Enormous Impact of the DTLA Renaissance Revealed as DCBID Releases Two New Comprehensive Reports

The Downtown Center Business Improvement District [DCBID] released two comprehensive reports today that reveal the economic might of the Downtown LA Renaissance and the increasing excitement around its future growth. Utilizing data compiled by leading economic research firm Beacon Economics, the DCBID economic report puts the fiscal impact of the Downtown L.A. Renaissance on the city as a whole in the tens of billions, announced Carol Schatz, President and CEO of the DCBID. The results of the organization’s 2015 survey of people who live, work, and visit Downtown Los Angeles reveals broad support for the direction of Downtown’s development and enthusiasm for its continued evolution.

According to Schatz, “While the impact of the Renaissance on Downtown itself is immeasurable, to learn that it has provided such a profound economic benefit to the city as a whole and has generated such passion and excitement across the region is both gratifying and highlights how important it is for Downtown to grow into its rightful place as the heart of the city.”

“Despite representing only 1.2% of the land in the City of Los Angeles, Downtown now makes up 15.4% of the city’s construction permits, 12% of the jobs, 6.2% of the gross receipts and 5.3% of the net total assessed property value in Los Angeles – highlighting that our amazing growth positively affects not only Downtown, but the entire region,” Schatz added. The DCBID Survey found support from 80% of respondents for the direction of Downtown’s development and highlighted the growing appeal of Downtown as a destination for residents, workers and visitors.

Key Beacon Economic Report Findings:

• $29.1 Billion increased economic activity from Construction Spending

for completed and planned construction in Downtown LA (since 1999)

– $16.9 Billion in direct spending for goods and services from total planned and completed construction in Downtown LA (since 1999)

– $12.2 Billion in indirect/induced (multiplier) effects

–        $10.6 Billion in labor income generated from direct and indirect/induced spending

–        $1.2 Billion in tax revenues generated for state and local governments

• $24.79 Billion net total assessed property value in Downtown

– 71.9% increase since 2006. Compared to 48.1% for City of LA overall

• $28.9 Billion in annual gross receipts

– 25.7% increase from 2006-2013. Compared to 3.3% for City of LA overall

– 16.0% increase from 2008-2013 in Professional Services, the largest

sector in Downtown Los Angeles in terms of gross receipts

– 33.1% increase from 2008-2013 in Retail Trade

– 68.0% increase from 2008-2013 in Accommodation and Food Spending

Key Survey Findings:

• 80% of respondents believe that Downtown is moving in the right direction.

• 78% of People who Live in Downtown have earned a BA or higher degree

• People who Live in Downtown have a Median Income of $98k

• 62% of People who Live/Work in Downtown walk to work

• 83% of People who Live in Downtown are passionate about Downtown LA

“With construction cranes standing throughout Downtown as visible markers of the Renaissance, we felt it was time to get a true measurement of its full economic impact. And as impressive as these numbers are, they are poised to grow even larger as the under construction developments begin welcoming waves of new residents, visitors, retailers, and professional firms to our dynamic and diverse city center,” added Schatz.

ABOUT THE DOWNTOWN CENTER BUSINESS IMPROVEMENT DISTRICT (DCBID)
The Downtown Center Business Improvement District (DCBID) has been the catalyst in Downtown Los Angeles’ transformation into a vibrant 24/7 neighborhood. A coalition of nearly 1,700 property owners in the central business district, the DCBID members are united in their commitment to enhance the quality of life in Downtown Los Angeles. Bounded by the Harbor Freeway to the west, First Street to the north, Main and Hill streets to the east, and Olympic Boulevard to the south, the organization helps the 65-block central business district achieve its full potential as a great place to live, work, and play. For more than 16 years, the DCBID’s programs and initiatives have been the driving force behind the Downtown Los Angeles Renaissance. Now universally recognized as one of the nation’s most dynamic urban centers, downtown Los Angeles was recently heralded as ‘The Next Great American City’ by GQ Magazine and listed as number 5 in The New York Times’ ‘52 Places to Go in 2014’.

About Downtown Center Business Improvement District

ABOUT THE DOWNTOWN CENTER BUSINESS IMPROVEMENT DISTRICT (DCBID)
The Downtown Center Business Improvement District (DCBID) has been the catalyst in Downtown Los Angeles’ transformation into a vibrant 24/7 neighborhood. A coalition of nearly 1,700 property owners in the central business district, the DCBID members are united in their commitment to enhance the quality of life in Downtown Los Angeles. Bounded by the Harbor Freeway to the west, First Street to the north, Main and Hill streets to the east, and Olympic Boulevard to the south, the organization helps the 65-block central business district achieve its full potential as a great place to live, work, and play. For 20 years, the DCBID’s programs and initiatives have been the driving force behind the Downtown Los Angeles Renaissance.

Now universally recognized as one of the nation’s most dynamic urban centers, downtown Los Angeles has been heralded as ‘The Next Great American City’ by GQ Magazine; listed as number 5 in The New York Times’ ‘52 Places to Go in 2014’; and named ‘The Hottest Neighborhood to Know in LA Right Now’ by the New York Post. For more information, visit DowntownLA.com/about