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1、McKinsey& Company;- , Ill , 一 WtMji隹M wl II I!.R_ H. Ib一Rewritingthescript:与LAsopportunitytobuiafaster-growing,more翳Einclusiveeconomy1.ACountyisaglobalculturalcapital,withthelargesteconomyintheUnitedStates.Yetboldactionmaybeneededtodriveinclusivegrowthinthenextdecade.ByAshwinAdarkar,TolianGjikazJona
2、thanLaw,TiniWard,LolaWoetzel,andYenliWong.Copyright2023McKinsey&Company.Allrightsreserved.Thispublicationisnotintendedtobeusedasthebasisfortradinginthesharesofanycompanyorforundertakinganyothercomplexorsignificantfinancialtransactionwithoutconsultingappropriateprofessionaladvisers.Nopartofthispublic
3、ationmaybecopiedorredistributedinanyformwithoutthepriorwrittenconsentofMcKinsey&Company.Rewritingthescript:LA,sopportunitytobuildafaster-growing,moreinclusiveeconomyContentsIntroduction1Challenge1：Thebusinessenvironmentindustryshiftsandthedifficultyofdoingbusiness3inLAChallenge2:Talentsupplygapsande
4、volvingskillsneeds10Challenge3：Accesstoaffordablehousing,convenienttransportation,andhigh-speed16broadband1.A,Sblockbustersequel：Aneweraofeconomicgrowthforallbypromotinginnovation,20enablingtheregion,sconsiderabletalent,andimprovingaffordabilityAcalltoaction27LosAngelesCountyhasthelargesteconomyinth
5、eUnitedStatesoneofthelargestintheworld,infactandoverthepastthreedecadesdemonstratedstrongproductivitygrowthrelativetotherestofthecountry(Exhibit1)?Itishometodiverse,talentedAngelenos,fast-growingindustrieswithstrongspecialization,andimaginationandcreativitythatfuelsinnovationacrossitseconomy.Withthi
6、scombinationof“uniquelyLA“assets,thecountyhasanabundanceofopportunitiestoshowcaseitspotentialforaccelerated,inclusiveeconomicgrowth(seeSidebar,“Methodology).Yet,despitethesestrengths,LAhasnotmatcheditspeercounties,northeUnitedStates,inothergrowthareasGDPgrowth,employmentgrowth,andpopulationgrowth(Ex
7、hibitI).GDP (current US $), World Bank, May 2023; Gross domestic product by county, 202lr United States Bureau of Economic Analysis, December 8, 2022.See sidebar: 4zMethodoIogy/Toputthemagnitudeofslowereconomicgrowthintoperspective,zoominginonemploymentgrowth:ouranalysisshowsthatifLACountyhadmatched
8、itspeers,averageemploymentgrowthrateinthedecadefollowingtheGreatRecession,325,000moreAngelenoswouldbeemployedtoday.Quarterly census of employment and wages. United States Bureau of Labor Statistics, May 2023; McKinsey analysis, taking shifting industry dynamics into account.Exhibit11.osAngelesCounty
9、hasoutperformedtheUnitedStatesinproductivitygrowthbutgrowthhasbeenslowerinotherkeyeconomicmeasures.Productivity,GDPperemployee,$thousandCAGR1981-2022,%Employmentgrowth,CAGR1981-relativeto1981,%2022z%319812022Source： Moods Analytics； US Bureau of Economic Analysis； US Census Bureau; McKinsey analysis
10、CAGR 1981-2022,%Populationgrowth,relativeto1981,%32502WhileLAisamulticulturalhubatleast130countriesoforiginarerepresentedinLACounty,sPopuIationJoanne Kim and Tracy Hadden Loh, What the recovery from the Great Recession reveals about post-pandemic work and cities, Brookings Institution, March 2,2021.
