L.A. County Economy on the Rebound - New York News

L.A. County Economy on the Rebound

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(FOX 11/CNS) - Los Angeles County's economy is rebounding, with signs pointing to a full recovery, according to a new study.

That is good news for California since L.A. County alone contributes more than a quarter of the state's total economic output, according to a report issued by the National Association of Counties and cited by the Los Angeles Times.

The study took a look at local economies around the nation on a county level by tracking the performance of some 3,069 counties through four indicators -- economic output, employment, the jobless rate and home prices.

In 2013, Los Angeles County's economic output surpassed pre-recession levels, thanks in large part to better-paying industries such as business and telecom services, the report said, according to The Times.

But the service industry continues to dominate the county's economy, employing almost 75 percent of the workforce, the report says. The real estate industry and business services are also big drivers, delivering nearly a third of the area's output.

A rebounding housing market and improved country budget also point to an economy that is not only on the mend but also one that could see accelerated growth, the report said.

Economic recovery was seen across all regions, with many counties reporting at least modest growth in output, jobs and house prices, according to The Times.

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