination for international trade and foreign investment. WTCLA has led or assisted in the attraction of more than $1 billion of foreign investment into Los Angeles County. The WTCLA is an affiliate of the Los Angeles County Economic Development Corporation (LAEDC).  www.WTCLA.org

About the LAEDC

The Los Angeles County Economic Development Corporation (LAEDC) provides strategic economic development leadership to promote a globally competitive, prosperous and growing L.A. County economy to improve the health and wellbeing of our residents and communities and enable those residents to meet their basic human need for a job.  We achieve this through objective economic research and analysis, strategic assistance to government and business, and targeted public policy.  Our efforts are guided and supported by the expertise and counsel of our business, government and education members and partners.  www.LAEDC.org

Media Contact:   Lawren Markle / 213-236-4847 / [email protected]

Report: International Trade Outlook for Los Angeles region

LAEDC has released the 2016-2017 International Trade Outlook, providing and overview and forecast for this important industry in the Los Angeles region.

Read the report HERE 

ITO coverRead media coverage:

LA Daily News:  What growing global trade means for Los Angeles area businesses

KPCC:  Which country invests most in LA? The answer might surprise you

This edition is the 11th Annual International Trade Outlook from LAEDC.  To learn more about this industry cluster visit LAEDC’s page HERE.

During 2016, LAEDC will also be producing an industry cluster report on the Trade and Logistics industry cluster of our region.

New LAEDC Research: People, Industries and Jobs details occupational forecasts and skills requirements

LAEDC’s Institute for Applied Economics has published the new 2016 People, Industry, and Jobs, an annual study on LA County’s workforce needs, occupational forecasts, and skills required by occupations, to provide workforce development intelligence as part of our ongoing partnership with our regional Workforce Development Boards (WDBs) and other education and workforce development partners.   Both the City of Los Angeles and Los Angeles County regions are detailed, and LAEDC would like to thank both County of L.A. and City of L.A. for their support.

To read the new 2016 People, Industry, and Jobs please click HERE

San Gabriel Valley Tribune – Report predicts LA County will add 346,000 jobs by 2020

Los Angeles Times – Most new jobs in L.A. County will be low-paying, report warns

KPCC – Forecast: LA County will add nearly 350,000 jobs over 5 years, but many won’t pay well

people cover

For those who wish to review the prior version
from 2015, please click HERE.

LAEDC Report Analyzes Industries and Jobs Forecasts for Los Angeles

 LOS ANGELES, CA – (June 1, 2016) Today, the Los Angeles County Economic Development Corporation (LAEDC) published the second edition of the annual report, People, Industries and Jobs.  The report provides occupational forecasts and industry growth forecasts for the region.  The research was conducted to inform workforce development efforts and identifies the skills requirements of projected job openings in the coming years.  The report offers findings for both the City of Los Angeles and County of Los Angeles, and was sponsored by the Workforce Development Boards (WDBs) of both the County and City of Los Angeles.

The report supports implementation of the Workforce Innovation and Opportunity Act of 2014 (WIOA) which requires WDBs to engage in a holistic and regionally cooperative approach to programs, so that workforce development is better aligned with economic development priorities, and indeed aligned with the specific occupations where job opportunity is likely to increase.

Findings of the report include:

  • Employment growth of 1.5 percent annually over the next five years is expected to add 346,100 jobs in Los Angeles County and 122,700 jobs in LA City, across a broad range of industry sectors.
  • The most competitive industries in L.A., in terms of regional concentration, include motion picture and sound recording, apparel manufacturing, performing arts and spectator sports, air transportation, and broadcasting.
  • Industry sectors with the highest projected growth rates (in percentage) are construction, professional and business services, education and health care services, and leisure and hospitality.
  • Industries forecast to create the most overall jobs are administrative and support services, food services, social assistance and professional and technical services.
  • Middle-skilled occupations (those requiring more than a high school credential but less than a bachelor’s degree) with the greatest hiring potential are registered nurses, teaching assistants, heavy and tractor-trailer truck drivers, nursing and medical assistants, and licensed practical/licensed vocational nurses (LPN/LVN).
  • Largest total job growth (new and replacement) is forecast in office and administrative occupations and food preparation and serving occupations, with 115,770 and 114,680 jobs respectively (in LA County). Those are also the largest occupational groups in the region now.
  • Occupations that provide the greatest overall quantity of job openings in the next five years generally require lower levels of education and training.

“The good news is that our region is adding jobs across most industries, and is expected to continue its expansion,” said Dr. Christine Cooper, LAEDC Senior Vice President and lead author of the report. “However, although we are seeing some job growth in high-paying industries, it is clear that not enough of our projected job gains are skilled, well-paying jobs that will support middle class incomes. We need to work together to change this trajectory, by fostering  job creation in our leading export-oriented industries, which tend to pay higher wages and strengthen regional prosperity overall.”

Industry Cluster growth strategies and workforce development strategies for the Los Angeles region are outlined in the 2016-2020 L.A. County Strategic Plan for Economic Development, which identifies key industries and lists steps our region can take collaboratively to foster growth of these industries and jobs, and ensure more of our residents can access those opportunities.

 

About the LAEDC

Established in 1981, the Los Angeles County Economic Development Corporation (LAEDC) provides strategic economic development leadership to promote a globally competitive, prosperous and growing L.A. County economy to improve the health and wellbeing of our residents and communities and enable those residents to meet their basic human need for a job.  We achieve this through objective economic research and analysis, strategic assistance to government and business, and targeted public policy.  Our efforts are guided and supported by the expertise and counsel of our business, government and education members and partners. Since 1996, the LAEDC’s Business Assistance team has directly helped to retain or attract over 200,000 annual jobs in Los Angeles County.  www.LAEDC.org

 

LAEDC Media Contact:   Lawren Markle / 213-236-4847 / Lawren.Markle@laedc.org

 

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