The Need for a Comprehensive Economic Development Strategy

A Track Record of Results
Over the past 60 years, the Community Redevelopment Agency of the City of Los Angeles (CRA/LA) has successfully helped to shape a dynamic Los Angeles, improving the quality of life for its residents and businesses and restoring pride and promise in our city’s many and varied neighborhoods.

The CRA/LA’s projects and programs have created family-supporting jobs, built quality affordable homes for residents and helped to expand businesses, provide parks and open space and protect our city’s resources and environment.

Unprecedented Challenges
However, over the last 25 years, Los Angeles has suffered a net loss of more than 50,000 jobs in the formal economy, while at the same time gaining a million residents.

Today, Los Angeles is facing unprecedented challenges: an economic recession, environmental and resource threats caused by climate change, crippled and uncertain credit and financial markets, historically high rates of home foreclosures, steep declines in property values and an associated loss of businesses and jobs.

A New Vision for L.A.’s Future
In January of 2008, the Mayor’s Los Angeles Economy and Jobs Committee highlighted the need for the City to develop a comprehensive economic development strategy, the lack of which has hampered the City’s ability to effectively respond to the challenges facing Los Angeles.

There were 100 specific recommendations. The CRA/LA assessed the needs of the city and embarked on a strategic planning process to reexamine its mission, values, goals and capabilities in light of this call for a more comprehensive approach to economic development.