Economic impact

 

 

 

The Millennium Hollywood development will provide much-needed short- and long-term jobs for Angelenos. The mixed-use plan for Millennium Hollywood will deliver a range of employment opportunities for local workers still feeling the effects of the 2008 recession. Under the potential configuration detailed above, Millennium Hollywood is projected to create 2,915 construction-related jobs along with 1,257 permanent new jobs when the project opens and is operational.

 

Los Angeles has been severely impacted by the “Great Recession.” Construction jobs took a huge hit, with construction employment dropping by 40% relative to 2007 numbers. Construction jobs can provide middle-class wages and help lift families out of poverty.

 

Once the project is completed, the development will include a combination of residential dwelling units, hotel rooms, office and associated uses, restaurant space, health and fitness club uses, retail establishments and parking spaces. The tourism industry has recently surpassed international trade as L.A. County’s number one job generator. The project will provide retail and hospitality jobs, and the developer is working in collaboration with representatives of hospitality workers and the hospitality industry to ensure that the project helps to grow the Los Angeles economy and provide sustainable employment.