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Originally Posted by DistrictDirt
Agreed. Mid-western rust belt towns fell on hard times because their economies are built on one thing- manufacturing. Globalization and cheap imports killed these towns.
LA has manufacturing, but it also has a massive media sector. And tourism. And aerospace/defense. And in recent years is even catching up with SF in information technology. Like any global city, LA can take a hit in one or two sectors and still bounce back. Its eggs are in many baskets.
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Hmmm...anybody noticing the fact that Facebook and Google have recently opened up offices in Mar Vista and are trying to compete in the entertainment industry? LA is getting bigger in the tech industry due to its location. At the companies I've worked with, HR departments always comment that they can afford to pay employees less here than in Phoenix (yes, Phoenix) because people tend not to leave LA compared to other big cities. SF and NYC have much higher turnover as they are not family cities like Los Angeles is.
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