THE ENORMOUS IMPACT OF THE DOWNTOWN L.A. RENAISSANCE REVEALED TODAY AS DOWNTOWN
CENTER BID RELEASES TWO NEW COMPREHENSIVE REPORTS
Report from Beacon Economics Places Renaissance’s Fiscal Impact on the City in the Tens of Billions; DCBID
Consumer Survey Reveals More than 80% Believe Downtown is Moving in the Right Direction
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 financial 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 incredible 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 DTLA (since 1999)
$16.9 Billion in direct spending for goods and services from total planned and completed construction in DTLA
(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 by 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 DTLA regarding 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
Individuals 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 DTLA
“With construction cranes standing throughout Downtown as visible markers of the Renaissance, we felt it was
time to get a real 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.
www.downtownla.com