Indeed, the decline in housing starts associated with the recent recession was nearly as large as that which occurred during the Great Depression. Here in Los Angeles, the recent recession was even deeper than for the nation as a whole. The unemployment rate, which was about the same as the national average prior to the recession, rose to a peak of nearly 13 percent.
Moreover, the number of jobs in Los Angeles fell by a cumulative 9 percent, nearly half again as much as the decrease in national employment.