Los Angeles


Come … know the city of los angeles

Los Angeles, nicknamed 'The City of Angels' is the second largest city in the United States. The name Los Angeles has a Spanish origin where Los means 'The' in Spanish and Angeles mean 'Angels'. Historically this famous city was founded in 1781 by the then Spanish Governor Felipe de Neve. Today it is like every one's dream to be there at least once in his lifetime. Los Angeles has some famous streets whose names you can not fail to hear: Sunset Boulevard, that takes you from the ocean to downtown Los Angeles, Santa Monica Boulevard, the Rodeo drive and many others. It also has some famous neighborhoods like Beverly Hills, Malibu, Santa Monica and of course the absolutely-not-miss-able, the name that every one genetically knows 'Hollywood'. The list goes on …

Los Angeles is located in the southern part of the state of California and has a huge population of around 3.8 million according to the recent estimates. Today this city is the buzzword for glitz, glamour, media, art, business and economy. The racial mix in Los Angeles has one of the highest diversity in the world.

The population here has an explosive growth. People form various backgrounds and countries head to Los Angeles for name, fame and money. Owning to this intense diversity in the population, which is ever expanding with time, the languages ​​prevalent here is also diverse. Along with that, this shift and movement of people has a very deep reaching effect on the economy of any place. Due to a shell of glamor, glitz and fashion, the economy of Los Angeles may seem unaffected by and changes around it but benefit this shell even the city's economy is closely entwined with even the smallest of factors.

Economy of the city.

Southern California has always been the incubation pot for new and revolutionary ideas in the United States. So, you can already guess Los Angeles has been a seat of unparallel economic growth. It stands second in the volume and density of automobile industries after Detroit. Almost all the famous automobile companies have design centers located in Los Angeles. It is the largest Pacific port in United States and the doorway to international trade with developed Pacific cities such as Hong Kong and Taiwan. It has the largest airport on the pacific coast of United States. So, it must already be clear to you that the economy of Los Angeles is a symbol of America's prosperity.

There are many new commercial development projects that are either happening or are soon to be launched. The new network of all the transcontinental railway routes for trade and cargo will have Los Angeles as a final terminus. Biotech industries have started establishing new bases here along with the old ones they already had.

But beneath this high economic status of this city, the conditions of the people are a little different. The unemployment rate here is higher than the US average. Although many new jobs are generated in the field of Biotech, but other fields are facing effects of the recession. Cost of living is huge and the taxes are pretty high. The employment generation here is on a negative curve although it is expected to improve by 2012. The ever growing population is affecting the situation deeply.

New offices

But the growth in some sectors and the stimulus by the federal government is trying to make the situation better. New offices are being established. New massive real estate projects are coming up to accommodate new offices. The availability of office spaces had rise of about 15% to 20% in the last few years. The lease rates and the rental rates are higher than the country's median estimate. The lease rates vary with the neighborhood mostly within a range of $ 15 to $ 50 per sqft per year. The costs are very high in the high status neighborhoods like Beverly Hills.

The crime rate here is a little high about 7 on a scale of 1 to 10. But the Los Angeles Police Department is one of the best in US. They are there for the protection of the people. Along with that the beautiful Mediterranean climate makes it a perfect fashion, media, business as well as travel destination.

Source by Geoffer King