Hollywood strike cost $2.5 billion

The recent writer’s strike cost the Los Angeles economy an estimated $2.5 billion, according to Jack Kyser, economist for the Los Angeles County Economic Development Corporation. As reported in the Hollywood Reporter:

The ricochet effect from the Hollywood writers strike might be more far-reaching and long-lasting than first thought. So says an influential Los Angeles economist in his annual “Economic Forecast Report” for Los Angeles County and its surrounding areas.

The work stoppage that started November 5 and was settled early this month already has cost the town an estimated $2.5 billion, according to Jack Kyser, the chief economist for the Los Angeles County Economic Development Corp. The figure includes lost wages from TV shows that were canceled and films that were put on hold as well as a plethora of support services, ranging from limo drivers to florists. Kyser suggested that the cancellation of the Golden Globes resulted in a $60 million shortfall for the community.