Statement from LAEDC: A Coalition of One—An Economy for All
In the wake of recent federal immigration raids that have sparked unrest across Los Angeles, VX News shares this statement from Los Angeles Economic Development Corporation (LAEDC), President and CEO Stephen Cheung and Chairman Ron Frierson, who affirm LAEDC’s solidarity with immigrant communities and its commitment to fostering an inclusive regional economy. Noting that if Los Angeles County were a country, its economy would rank as the 19th largest in the world, Cheung and Frierson calls on all Angelenos to unite in building a future rooted in equity, dignity, and opportunity.
“Our diversity is not a challenge to be managed—it is our greatest economic strength.”
Message from the Los Angeles County Los Angeles Economic Development Corporation:
Once again, the resilience of our community is being tested. The heartbreaking moments of violence triggered by immigration raids—often incited by those seeking to disrupt and divide—have shaken us. The right to peacefully protest remains a powerful tool for change. However, violence, especially when instigated from outside our communities, threatens the progress we are working so hard to build.
The LAEDC stands in solidarity with our immigrant communities and reaffirms our commitment to building a stronger, more inclusive economy for all Angelenos.
Los Angeles is a global economic powerhouse strengthened by our diversity. Innovation and vitality resonates in an economic chorus of over 224 languages representing more than 140 countries. Immigrants power our small businesses, fuel innovation, enrich our culture, and sustain the economic engine that drives our great county forward.
If LA County were a country, our GDP of over $960 billion would rank as the 19th largest economy in the world. And this remarkable standing is not possible without the contributions of our immigrant communities. In 2019 alone, foreign-born residents in LA County contributed $11.4 billion to Social Security and $3 billion to Medicare—supporting the very safety nets that millions rely on.
The current disruptions could hurt our workers, businesses, communities and our economy. That is why we as Angelenos must unite and support each other. Angelenos show up for one another because we understand that our diversity is the source of our greatest strength. As we face this difficult chapter together, we will remember the scale and complexity of our region. A region of 10 million people spread across 88 cities and over 100 unincorporated communities - each one vibrant, resilient, full of promise and bound together by our shared values of dignity, equity, and opportunity for all.
Despite the current challenges we face, Los Angeles remains open for business. Our communities, our immigrant-owned businesses, our diverse entrepreneurs, and our main streets—from the Palisades to Pomona, from Lancaster to Long Beach—need your support now more than ever. By continuing to support these businesses and workers, you’re not only helping our economy recover and grow—you’re investing in the very soul of LA.
Together, we will overcome these challenges. Together, we will build a stronger and more resilient Los Angeles. Together, we will work towards A Coalition of One - An Economy for All.
Ron Frierson - Chairman
Stephen Cheung - President & CEO
The Los Angeles County Economic Development Corporation (LAEDC)