11、Country of birth of foreign-bom population Los Angeles County: Census estimates, 2021, 2020 and 2010/ Los Angeles Almanac, accessed May 2023.-LAresidentsexperiencedifferenteconomicoutcomesandqualityoflifeacrossdemographicgroups.Forinstance.LatinoandBlackAngelenoshaveanaveragehouseholdincomeof$65,000
12、and$54,000,respectively,comparedto$97,000forWhiteAngelenosand$89,000forAsianAngelenos?BlackandLatinoAngelenosalsoexperiencehigherpovertyrates,lowerlevelsofeducationalattainment,andahigherpercentageoftheirpopulationunabletoearnalivingwageincomparisontotheirAsianandWhitepeers.Median income,- 2017-2021
13、 American Community Survey Syear estimates, United States Census Bureau, June 2023.The living wage of $75K per household is based on MITs IiVi阳 wage calculator and represents the average living wage across household type distributions in LA: Living wage calculator, Massachusetts Institute of Technol
14、ogy, June 2023. American Community Survey, United States Census Bureau, June 2023; McKInsey analysis.Withoutequitableaccesstoopportunityandwell-payingjobs,thesegapsmaypersistintothefutureanddiluteLA,seconomicpotential.The case for inclusive growth, McKinsey, April 23, 2021.Toaccelerateandenablebroad
15、erzmoreinclusivegrowthinLA,wesoughttounderstandopportunitiesandchallengesanddevelopsolutionsacrossseveraleconomicsectors,spanningthreekeyareas:thebusinessenvironmenttalent,andinfrastructure.Eachoftheseareascouldbecriticaltoassuringsustainable,inclusivegrowth,andeachcanhavematerialopportunityforLA.Th
16、isreportaimstoprovideacommonfactbaseandthoughtstartersthatinspireLA,sstakeholdersacrosspublic,private,andsocialspherestowrite,produce,andreleaseablockbusteronhowtotransformLA,seconomyintoonethatworksbetterforeveryone.MethodologyTheauthors*decisiontobasethisreportonLosAngelesCounty,ratherthantheLosAn
17、geles-LongBeach-AnaheimMetropolitanStatisticalArea(MSA),isbasedontwoprimaryfactors:1.ACountyhasclearboundariesandgovernance,whereastheMSAencompasses,forexample,separatecountygoverningbodies.1.ACount/sgrowthmorecloselymirrorsthenationaltrendsofurbancores(eithershrinkingorstrugglingtokeeppacewiththeir
18、largermetroregion,sgrowth),whereasLAMSAisgrowingmorequickly.11.ACount/speerswereselectedbasedonkeyfactorsincludingpopulationsize,geographiccharacteristics,andeconomicoutput.Forthepurposesofthisanalysis,LA,speersinclude:CookCounty,IL;DallasCounty,TX;DistrictofColumbia;FultonCounty,GA;HarrisCounty,TX;
19、Miami-DadeCounty,FL;NewYorkCity(BronxCounty,KingsCounty,NewYorkCounty,QueensCounty,andRichmondCounty,NY);SanDiegoCounty,CA;SanFranciscoCounty,CA;SantaClaraCounty,CA;andSuffolkCounty,MA.Forcertainanalyses,wherecounty-leveldatawasnotavailable,theMSAorLAcityisusedasaproxyandindicatedaccordingly.Thefull
20、listofpeerswasusedwhendatawasavailable.HQumQQP然裁Challenge1:ThebusinessenvironmentindustryshiftsandthedifficultyofdoingbusinessinLAInthebusinessenvironment,ouranalysisindicatestwoareasthatmayintroducechallengestoLA,seconomicgrowth.First,LAhasseenagrowingconcentrationofjobsinanarrowersetofindustries.H
21、owever,thisshifthasnotdeliveredthesamepaceofemploymentgrowthastherestoftheUnitedStates.Second,thecostandeaseofdoingbusinessinLAremainhighcomparedtopeers,potentiallymakingitdifficultforbothsmallandlargebusinessestogrowandthrive.Industryshifts,withgrowingjobconcentrationinhealthcare,tourismandhospital
22、ity,andeducationindustriesFormuchofthe20thcentury,LA,seconomygrewrapidly,acceleratinginthe1920sand1930s;thecityofLosAngelesroughlydoubledinsizeduringthatdecade.8Threefactorssupportedthisgrowth:oilwasdiscoveredinLAintheearly1920s,propellingCaliforniaintopositionasthetopoil-producingstateintheUnitedSt
23、ates;LA,spicturesque,naturalsceneryandclementweatherhelpedplaceHollywoodattheepicenterofmoviemakingthefourth-largestindustryintheUnitedStatesby1937;andmanufacturingthrived,withtirecompanies,steelmakers,andautomobileplantssettingupshopintheLABasin.9Bythe1970s,someoftheseindustriesbegantolosemomentum.
