Beverly Hills is often associated with five numbers: 90210. But the economic opportunities in the city reach far beyond these digits.
The economy reaches close to $20 billion annually -- with 75% of the city’s revenue coming from a measly 9% of the area that is zoned for commercial use.
Seven sectors make up the backbone of the city: retail, tourism and luxury services, professional services, financial services, real estate, entertainment services and information and technology.
The city has become synonymous with wealth, luxury, and fame and is home to many celebrities and major retail stores. The retail sector grew 5.7% from 2005-2006 and sales total $1.3 billion a year.
Beverly Hills is home to some of the most exclusive and expensive retail stores in the world, including Chanel, Dolce & Gabbana, Fendi and Porsche Design. The most expensive store in the world, Bijan, is located on 420 Rodeo Drive; its average shopper dishes out around $100,000 on men's fashions. A pair of socks there costs $50, and suits are around $15,000.
FOX Business anchor Liz Claman heads back to her hometown to prove American prosperity is alive and well.
Beverly Hills By the Numbers
In 200020.9% of firms in the area were owned by women
Close to 60% Beverly Hills residents are employed and their mean travel time to work is 23.9 minutes
The median family income is $80,721
The median value of home sits at$1,000,001 with the homeownership rate at 43.4% in 2000
Wholesale trade sales climbed to $663,890 in 2002
Cashing In on the Movie Industry
With several movies under his producer belt including, both National Treasure movies, Cool Runnings, and While You Were Sleeping Jon Turteltaub’s movies have become family favorites.
Turteltaub attended USC Film School and has been friends with Liz since kindergarten. He considers his first hit “3 Ninjas” and has dabbled in television by producing the CBS series Jericho.
In 2000, Turteltaub pulled in $5 million for directing The Kid.
The mega-hits National Treasure and its sequel Book of Secrets were box-offices smashes bringing in $347,512,318 and $457,364,600 respectively.
A Glance in the Rearview Mirror
What has changed about your hometown the most since you left?
Real estate. Prices were always high in Beverly Hills, but now they’re almost untouchable. I left in 1988 when you could still get a really nice HOUSE for $1.5 million. Now? No way. Even with the housing downturn, prices are still prohibitively expensive, so that’s what’s changed most. Oh yeah, and Jacopo’s, my *favorite* childhood pizza joint, closed down. Totally depressing.
What one characteristic in your life now do you credit your hometown for planting in you?Aiming for excellence. Growing up in Beverly Hills means seeing the possibilities. Everyone’s parents excelled to the top of their field, whether it was the entertainment industry, medicine, law, business. We had shining examples held up in front of us, almost as if to say, “Here’s what’s possible. Now go reach for it.”
What do you miss the most?
I miss the feel of my hometown. Everyone knows everyone, just like any small town in America. Everyone’sparents ask after each others’ kids, and everyone cheers each other on. And listen, the palm trees, gorgeous weather and free parking don’t hurt! Parking in NYC is $40 for 20 minutes!!!!
Given the chance, would you move back? Why?
Given the RIGHT chance, I’d move back to be with my family. All my sisters and my brother are still there. We’re each others’ best friends. We talk 12 times a day! But I adore the feel of NYC, the pace, the energy… I’ve been here for a decade now and my kids think they’re from New Jersey. I keep saying, “Yes but if anyone asks, say you’re “bi-coastal!”
What economic opportunity has your hometown lost?
To a *certain* extent, we’ve lost our Golden Goose: the entertainment industry! Why?Becauseotherstatesand countries are offering bigger and better tax breaks for movies to shoot there. Anymore, half of anything that’s supposed to look like LA on TV is probably shot in Toronto. Governor Arnold Schwarzenegger is working hard to push for better tax incentives to keep more production shooting days in the state of California but it’s a tough battle. He’s working with director Jon Favreau to make it happen, but so far we’re not there yet. It’s important not to kill the Golden Goose, so to speak. No one’s got Palm Trees like we do but other states are faking it pretty well.
What does your hometown not get enough credit for? Believe it or not, Beverly Hills doesn’t get enough credit for being cozy and family-friendly. We have terrific schools, very low crime and (don’t choke) a down-to-earth feel to the town. Yep, I said town. Shopkeepers remember you when you come in, they ask about your folks, they’ll offer you a free sample of their latest dessert… I spend half my time when I’m there visiting businesspeople I used to know, just to say ‘hi’. Some even put my FOX Business photo up on the wall. When one of us does well, it’s revered. I love my hometown.
parents ask after each others’ kids, and everyone cheers each other on. And listen, the palm trees, gorgeous weather and free parking don’t hurt! Parking in NYC is $40 for 20 minutes!!!!
her states and countries are offering bigger and better tax breaks for movies to shoot there. Anymore, half of anything that’s supposed to look like LA on TV is probably shot in Toronto. Governor Arnold Schwarzenegger is working hard to push for better tax incentives to keep more production shooting days in the state of California but it’s a tough battle. He’s working with director Jon Favreau to make it happen, but so far we’re not there yet. It’s important not to kill the Golden Goose, so to speak. No one’s got Palm Trees like we do but other states are faking it pretty well.
Subscribe to Comments
John Cacavas
Welcome home Liz! You make us all proud. John Cacavas BHHS '80