Lakewood, CA Economic Overview
Lakewood is a 9.5-square-mile city in southern Los Angeles County, situated just 23 miles southeast of Los Angeles. The City is bordered by Long Beach on the west and south, Bellflower on the north, Cerritos on the northeast, Cypress on the east, and Hawaiian Gardens on the southeast. Sometimes referred to as “an instant city” due to its origins, Lakewood was initially built as the largest planned community in the U.S. in the early 1950s, and is now home to over 78,000 residents. Lakewood is a contract city, meaning that some services are delivered by the City’s own employees, and was the first in the county to adopt this form of government. Famously, Lakewood is also home to the first Denny’s Restaurant, founded in 1953 by Harold Butler. The City’s business-friendly atmosphere, fast, “instantaneous” pace, and proximity to Long Beach continues to attract businesses and developers to the one of a kind Lakewood commercial real estate market.
The economic base of the city is primarily in commercial and retail, and enjoys the benefits of the diversified economy of Southern California. The City includes a regional mall and dozens of neighborhood shopping centers and commercial plazas. There are over 3,000 businesses located in Lakewood, including home-based occupations, which generated $14.5 million in sales tax in 2016. The Port of Long Beach is a vast provider of employment and business opportunities throughout the county. Locally, the port operations support 30,000 jobs. The City’s largest employers include Long Beach Unified School District, Lakewood Regional Medical Center, and various retail, automotive and home improvement businesses, as well as the City itself.