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No Oscar for the Gloomy Motion Picture Industry Due to Labor Issues and Runaway Production and International Trade Has Some Risk, Says New LAEDC Forecast & Industry Outlook -- Job Growth and Commercial Real Estate Are Hot

No Oscar for the Gloomy Motion Picture Industry Due to Labor Issues and Runaway Production and International Trade Has Some Risk

LOS ANGELES, CA -- (MARKET WIRE) -- 02/21/07 -- Several key industries such as motion picture/TV production and international trade may be at risk, according to the 2007-08 Economic Forecast and Industry Outlook report released today (Wed., Feb. 21, 2007), by the Los Angeles County Economic Development Corporation. The Economic Forecast event and panel discussion is being held at 8:00 a.m. - 12:00 p.m. at the Marriott, downtown Los Angeles.

"The 2007-2008 outlook for the Southern California economy is somewhat 'Goldilock-ish,' as six of the region's basic industries have good growth prospects. However, there will still be a drag from the housing market, while two of the region's signature industries could encounter some rough going," said Jack Kyser, Chief Economist for the Los Angeles County Economic Development Corporation, at the organization's Economic Forecast conference.

By the end of 2007, the overall housing industry will have stabilized, but some areas in Southern California will take a little longer to heal. "And don't expect a return to the go-go price increase days," cautioned Kyser. The LAEDC Forecast noted that employment in construction and real estate related industries would decline in 2007.

Some of the highlights of the LAEDC's 2007-2008 Forecast:

--  Employment in Los Angeles County's motion picture production industry
    could rise by 4,500 jobs in 2007 and then drop by 2,000 jobs in 2008,
    reflecting possible labor disruptions.

--  International trade in the region will move to new high levels of
    activity, with container volume at the ports of Long Beach and Los Angeles
    up by 10.5 percent to 17.4 million TEUs, while two-way trade value at the
    Los Angeles Customs District should increase by 13.9 percent to $373.8
    billion.

--  The number of overnight visitors to Los Angeles County should increase
    by 0.4 percent to 25.3 million people, while Orange County should also see
    a 0.4 percent gain to 45.3 million people. Highlights for this industry
    include the opening of the Nokia Theater in Downtown Los Angeles by year-
    end 2007, while Anaheim will host "Pow Wow," a major tourism industry
    travel show, in April.
    

The 2007-08 Economic Forecast and Industry Outlook report is posted at: www.MayoCommunications.com/home.htm or http://www.laedc.org/reports/Forecast-2007-02.pdf.

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