South Bay communities are affluent and self-sustaining, with a wide range of commerce and industry and a stable tourist trade. There are a large range of employment options available; unemployment remains at a low 2.5%.
Torrance has developed from a diminutive industrial district to a retail, financial and corporate hub for surrounding communities. Several of the nation’s principle corporations have headquarters there, including Honda, Toyota, Epson and Kubota, and there is a large oil refinery. Airline and hotel industries have largely recovered from the economic downturn following the Twin Towers attack, and motion picture and television production companies are flourishing. Manufacturing and distribution firms have long been important to Torrance’s economy, and the city has important electronics, plastics, and aluminum firms. The Torrance Memorial Medical Hospital is a principle employer, and the South Bay’s alternative medicine scene draws many clients from surrounding communities.
Aerospace and communication companies are thriving in nearby El Segundo, Redondo Beach and Manhattan Beach. Many secondary companies, services, and products assist these primary industries.
Augmented also by tourism, Manhattan Beach has one of the best economies in California. The city’s Economic Development Committee continually undertakes projects to further enhance the vibrant local economy.
Redondo Beach has a lucrative industrial complex on its northern end and a thriving tourism and retail sector. The downtown harbor and pier area generates a positive cash flow of $2.3 million annually and large retailers continue to expand into the city. Tourism, trade, technology, and film and media sectors augment the long running aerospace industry in the city.
Local City led business assistance programs and incentives encourage further growth both large and small, and commercial rehabilitation grants are available in some sectors of town.
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