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Long Beach's Economic Resilience: A Deep Dive Into Recovery Post-COVID

Update Long Beach's Journey Through Economic Recovery In a recent meeting with the Long Beach Rotary Club, Acting City Manager Tom Modica shared insights into the city's surprising resilience amidst the economic upheaval triggered by the COVID-19 pandemic. Stepping into his role in September 2019 just months before the pandemic, Modica described how the initial years of his tenure were marked by progress in various areas, from opening a new city hall and library to witnessing a decline in homelessness and crime. However, the advent of COVID-19 posed unprecedented challenges that the city had to navigate cautiously. Unlike many municipalities that redirected federal funds straight into their coffers, Long Beach's administration used the influx of federal assistance to support local businesses, ensure food security, and help families with rent. As a result, the city's tourism sector, a vital part of its economic engine, has rebounded remarkably. Resilience Amidst Challenges In 2019, tourism significantly bolstered the local economy, but the following year saw a sharp decline due to the pandemic. Remarkably, Modica announced that tourism has not only bounced back but exceeded pre-pandemic levels, yielding an economic impact of around $2 billion – a staggering $200 million more than before the pandemic. The gains illustrate the strong recovery efforts, underscoring that Long Beach has managed to re-establish its position as a tourist destination. Addressing Housing and Job Creation Modica highlighted ongoing steps to improve housing affordability, a critical issue for many residents. By promoting the construction of high-density housing and the addition of accessory dwelling units (ADUs), the city is taking proactive measures to meet growing housing demands. So far, nearly 1,700 housing units have been authorized, including 250 dedicated affordable units. This initiative plays a pivotal role in combating the rising costs of living and supporting citizens in need. Moreover, the local economy is enriched by investments in advanced manufacturing and aerospace, significantly impacting job creation. Modica reported that Long Beach has attracted substantial business investment, with approximately $750 million earmarked for defense spending and aerospace, resulting in the creation of about 4,000 new jobs. The emergence of industry giants like Rocket Lab and Boeing signifies a burgeoning corporate landscape, promising stability and prosperity for the city's workforce. Local Businesses Thriving Once Again Long Beach continues to prioritize support for its small-business ecosystem through programs like Level Up Long Beach and BizCare. These initiatives aim to enhance local procurement and provide financial incentives for local projects, fostering a stronger community-centric economy. Notably, the Queen Mary, a historic asset of Long Beach, has transformed its financial outlook. Managed by Evolution Hospitality, it now operates profitably after decades of losses. A Bright Future Ahead With eyes on the future, Long Beach is preparing to host pivotal events such as the 2026 World Cup and the 2028 Olympics, which are expected to generate substantial economic activity. Modica emphasized that the economic implications of these events could culminate in an impact equivalent to "seven Super Bowls per day for 15 days." This metaphor encapsulates the transformative potential ahead. As part of a $3.7 billion budget and with a dedicated workforce, Modica asserts that Long Beach is well-equipped to confront ongoing challenges. Yet, as the city pursues its recovery, there remain critical areas, such as addressing the disparate impacts of the pandemic on low-income workers, that need focused attention. The trajectory might be positive, yet the nuances of a "K-shaped" recovery suggest that not all residents have reaped the benefits equally. Moving forward, ongoing dialogue and innovative policy measures will be paramount in ensuring that all Long Beach residents thrive in this recovering economy. Collaboration with local businesses and support for families remain vital to achieving inclusive growth. Conclusion Long Beach's journey post-COVID highlights not only the city's resilience but also the importance of strategic planning and community support. As local leaders navigate the path forward, it’s essential for every citizen to engage in shaping a prosperous future.