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View Poll Results: Is the Economy in California Getting Better?
Yes 13 20.00%
No 52 80.00%
Voters: 65. You may not vote on this poll

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Old 06-20-2009, 02:10 PM
 
317 posts, read 747,203 times
Reputation: 92

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Anyone see any signs of the Californian Economy picking up? (In particular Los Angeles and the surrounding Metro areas)

From personal experience are home prices bottoming out, Hiring Freezes and Unemployment letting up etc...?
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Old 06-20-2009, 03:33 PM
 
Location: West Los Angeles
1,164 posts, read 1,660,920 times
Reputation: 944
In my opinion, no things are not getting any better here in LA. City of LA workers that I know are having to take 26 furlough days a year (I believe it's already started) which essentially is a 10% pay cut. Of course this is much better than being laid off, but it's not a step in the right direction as far as the local economy is concerned. I understand why the City's doing this though, they overhired quite a bit over the last 8-10 years and now they're paying for it.

Also, it's June. And what happens every May/June? Thousands of kids graduate college and embark on the real world. But the question is, where are they gonna go?
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Old 06-20-2009, 03:43 PM
 
Location: Earth
17,444 posts, read 25,212,720 times
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Northern California's getting VERY slightly better, Southern California's not.
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Old 06-20-2009, 03:51 PM
 
1,426 posts, read 5,001,947 times
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The state has one of the highest unemployment rates. It is going broke too. Historically the state has had higher than average percentage of people on state aid programs that are becoming less available by the day. So, sadly my impression is we have a long way to go before things turn around.
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Old 06-20-2009, 06:05 PM
 
317 posts, read 747,203 times
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I'm currently in Miami, FL and I'm planning to relocate to Los Angeles by Jan next year. I have adequate savings right now to cover expenses for at least a year's time until I get settled so my move will definitely happen.

I was in LA for about 2 weeks last month and judging only by outward appearance it didn't look that bad. Here in Miami you literally can drive in a neighborhood that was once a thriving community and every other house has a For Sale/For Rent sign out front as well as many foreclosures. I was renting an office in a hip Design District near downtown Miami with many up and coming entrepreneurs in the surrounding properties and within a year they were packing up and now it looks empty and full of available spaces.

I didn't drive through or was in all parts of L.A. so my observation is limited, but it at least looked like it had some potential to bounce back quickly.

Any thoughts?
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Old 06-20-2009, 06:45 PM
 
11,149 posts, read 14,594,735 times
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Many of the shops in the area around my Beverly Hills workplace have closed in the past few months, and news reports say that collateral lenders (a/k/a pawn brokers) in B.H. are experiencing a sharp increase in the number of customer seeking loans. So even some of the higher-income parts of the city are feeling the effects of a bad economy.
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Old 06-20-2009, 06:46 PM
 
9,722 posts, read 13,803,793 times
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I don't see LA getting better, but I don't really see it getting any worse either. Yeah, I hear the same things everyone else hears: state is broke, workers furloughed, etc -- but the freeways are still pretty crowded; I still see people shopping, going places, doing things.

Maybe it's because it's so big it's hard to see real changes unless they are massive?
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Old 06-21-2009, 01:30 AM
 
Location: OKC
35 posts, read 199,124 times
Reputation: 34
Default Good Times

Look, Im not in LA right now, but I predict it will have one of the most robust recoveries in the US, relatively speaking.
Enormous Commerce in California, fuse that just needs a match at this point. Schwarzy'll get it done. It's what he does.
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Old 06-21-2009, 06:11 AM
 
Location: United States
2,497 posts, read 6,634,864 times
Reputation: 2255
I hear that Santa Barbara's State Street shopping area is getting pretty slim. Lots of shops closing. I was there at Christmas and it seemed ok, Ben Affleck was wondering around without a care in the world and I only seen a few vacant shops. So I don't know, maybe some parts of CA are worse than others just like all states.
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Old 06-21-2009, 07:35 AM
 
317 posts, read 747,203 times
Reputation: 92
Quote:
Originally Posted by Doceddie View Post
Look, Im not in LA right now, but I predict it will have one of the most robust recoveries in the US, relatively speaking.
Enormous Commerce in California, fuse that just needs a match at this point. Schwarzy'll get it done. It's what he does.

That/s how I see it. I think it's all scared money right now..Everyone got scared (rightly so) and stopped investing after the credit and housing screw-ups happened. The money just needs to start flowing again.
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