Candice Hynek Keeps Watchful Eye on Trends for LA County
When Candice Hynek comes to work in the morning she is never sure exactly what her assignments will be. For the most part, she likes the challenge of her fast-paced and somewhat unpredictable work at the Los Angeles County Economic Development Corp.
Tracking economic trends for the nation’s most populous county demands the ability to watch many indicators, analyze the trends, and write reports on a tight deadline to put it all in perspective for the organization’s members and business clients.
Since the fall of 2007, Hynek has been the associate economist at LAEDC and, as such, is manager of the organization’s research projects. “I track and prepare reports on major business expansion projects and have developed specialized knowledge about the structure of many important industries in the Greater Los Angeles region,” she said.
The LAEDC is a private non-profit organization, whose main focus is to attract, retain, and help cultivate business and job growth in the Los Angeles County Region.
Given that the economy can change quickly, she has learned to expect the unexpected. “The interesting thing about my job is everyday something new happens whether it’s with the stock market, trade, housing, energy, etc., and they all affect the economy as a whole or locally and I get to write about it and explain how all of it relates to an average Joe/Jane,” she said.
Quickly Changing Focus Is Part of the Job
The somewhat unpredictable nature of her job also reflects the fact that she works directly with LAEDC’s chief economist Jack Kyser and senior economist Nancy Sidhu, who are often called on by government agencies and news media to explain a development or interpret the latest economic data.
“The challenging part is dealing with constant and tight deadlines and since my boss is a chief economist and the media always contacts him, I have to be prepared to hand him current data at once. You have to be on top of current events, always,” she said.
Hynek has been with the LAEDC since July 2000 and served as economic research project manager for seven-and-a-half years before taking her current job. She is also the editor of e-EDGE, LAEDC's weekly economic newsletter and she writes the residential and nonresidential outlook for LAEDC’s Economic Forecast.
Tracking real estate and construction trends has been a challenge in recent months, Hynek acknowledged, as the effects of the subprime mortgage crisis have become apparent in many communities around LA county. “I write the construction and real estate forecast. So learning the history of the subprime market as it is coming to light has been very interesting,” she said.
Business of Sports, Resource Guide Among Highlights
Hynek said that other highlights of her work with LAEDC include co-authoring with Kyser a report on “The Business of Sports in Los Angeles County” that was published and distributed during the 2001 Rose Bowl “to all media to promote and showcase Los Angeles County’s diversity in sports and how big the industry is in the region.” As a “major fan” of many sports, she found it fascinating to work with Kyser to analyze all business aspects of everything from football to sailing and horse racing.
A short time later, in the summer of 2003, Hynek was assigned to put together a directory called The Business Resource Guide of Southern California. Without prior experience with such projects, she worked with her team to pull together the massive listing, images, etc., within a three-month period. “I oversaw the research and worked with designers, advertisers, sponsors, and printing company to put it all together. It was such a very challenging and great learning experience,” she said. More than 30,000 copies were distributed.
Why Drawn to Economics, NABE?
When asked what drew her to economics, Hynek replied that initially, it was the good grades she made in economics classes at California State University at Long Beach.“As I continued the courses and eventually graduated and got a job in the field, I was drawn to it even more. I just couldn’t believe that one event or statement by someone could affect an industry and economy,” she said.
In many ways, tracking the economy is akin to working on “a never-ending puzzle; you think you figured out something but the next day, new things happen. It keeps me on my toes, it’s never boring,” she observed.
Kyser, a past president of the Los Angeles chapter, introduced her to the local chapter of NABE. “I was very curious and attended a meeting. I was very impressed. It gave me an opportunity to learn and get to know other people in the field from different industries. I attended regularly and was asked to join the Los Angeles Chapter’s Board. I’ve been having fun since. I learn a lot and I get to meet bright and interesting people outside my office,” she said.
Given her early career experiences, Hynek said she would urge newly minted economists to “always network and don’t be afraid to ask questions or for data.” Getting to know fellow economists in your industry and in other sectors will provide different perspectives. “It is always nice to get a different outlook or interpretation to compare with yours. This will help broaden your knowledge. Join a professional group such as NABE,” she added.