Jobless Rate in LA Hits 11-Year Low

LOS ANGELES-The county’s unemployment rate has dropped to an 11-year low of 5.2%, according to a new report by the California Employment Development Department, and the statewide jobless rate has fallen to an even lower 5%.

The report’s findings represent good news for commercial real estate investors across the Golden State and particularly those with LA-area projects. Though the national economy appears to be slowing, the state EDD figures indicate that California’s economy continues to boom—meaning retail sales should stay strong and owners of office or industrial projects shouldn’t have much trouble keeping their tenants in the months ahead.

The state’s rising employment rate should also help commercial investors find new tenants faster and perhaps institute a new round of rent hikes, analysts tell GlobeSt.com.

So far this year, the new report says, California’s job gains are averaging 39,900 a month. That’s more than 25% above last year’s level.