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The business landscape in Los Angeles is buzzing with excitement as more companies and new businesses move their operations to the area. Cities and counties are taking advantage of the stream of new investments coming into the Southern California region and the City of Cerritos is leading the charge.
There are a lot of interesting developments from the Q1 Economic Profile released by the Cerritos City Council. The report is part of the city’s effort to attract new businesses and retain existing investors. The commitment towards economic development continues to provide a good climate for new businesses.
The city saw a drop in the unemployment rate and it’s now only 3% according to the May 2017 estimate. This is the lowest rate for the city and one of the lowest among nearby cities. The steadily declining unemployment rate is the result of new businesses moving their operations to Cerritos and existing companies expanding their operations.
Other developments are just as exciting. Sales tax revenue for the first quarter of 2017 is at $6,428,511, showing a 1.7% increase compared to the same quarter last year. When observed further, sales tax has been on the rise for almost four years, starting from the first quarter of 2014. The leading contributor remains the Cerritos Auto Square, which this quarter deposited $3.6 million in sales tax.
It is also worth noting that Cerritos still has more than 400,000 square feet of vacant space, 73% of which is designated for industries and businesses. The vacant commercial areas are perfect for businesses wanting to set up their operations in the city since the available space also comes with good supporting facilities.
While the city is looking at the lowest unemployment rate in recent years, it is actually facing an increase in demand for qualified professionals. More professionals are taking advantage of online courses from top names such as Maryville University in order to acquire higher degrees and master more skills.
An online accounting masters degree is the most popular degree on the market, followed by an MBA and other business-related degrees. The online masters of accounting programs are designed to help students master more than just accounting, which means graduates from these programs are capable of filling mid- to top-level management positions and meeting the specific needs of businesses in Cerritos.
The increase in new investments being made in the City of Cerritos is also the result of the council’s business relocation program. The Cerritos Economic Profile is just one of the many resources available to businesses who want to move their operations to the area.
At the same time, the Cerritos Business Network provides the perfect networking platform for new investors, business owners, and stakeholders. It is created solely for the benefits of its members, providing services such as networking opportunities and training, as well as opportunities for businesses in Cerritos to benefit each other.
The improving business climate and the developments discussed earlier are great signs of more growth. The council is expecting another positive report as we get closer to the end of Q2.
