L.A. County poised for full economic recovery, study says

The economy of Los Angeles County is rebounding with signs pointing to a full recovery, according to one report.

That is good news for California as a whole, since L.A. County alone contributes more than a quarter of the state’s total economic output, or gross domestic product, according to a report by the National Assn. of Counties.

The study took a look at local economies around the nation on a county level by tracking the performance of some 3,069 counties through four indicators -- economic output, employment, the jobless rate and home prices.

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Larger counties such as Los Angeles -- which comprise only about 4% of all county economies in the country -- contributed around 58% of total output growth and jobs gained in recent years, the report found.

In 2013, Los Angeles County’s economic output surpassed pre-recession levels, thanks in large part to better-paying industries such as business and telecom services, the report said.

However, the service industry continues to dominate the county’s economy: almost 75% of the workforce is employed in this industry, the report says. The real estate industry and business services are also big drivers, delivering nearly a third of the area’s output.

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A rebounding housing market and improved country budget also point to an economy that is not only on the mend but also one that could see accelerated growth, the report said.

Economic recovery was seen across all regions, with many counties reporting at least modest growth in output, jobs and house prices.

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