Report: Downtown Is Benefiting From An Economic Renaissance

Downtown LA is booming. With multiple developments being built and planned and an increasing number of people moving downtown, the area has hit a renaissance, according to the Downtown Center BID (DCBID). Bisnow recently caught up with Carol Schatz, president and CEO of the Central City Association of LA and the DCBID, to talk about the report.

The DCBID recently conducted two surveys of people who work, live or simply visit downtown LA. Of those surveyed,

• 80% think downtown is moving in the right direction;
• 78% of the people who live downtown have a bachelor’s degree or higher and an average income of $98k;
• 62% of people who live and/or work downtown walk to work;
• 83% of downtown’s residents are passionate about where they live.

The enthusiasm is also adding up to a healthy bottom line, according to the survey. There has been a $29.1B increase in economic activity from spending on construction downtown since 1999, and a $24.8B net total assessed property value—a nearly 72% increase in a decade. That’s compared to 48% for LA as a whole.

Downtown has seen $28.9B in annual gross receipts, according to the survey, including increases in professional services, retail and accommodations and spending on food.

Schatz tells us people are excited about downtown especially given more than 700 new restaurants and shops as well as entertainment offerings.

The “many construction cranes across the skyline illustrate just how much more is still to come,” she says. Despite all the progress and new projects, downtown “has retained its historical buildings, its cultural venues, its eclectic neighborhoods, its diversity,” Carol says.

When it comes to downtown, Carol says it is imperative that part of the city takes “its rightful place as the heart of the city—and we have arrived.”