Eric Garcetti, a Rhodes scholar, former Navy reserves lieutenant and jazz pianist says Olympic aspirations are a sign of the city’s strengthLos Angeles, home to 10-million people, a corporate-liking mayor, and maybe the 2028 Olympics. Picture: 123RF/SEAN PAVONE
Garcetti didn’t set off the LA boom, but there’s no doubt the city has prospered under his leadership. The Rhodes scholar, former Navy reserves lieutenant and jazz pianist says that Olympic aspirations are a sign of strength for the sunny metropolis of 10-million people. In 2028, LA will host the summer games for the third time, the only US city to do so and a rarity globally in making them a money maker.
More than a decade before his fellow Democrats were proposing a Green New Deal, Garcetti authored LA’s clean water bond and municipal green-building ordinances. And at a point when corporate wealth is denounced by many fellow Democrats, Garcetti says, “I never met a CEO I didn’t like.” That’s proving to be a winning message in the bond market, where the City of Los Angeles Department of Airports municipal debt handed investors a 5.6% return during the past 12 months. That performance in income plus appreciation easily beat the 4.6% average of US issuers, including California, at 4.2%. It also exceeded the return on national airport municipal debt, at 4.4%, and on transportation bonds, at 4.3%, according to data compiled by Bloomberg.
LA’s GDP per capita surged 11.8% over the past five years, dwarfing Chicago’s 7.4%, almost three times New York’s 4.1%, and twice the average for 383 US metropolitan areas, Bloomberg data shows. Some of the gain is attributed to population growth of 2.5% as New York grew 2.1% and Chicago declined 0.2%.
“We have probably the greatest collection of research institutions in any one city, which supports everyday healthcare and biosciences, where we now have more jobs than in either the traditional centres of San Diego or San Francisco,” Garcetti says.
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