More Economic Output "Bang" for Our Investment "Buck"

As the country slowly crawls out of the global economic recession, Los Angeles is taking bold steps to invest in infrastructure, create jobs, increase our area's competitiveness -- and, while we're at it, "green" the transit networks that help us move people and goods safely and efficiently.

This week, I'm thrilled to provide updates on two infrastructure projects: one at the Port of Los Angeles, and one at Los Angeles International Airport. Combined, these projects will create nearly 50,000 jobs for Los Angeles and billions in economic output. These are exactly the kind of job-creating, revenue-generating projects that we need to be investing in right now.

At the Port, this past month saw continued recovery with imports up 10% compared to March 2010 and exports up nearly 20% compared to last year's figures. That's why we are excited to be engaged in a public-private partnership with China Shipping to expand its terminal and double the number of container cranes to create jobs, increase cargo capacity, and reduce emissions. Yesterday, we inaugurated Berth 102 and for the first time, two container ships can now be berthed simultaneously, increasing our capacity to do business and creating jobs.

Today, I joined commissioners at LAX to unveil a Los Angeles Economic Development Corporation study that shows the total economic impact of our ongoing modernization projects including Bradley West. The report shows that our direct investment of $4.1 billion will have a total economic impact of nearly $7 billion over the life of the construction projects. The modernization projects at LAX are also already creating thousands of jobs and generating over $2.6 billion in worker wages at a critical time in our City's economic recovery. That's what I call bang for your buck!

By engaging in public-private partnerships, by leveraging our local dollars, and by thinking creatively, we are hard at work to build the Los Angeles of the future: a clean, green 21st century city with a world-class airport and port to help keep our economy moving in the right direction.