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La Mirada Officials Note Positive Economic Indicators

By Brian Hews

 

La Mirada officials are pointing to several recent indicators showing the local economy is getting stronger.

One positive indicator is property values in La Mirada growing by more than 5 percent during the past year, according to the Los Angeles County Assessor’s Office.

La Mirada’s property values grew by $256,405,157 to $5,319,525,500 in 2013-14. The assessment roll reflects the value of all taxable properties.

The first time La Mirada’s assessed value passed the $5 billion mark was in Fiscal Year 2008/09 when it reached $5,053,220,948.  During the depth of the Great Recession the total slipped to $4,848,619,805 in FY 2010/2011. In the three years since that period it has climbed by nearly $500 million.

A decade ago, La Mirada’s assessed valuation stood at $3,728,070,983. In the past 10 years La Mirada has recorded an impressive net gain in assessed valuation of nearly 43 percent.

La Mirada’s 5.06 percent gain in FY 2013-14 was higher than the 4.66 percent growth in assessed value experienced by properties throughout Los Angeles County as a whole.  La Mirada’s growth in assessed value ranked it in the top third of cities in Los Angeles County.

Strong growth in the assessed value of properties in La Mirada is considered a positive economic indicator as it shows homeowners and businesses continue to invest with confidence in the community.

Another positive indicator for the local economy is sales tax revenues received by La Mirada growing by 5.5 percent in Fiscal Year 2012-2013.

Total sales tax receipts were up by $530,468 to $10,202,793 compared to the prior year’s amount of $9,672,325.

Sales tax revenues had dipped to as low as $7,996,513 in Fiscal Year 2009-10 during the depth of the Great Recession.

Higher sales tax revenues point to a continued strengthening in the local economy.  As the economy improves and business activity grows in La Mirada, these sales tax revenues enable the City to deliver the types of services needed by local residents and businesses.

Revenues received in first quarter of 2013, which includes sales from January through March, were relatively flat from the prior year.  Business changes cut receipts from contractor supplies and the business and industry group.  Sales increased in the office supplies/furniture, home furnishings and automotive group.

Activity in La Mirada’s commercial centers is also encouraging to local officials. Walmart recently announced that it will bring a new Neighborhood Market to the Crossroads Center at Imperial Highway and La Mirada Boulevard by November.  Walmart plans to hire 65 employees for the new store.  A new Walgreens opened in the Crossroads Center in July.

Remodeling of the Roseview Center on the southeast corner of Rosecrans Avenue and Valley View Avenue is moving towards completion.  A similar remodeling project is anticipated to begin in the near future on the northeast corner of the same intersection in a center anchored by Rexall Drugs.  Improvements to these two corners are expected to significantly enhance this entryway to the community.

New homes are now taking shape at The Orchards residential development on Alondra Boulevard.  Brandywine is developing 41 new homes as part of a project initiated by the City to place an obsolete commercial center.

“Each of these indicators point to the local economy getting stronger in La Mirada,” says City Manager Tom Robinson.  “The City will continue working to ensure that La Mirada remains a desirable place in which to live and do business.”

 

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