Pace of recovery picking up at Californian ports

Buoyed by resilient Asian economies and demand for American exports, trade volumes through local ports are rising at a quicker-than-expected pace this year, surprising many economists, the McClatchy-Tribune Regional News reported.

Total container counts through Long Beach and Los Angeles are forecast to grow by 10.2 percent from 2009 levels, up from predictions of two to three percent just months ago.

And while related job growth is expected to decline by one percent throughout the Southland overall this year, locally it's expected to increase modestly, alleviating unemployment among local longshore workers, truckers, rail workers, freight forwarders and mariners.

Trade accounts for one in eight jobs – or some 30,000 positions – In Long Beach alone.

"The research suggests international trade, a major source of jobs for this area, is recovering fairly quickly after two really bad years," said economist Nancy Sidhu.

"We're benefitting from strong growth among our major trading partners, particularly China, and from foreign investment in companies based in Los Angeles County, which are basing their North American headquarters in this area. It's encouraging."

The projected surge this year includes a 12 percent export increase and eight percent bump in imports, to 3.5 million and 6.5 million containers respectively, according to a report by the Los Angeles County Economic Development Corporation. 
 

Source: www.schednet.com