The Los Angeles County Economic Development Corporation (LAEDC) Kyser Center for Economic Research released its 2013 forecast for the U.S., California, and the Southern California region on Wednesday.
Overall, the outlook for L.A. County is good, with the region continuing to recover from the Great Recession and outpace the nation as a whole. Employment will take several more years to recover to the 2007 peak, but the trends are pointing in the right direction.
For one group — entrepreneurs — LAEDC's forecast will be particularly exciting.
The Kyser Center's economists anticipate that Silicon Beach, the cluster of high-tech startups on L.A.'s westside, will continue to expand as "Silicon Valley companies seek to capitalize on the presence of creative content here in Los Angeles."
Now, one could complain the Silicon Beach doesn't need Silicon Valley — that L.A.'s tech scene is gaining momentum on its own. But that would be shortsighted.
Increasingly, Silicon Valley is figuring out that it needs to establish a stronger footprint in L.A. because the technology platforms being built in Northern California require the high-quality content made in Southern California.
Silicon Beach's identity has up to this point been fragmented, but as the connection between Hollywood and Silicon Valley becomes more intense and contentious, it only makes sense that L.A. tech entrepreneurship will be entertainment flavored.
The LAEDC also anticipates that venture capitalists will be attracted to this development.