24、TheautomobileindustrystartedtoleaveLAasimportsincreased,withlargercompaniesclosingtheirLAfactoriesbythe1990s.10Theslowingdownoftheaerospacemanufacturingindustry,whichoncehadamajorhubinSouthernCalifornia,coincidedwiththeendoftheColdWarandrelatedmanufacturingdemand.11Employmentinmanufacturingwanedinto
25、the2010s,alongsidetrendsinincreasedoffshoringandautomationparticularlyinthemanufactureofnon-durablegoods. Christine Cooper, Somjita Mitra, and Shannon M. Sedgwick, Californias manufacturing industries： Employment and competitiveness in the 21st century, Institute for Applied Economics, Los Areles Co
26、unty Economic Development Corporation, June 2014.Between1990and2022,manufacturingshiftedfrombeingthelargestsectorbyemploymentinLAtoseventhlargest.1, Quarterly census of employment and wages. United States Bureau of Labor Statistics, June 2023; McKinsey analysts.Duringthatperiod,thenumberofpeopleempl
27、oyedinthemanufacturingsectorhalved,whichtranslatedintoapproximately160z000fewermanufacturingjobsby2022.Bycomparison,manufacturingintheUnitedStateswas,onaggregate,thesecondlargestemployerin1990,andthefourthlargestby2022,witha7percentdecreaseinemployment.Similarly,LA,soilindustryhasdwindledsinceitsear
28、ly20th-centurypeaktoday,oilandgasminingcompriseonly0.03percentoftotalemploymentinLA. Ibid.8RobertCherny,RichardGriswolddelCastillozandGretchenLemke-SantangelozCaliforniabetweenthewars,1919-1941,0CompetingVisions：AHistoryofCalifornia,secondedition,California:SaintMaryZSCollegeofCaliforniaBookGallery1
29、,2021.,Ibid.,0LosAngelesrautomanufacturingpast,LosAngelesAlmanac,accessedMay2023.11RobertCherny,RichardGriswolddelCastillo,andGretchenLemke-Santangelo1Californiainourtimes/CompetingVisions:AHistoryOfCaIifornia,secondedition,California:SaintMarysCollegeofCaliforniaBookGallery1,2021.Atthesametime,LA,s
30、serviceseconomycontinuedtogrow.Thehealthcare,andtourismandhospitalitysectorsmorethandoubledtobecomeLAslargestsectorsbyemploymentin2022,followedbyeducation,andadministrationandsupport.15In1990,sixsectorsmanufacturing,healthcare,tourismandhospitality,education,wholesale,andcreativemadeup40percentofemp
31、loyment.By2022,onlythreesectorsaccountedforthisproportion:healthcare,tourismandhospitality,andeducation(Exhibit2).Notably,thisjobconsolidationdidnotleadtostrongeremploymentgrowth:ifeachofLAzstopsixsectorsin1990hadgrownatthesamerateastherestoftheUnitedStates,thesesectorscombinedwouldhaveemployed10per
32、centmorepeoplein2022.16Exhibit21.osAngelesCountyhasseenagrowingconcentrationofjobsinanarrowersetofindustries.Employmentin1990zthousandCAGRNote: Sectors have been defined by mapping of NAlCS 6digit des to sector definition. Source: US Bureau of Labor StatisticsThehealthcaresectorisdefinedastheecosyst
33、emaroundtheprimaryactivitiesinvolvedinpromoting,restoring,ormaintainirhealth(forexample,healthcareprovidersandplans).Quarterlycensusofemploymentandwages,UnitedStatesBureauofLaborStatistics,June2023;McKinseyanalysis.Ibid.Today,basedonMcKinseyzSanalysisofcurrentindustrysize,historicemploymentshare,pro
34、jectedindustrynationalgrowthrates,andlevelofspecialization,sevensectorsstandoutaspotentialgrowthareasforLAthecreativeeconomy,healthcare,transportationandwarehousing,professionalservices,logistics,bioscience,andaerospace. LA,s creative economy includes the traditional creative economy (enmpasses moti
35、on picture and video production, television broadcast, and other film industry jobs) and the emerging creator enomy (driven by individual creators such as independent artists, writers, and performers).Forinstance,healthcare,LA,slargestsector,hasthehighestpotentialgrowthratebasedonnationalprojections
36、,withalmost190,000jobsestimatedtobeaddedinLAby2030(althoughsomeofthesemayberecoveredjobslostduringthepandemic,ratherthannetnewjobs). Quarterly census of employment and wages: Employment by industry, United States Bureau of Labor Statistics, May 2023; McKinsey Global Institute Country level FOW model
