The recent wildfires in Los Angeles County have devastated the local economy, potentially causing a loss between $4.6 billion and $8.9 billion over the next five years. This economic impact is assessed in a detailed study commissioned by the Southern California Leadership Council. In addition to property damage predicted to reach nearly $54 billion, the study highlights significant job losses, with employment impacts reaching as high as 49,110 job years. Key stakeholders emphasize the importance of rapid recovery to minimize long-term economic losses and tax revenue impacts for local governments.
The Los Angeles County wildfires could lead to a devastating loss of between $4.6 billion to $8.9 billion in economic output over the next five years.
Speed is critical to recovery; expediting rebuilding efforts can significantly mitigate the economic fallout caused by the wildfires, say experts.
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