5-Year Strategic Plan for Economic Development

JobsJobsIntent on job creation, the Board of Supervisors is looking into implementing the 2016-2020 Los Angeles County Strategic Plan for Economic Development.

Crafted by the L.A. County Economic Development Corporation (LAEDC), the plan identifies seven goals, 30 objectives and more than 100 strategies over the next five years to increase the County’s overall prosperity and improve its residents’ standard of living.

“This is a blueprint for ensuring the long-term health and growth of our regional economy,” said Supervisor Mark Ridley-Thomas, who coauthored a motion with Board Chair Hilda Solis to create an Economic Development Policy Committee that would analyze the plan.

“The next step is ensuring that the plan is a living document with a commitment to implementation and to measuring success,” Supervisor Ridley-Thomas added. “The County looks forward to working with LAEDC to ensure that this is accomplished and that all residents reap the benefits.”

The plan was crafted with significant public input derived from public meetings and surveys. It listed the following goals for the County:

  • Invest in our people to provide greater opportunity
  • Strengthen our leading export-oriented industry clusters
  • Accelerate innovation and entrepreneurship
  • Be more business-friendly
  • Remove barriers to critical infrastructure development, financing and delivery
  • Increase global connectedness
  • Build more livable communities.

“If we want more jobs throughout the County that pay fair wages, then we all have to make concerted efforts to encourage more economic development,” Board Chair Solis said. “We must think strategically in how we use our resources and we need to also work more closely with community partners to achieve progress this year.”

“The Strategic Plan serves as a blueprint to help our region navigate the unprecedented changes in our economy, as the information age impacts the types of jobs and the job skills required,” LAEDC Chief Executive Officer Bill Allen said. “Through collaborative implementation, we have the opportunity to increase standards of living, and increase opportunity for more widely shared prosperity.”