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<br />FOREWORD
<br />
<br />COMMERCIAL and industrial activity throughout the coastal
<br />areas of Los Angeles, Orange, Riverside, San Bernardino
<br />and San Diego counties continued on a high level during the
<br />fiscal year 1949-50, Readjustments in the economy were orderly
<br />and for the most part moderate. Employment was slightly less
<br />than in the previous year but average weekly earnings of produc-
<br />tion workers increased, Building permits, which reached an all-time
<br />high in the calendar year 1948 of $1,056,000,000 for the five coun-
<br />ties, receded to $893,000,000 in 1949, The index of business activity
<br />in Southern California, compiled by the Security-First National
<br />Bank of Los Angeles, had an upward trend from June 1949 when
<br />it stood at 264.4 (1939-40 = 100). After February 1950 when the
<br />index was 275.4 the rise was more rapid and reached a new high
<br />in June at 299,9. However, the increase in population has been so
<br />great that on a per capita basis the activity is still below the 1948
<br />peak level of 295.3 in August. The outbreak of war in Korea on
<br />June 26, 1950 started heavy and widespread panic buying but the
<br />effect on the June index was relatively small. Industrial growth
<br />was large as indicated from data released by the Industrial De-
<br />velopment Committee of the Chamber of Commerce which show
<br />$93,000,000 invested in the establishment of 180 new factories and
<br />expansion of 345 existing ones in Los Angeles County alone in 1949.
<br />" The" pojJulationof the five counties of Los Angeles, Orange, River-
<br />side, San Bernardino, and San Diego was established by the Federal
<br />Census of April 1950 as 5.324,818, Excluding those who live north
<br />and east of the mountains in Los Angeles, San Bernardino, and
<br />Riverside counties fully 5,250,000 people reside on the coastal slope
<br />of Southern California. This is an increase of 53 per cent from
<br />the 3,430,000 population of 1940. In 1949 the sales of merchandise
<br />subject to state tax, exclusive of food products (other thall meals),
<br />motor vehicle fuel, and minor items, in these five counties totaled
<br />$5,538,331,000 or 51.4 per cent of the state total of $10,774,154,000.
<br />The value of farm production in the five counties during 1949,
<br />as reported by the Los Angeles Count)' Chamber of Commerce,
<br />in approximate figures, was $244,000,000 for livestock and dairy
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