37、 2023; McKinsey analysis.Thetransportationandwarehousing,andlogisticssectors,employingover200,000Angelenoscombined,areestimatedtoaddapproximately15,000jobsby2030.Andprofessionalservicesmayadd30,000newjobstoLA,seconomyby2030,too. lbd.Thehighlyspecializedcreativeeconomyandaerospaceandbiosciencealsopre
38、sentauniqueopportunityforLAtostandoutamongitspeers.R The creative econom/s location quotient, a measure of specialization, is 4.51. Quarterly census of employment and wages: Employment by industry. United States Bureau of Labor Statistics, May 2023： McKinsey analysis.HowcanLAtakeadvantageofitspositi
39、oninthesesevenkeyindustriestoaccelerateeconomicgrowth?ThedifficultyofdoingbusinessinLA1.A,sfutureeconomicgrowthhasthepotentialtobenefitfromstrongbusinessesinthecounty,butasupportivebusinessenvironmentmaybenecessary.LAscurrentbusinesslandscapeischaracterizedbyhighland,labor,regulatory,andutilitycosts
40、.AccordingtoMoody,sAnalyticscostofdoingbusinessindex,themetroareaexperiencesmorechallengesthanhalfofitspeersaroundcostofdoingbusiness(Exhibit3).,Cost of doing business index, Moody,s Analytics, August 2022; Doing business North America, Center for the Study of Economic Liberty, Arizona State Univers
41、ity, 2022; Lee Ohanian and Joseph Vranich, Why company headquarters are leaving California in unprecedented numbers, Hver Institution working paper. Economics series, number 21117, September 2022.Easeofdoingbusinesstellsasimilarstory,accordingtotheDoingbusinessNorthAmericareport;LAcitypresentsamorec
42、hallengingbusinessenvironment,particularlyintermsofemployingworkers(includingflexibilityandregulationofemployingworkers),landandspaceuse,andpayingtaxes. Factors include flexibility and regulation of employing workers, specifically as it relates to the areas of hiring, WorkiM hours, laying off worker
43、s, and leave. Factors also include procedures necessary for a business to purchase a property from another business and to transfer the property title to the buyers name so that the buyer can use the property for： (i) expanding its business, (ii) collateral in taking new loans, or (iii) selling the
44、property to another business. Employing workers methodology, and Land and space use methodology/ Doing business North America, Arizona State University, August 2022.Exhibit31.osAngeleszbusinessenvironmentpresentschallengestothecostandeaseofdoingbusiness.Ranking, Moodys Analytics Cost of doing busine
45、ss index (lowest to highest cost) by MSALeast costlyAtlanta.HoustonChicagoDallasDCMiamiLos AngelesBostonSan DiegoNew YorkSan JoseSan FranciscoMost costlyRanking,ASUDBNAEaseofdoingbusinessscore(easiesttomostdifficult)bycity1GreatereaseofdoingbusinessAtlanta.MiamiDallasOHoustonChicago)Boston0DCNewYork
46、iSanDiegoSanJose命SanFrancisco12LosAngeles1.esseaseofdoingbusiness(Basedoneaseofdoingbusinessscoresandrankings,fromrtDomgbusinessNorthAmerica(DBNA)2022report/ArizonaStateUniversity(ASU)CenterfortheStudyofEconomicUbert,2023.Source:ArizonaStateUniversity,DoingbusinessNorthAmerica;Mood/sAnalytics,Costof
47、doingbusinessindexUnderLAscurrentbusinessenvironment,somesmallcompaniesmaystruggletoscaleupandsomelargerbusinessesmaylosemotivationtostay.Toensurethatcompaniesofallsizescanthrive,theremaybeopportunitytocreatesupporttailoredtodifferentneeds.1.A,sscale-upchallenge1.Aenjoysavibrantstart-upscenewithalmo
48、st4,000start-upcompaniesoperatingintheregion.Year 3: Insights to Americas emerging tech hubs/ Telstra Ventures, March 2023.LAMSAperformswellcomparedtopeerMSAswhenitcomestogeneratinginnovativeideas,rankingsecondintermsofresearchanddevelopment(R&D)spending(Exhibit4).However,LAcouldlooktotransformevenmoregoodideasintoviablebusinesses.Comparedtopeers,LAMSAfallstothemiddleofthepackonnumberofpatentsandventurecapitalinvestmentdollarsreceived.LAlagsfurtherbehindpeerswhenitcomestoscalingup,asmeasuredbythenumberofsuccessfulunic
