This Just In ...
The recent Los Angeles fires have had a significant impact on businesses. According to the Los Angeles Economic Development Corporation (LAEDC), approximately 2,000 businesses were affected by the fires, resulting in an estimated $2.9 billion in economic losses. This includes $1.2 billion in lost wages due to over 15,000 jobs impacted. The fires have caused extensive damage to commercial properties, disrupted supply chains, and led to increased operational costs for businesses in the affected areas.
According to the Wrigley Institute for Environment & Sustainability at USC, “Although the disaster has boosted short-term opportunities for some businesses—such as hotels and clean-up crews—many businesses close to wildfire zones have been destroyed, closed, or are currently seeing a decline in customers and revenue as a result of the California wildfires. This leaves the economic future of industries, many of which have been impacted by the Covid-19 pandemic and labor organizing, uncertain.”
As for the housing industry, Wrigley Institute faculty affiliate and economist Matthew Kahn says that it could take between five to seven years to rebuild homes, despite a recently signed order suspending some environmental regulations to speed up the rebuilding of homes and businesses.
Businesses in sectors such as retail, hospitality, and construction have been particularly hard hit, with many facing prolonged closures and reduced customer traffic. The recovery process is expected to be lengthy, with rebuilding efforts potentially taking several years.
This Just In ... The recent Los Angeles fires have had a significant impact on businesses...
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