L.A. area ranks high in diversity, income levels
By Kay Anderson -- Kids Today, 9/1/2005 12:00:00 AM
Los Angeles —
Home to Hollywood and a major port for incoming furniture imports, the economy of the greater Los Angeles area is larger than that of most nations.
The ethnic makeup of the L.A. metro area is varied. It has one of the nation's highest concentrations of both Asian and Hispanic households. Those populations are expected to increase in double digits by 2009, while the non-Hispanic white population is expected to grow by only 1% in the same period.
Incomes in the metro area are generally higher than in the nation as a whole — the median household income for the L.A. metro area is more than $3,500 higher than the national median.
In 2005, the L.A.-Long Beach-Santa Ana metro area was the nation's second largest in terms of population, a position it will continue to hold in 2009. However, population growth in the area, projected at 4% for the five-year period, is expected to be slightly lower than the 5% population growth projected nationally.
Among young people, the greatest growth is projected for the 12 to 17 age range, while the number of children younger than 12 is expected to decline slightly.
While increases in sales of infant and youth furniture and gear are expected to lag the national average between 2004 and 2009, the market remains a lucrative one. Sales of infant and youth bedroom furniture and infant gear will top $240 million in 2009, a 17% increase over estimated 2004 sales.
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