A Dynamic and Diverse Economy
Industry and Commerce in Hollywood California—
The southern California region is known for it's diverse commercial and industrial activities ranging from manufacturing, agriculture, banking, finance, to crafts and fashion such as the production of jewelry, toys, movies, music, and clothing. The city of Los Angeles serves as the heart of industry and commerce in the region. It has been known almost from its founding as the pioneer of new entrepreneurial skills, ideas and new products.
Great infrastructure, the people, institutions of knowledge and great climate has led Los Angeles to be a leading city in terms of business, culture, and trade. This city has been branded as the creative center of the 21st century. It is the largest retail market in the United States, a major financial and banking center and the largest manufacturing hub on the West Coast, which is among one of the world’s busiest ports.
Recently, an economic expansion has been witnessed in Hollywood California, with the economy moving from the traditional norm of manufacturing, entertainment, and aerospace to a more dynamic and diversified multi-tiered economy. This was made possible by a good access to the world market.
Major Economic Activities in Hollywood California—
Entertainment is the largest industry in Los Angeles employing hundreds of thousands of people. The entertainment industry is driven by Hollywood motion pictures, video games, television, music recording, and production. It is the backbone of the United States’ film and television industries hosting major production houses such as Disney studios, Universal, Paramount Pictures, 20th-century fox and Warner Brothers production house among others. All these combine efforts in the production of movies and music which are watched and listened all over the world.
Hollywood’s walk of fame which honors iconic celebrities in the USA is also located here and acts as a tourist attraction center bringing in millions of dollars annually. The entertainment industry in the county of Los Angeles is said to bring in more than double the revenue accrued from all private sectors of California combined.
Steel fabrication is the second greatest income contributor in the Los Angeles economy. Followed closely by the clothing and fashion industry. Los Angeles is also a leading automobile manufacturer in the US falling closely behind Detroit. LA has the highest number of vehicles per capita according to studies. Leading vehicle manufacturers including Chevrolet, Toyota, Ford, Chrysler, Nissan, Mazda, and Honda have design centers and showrooms located in the city.
In terms of tonnage and goods handled Los Angeles is one of the United States’ ports. Its proximity to the major Pacific manufacturing countries such as S. Korea, Japan, and Taiwan coupled with its easy access by air and rail has greatly contributed to the port's growth.
Manufacturing of heavy agricultural machinery, ceramics, glass, petroleum and chemical products, cement products, furniture and fixtures mining, and oil industries among others greatly contribute to the Los Angeles economy.
Banking and financial services in Hollywood California are also one of the greatest in the United States. Investment banks, law firms and multiple international and domestic banks operate in Los Angeles. Also, other industries of great importance in the city’s economy include education, health, tourism, research and development and real estate development.
From the above activities it suffices to say, the Hollywood California economy is one of the most dynamic and diverse economies of the 21st century.