The US’s shortage of labour, products and services — provoked by Covid-19’s disruption of the global economy — has a platinum lining in Los Angeles.
Some 474 publicly traded companies in the region were national laggards until 2020, when they rebounded to become the best performers in the stock market among their peers in the top five cities. At the same time, home prices provided the greatest risk-adjusted return — appreciation with the lowest volatility — despite the shakeout caused by the pandemic.
“Here, one out of nine jobs in the region, one out of 50 in the country — it’s 2% — can be linked to the port,” he said in September during an interview in his city hall office. “One of the most exciting things that I always do is I’ll sit down with a member of Congress from Maine, Florida or Alaska and let them know how many jobs come through the Port of LA that they depend on.”
“The cargo that traverse this port reaches each and every one of our nation’s 435 congressional districts,” Seroka said. “The port is a national treasure,” Garcetti said, “because investing in the Port of Los Angeles is investing in the USA.”
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