Photo: A home for sale in Arcadia, Calif., that had a listing price of $849,000. A report released by Loyola Marymount University said 83 percent of Los Angeles County residents surveyed believe the majority of people in their city/area can't afford a home there.
California will continue to add jobs in 2014, growing its employment base by 2.1 percent from last year, according to a new economic report released Tuesday.
The report, called 'Forecast LA', said the state is moving in the right direction, already adding more than two thirds of nearly 1.4 million jobs lost during the Great Recession. The report was produced through a partnership between Loyola Marymount University and Beacon Economics.
“Today, the fundamentals (of California’s economy) have improved,” said Christopher Thornberg, a founding partner at Beacon Economics. “They are very much looking up.”
The state added jobs last year in areas like leisure and hospitality, construction and management, according to Forecast LA. Tourism picked up in the state, reaching more than 42 million visitors last year in Los Angeles—setting a new record. Hotels in L.A. had a 77 percent occupancy rate from September to November 2013, compared to the same period a year earlier, according to the forecast.
Robert Downey Jr. as Tony Stark in "Iron Man 3." Customers can buy "Iron Man 3" and other movies on the app, Disney Movies Anywhere.
Good morning! Welcome to KPCC's business blog, The Breakdown. Every weekday, KPCC compiles a list of interesting business stories in the region.
- Broadcast networks filed brief to the Supreme Court on Aereo’s ‘direct assault’ on their business. When customers sign up to access network TV programming using the online service Aereo, they're not paying the fees that cable and broadcast networks rely on for revenue -- known as retransmission consent. Broadcast networks warn that if Aereo is deemed legal, they may not be able to make the same quantity or quality of programming for free, according to Capital New York.
- KPCC's AirTalk examined this issue. Listen to the segment here.
- Disney launches online movie service linked to iTunes. The app, called Disney Movies Anywhere, lets users download hundreds of movies from Iron Man 3 to Beauty and the Beast for Apple devices, according to the Wall Street Journal. Many entertainment companies distribute the digital version of their movies through Ultraviolet, which doesn't work with iTunes, according to the WSJ.
- No doubt, the app will add to Disney's growing profits. KPCC reported that the company's net income rose 33 percent to $1.8 billion in its first quarter.
THOMAS KIENZLE/AFP/Getty Images
Good morning! Welcome to KPCC's business blog, The Breakdown. Every weekday, we compile a list of interesting business stories from the region.
- California's inland economies are not recovering as well as those of coastal communities, in part because of a weak manufacturing sector, according to the Press-Enterprise. KPCC covered this issue earlier when the UCLA Anderson Forecast was released in September.
- KPCC told you last summer of Mercedes-Benz USA's agreement to rent a former Boeing facility in Long Beach, but at that time, the company was mum on what it planned to do with the space. The Orange County Register reports the space will be used as Mercedes-Benz's regional office in the western U.S., a training center and vehicle preparation facility.
- Many news organizations from the Washington Post to the New York Times poured money into creating video departments, but Politico reports those efforts haven't paid off. There's been a move toward "brief video packages" instead of live programming, according to Politico.
- The pullback from live programming has also been seen in Southern California. U-T San Diego says it is moving its television station away from cable broadcasting and to digital only. That's less than two years after its the programming launched.
- Here's another update on Tribune Co., the corporate parent of the Los Angeles Times. An activist hedge fund is urging Tribune sell some of its properties, including its real estate holdings and spectrum, according to the Wall Street Journal.
- Remember when smart phones didn't exist and you used to dial 777-FILM to check when a movie was playing near you? Well, that phone number under Moviefone is going away this spring, according to Variety. Customers are being encouraged to download the Moviefone app, Variety said.
Coffee lovers converged on downtown Los Angeles over the weekend for the western region competition of the US Coffee Championships. Coffee makers talked of L.A.'s surge into the top ranks of cities with specialty coffee markets.
"Big Western" attracts top brewers and baristas from everywhere west of the Rockies hoping to advance to national and world competitions.
The competition changes cities from year to year. It came to Los Angeles at a pivotal moment for the local industry.
"We’re in the middle of a coffee renaissance here in Los Angeles," said Peter Giuliano, senior director of the Specialty Coffee Association of America. "Right now, it’s a really exciting time. Coffee shops are popping up in Culver City and Venice that are some of the most extraordinary coffee shops in the world."
"I've had successes and failures,and taking chances and ambition has played a big part in all of it" said Harvey Weinstein at the announcement of Blackstone's Launchpad program for entrepreneurs in college. "I think there's nothing more important that mentorship."
The Blackstone Charitable Foundation announced Friday that it is bringing its entrepreneurship program for college students to Southern California.
The charitable arm of private equity firm and investment bank the Blackstone Group is making a grant of $3.5 million to establish its "LaunchPad" program on the campuses of UCLA, USC, and UC Irvine. The Los Angeles County Economic Development Corporation (LAEDC) will manage the program.
The LaunchPad program was developed at the University of Miami. Blackstone replicated and implemented the first Blackstone LaunchPad on two campuses in Michigan in 2010. The program was then expanded to campuses in Ohio, Pennsylvania, Central Florida and Montana. The aim is to help students interested in starting their own companies with entrepreneurial training and a network of "venture coaches."