A recent study predicts that Los Angeles County may suffer significant economic losses of $4.6 to $8.9 billion due to the Palisades and Eaton fires over the next five years. The report, commissioned by the Southern California Leadership Council, also estimates that government entities could miss out on up to $1.4 billion in tax revenue between 2025 and 2029. Key insights suggest recovery speed is critical for economic resurgence, with potential job losses reaching up to 49,110 job-years primarily affecting real estate, retail, and professional services sectors.
Los Angeles County could lose $4.6 billion to $8.9 billion in economic output over the next five years due to the fires, impacting various sectors.
Both former Governor Gray Davis and L.A. County Supervisor Kathryn Barger emphasized that speed is crucial in the recovery process to mitigate economic losses.
The report forecasts significant job losses, estimating up to 49,110 job-years could be lost, with labor impacts ranging from $1.9 billion to $3.7 billion.
Key sectors affected by the economic fallout include real estate, retail trade, and professional services, underlining the broad impact of the fires.
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