Entertainment Industry Contributes $47 Billion to Los Angeles Economy

Image: evansdist.com

The entertainment industry in Los Angeles County contributes an incredible $47 billion in to the local economy, according to the chief economist with the Los Angeles County Economic Development Corp.

Blockbuster films, reality TV, hit sitcoms, red carpets, celebrities and more are all a part of the allure of Los Angeles for many. Robert Kleinhenz, the chief economist with the Los Angeles County Economic Development Corp. recently spoke to the Los Angeles Times about a study that found the total sum that the entertainment industry contributes to the Los Angeles local economy to be $47 billion.

Kleinhenz told the LA Times that its obvious that the entertainment industry “looms large on the world stage and that L.A. is the entertainment capital of the world”, however, they were curious to find out just how big the industry really is.

“This study was an effort to evaluate the size of the entertainment industry and to measure its impact on the L.A. economy in terms of jobs, income and taxes,” said Kleinhenz.

The study found that the “entertainment industry in L.A. County remains a focal point for the industry around the world, and is also a significant contributor to the local economy. It’s an industry that accounts for not just 162,000 wage and salary jobs, but another 85,000 jobs for freelancers and independent contractors”. When accounting for the industry’s “ripple effect” (caterers, florists, etc.), Kleinhenz concluded that, in total, the industry had an “annual output of $47 billion in 2011” and supported 586,000 jobs.

Like Haute Living Los Angeles? Join our Facebook page or follow us on Twitter @HauteLivingLA. Want Haute Living Los Angeles delivered to your inbox once a week? Sign up for our newsletter.