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<br />FOREWORD
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<br />THROUGHOUT the coastal area of Southern California busi-
<br />ness activity, commercial and ind lIstl~ial expan~ion. a.nd
<br />civic growth continued generally at a high level during the
<br />fiscal year 1950-51. Trends have been marked by a wider diversity
<br />than in any year since the end of WOI'ld War II. Shortly after
<br />the beginning of 1951 lessening activity in busine:;g became evident
<br />in the fields of building permits, automobile sales, and real estate
<br />transactions, but new peaks have been recorded for aircraft em-
<br />ployment and petroleum refining. Impressive gains were registered
<br />also for factory pay rolls, industrial electric power, and expansion
<br />of manufacturing plants. As an indicator of economic conditions
<br />the Security-First National Bank of Los Angeles index of business
<br />activity was 300 in June 1950 (1939-40=100) and rose rapidly to
<br />330 in September. After a recession of some'10 points, the index
<br />then rose to 350 in January-an all-time high-but has since
<br />dropped to 325 in June 1951, a figure still 8 per cent higher than
<br />the pre-Korea level of June 1950. Retail trade remains at about
<br />the same volume as in 1950. Total employment in the metropolitan
<br />area reached UlO2,OOO in ,June 1951. a gain of 8.6 pel' cent over the
<br />pre-Korea figure. Funds totaling $181.000,000 have been invested in
<br />new industral plants and expansions of existing plants during the
<br />fiscal e'ear in Los Angeles County alone.
<br />The sale of merchandise subject to state sales tax, exclusive of
<br />food for off-premises consumption, motor vehicle fuel, and minor
<br />items, in these five counties totaled $6,360.435,000 01' 52 per cent
<br />of the state total of $12,178,654,000. Farm production in the five
<br />counties during 1950 was reported by the Los Angeles Counte.
<br />Chamber of Commerce as follows: Livestock and dairy products
<br />$250,000,000, fruits and nuts $146,000,000, truck and field crops
<br />$138,000,000, a total of $534,000,000, or about 6.5 per cent more in
<br />money value than in1949.
<br />Production of petroleum and natura] gas from the oil field:; of
<br />the Los Angeles Basin in Los Angeles and Orange counties as
<br />reported by the Southern California Gas Company, totaled 118,-
<br />681,000 barrel:; of crude oil alal 122,433,000,000 cubic feet of
<br />natural gas, an average daily rate of 325,000 barrels of oil and
<br />~~5,400,OOO cubic feet of gas.
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