Sec. 10.25. Findings and Statement of Policy. Pursuant to City Charter Sections 371 and 372, the City Council hereby adopts a Local Business Preference Program and makes the following findings. The City has a proprietary interest in leveraging, to the greatest extent possible, the millions of dollars it spends yearly contracting with private firms for goods, equipment, and services to and for the benefit of the City and its residents. The policy of the City is to reduce unemployment, stimulate the expansion and retention of local jobs, and create sustainable local economic development. Significant benefits are associated with a Local Business Preference Program. These benefits include the creation of local jobs, which leads to increased consumer spending and a robust local economy. Preference programs in other jurisdictions have been successful where the business conditions approximate the conditions currently existing in the Los Angeles area. For example, preference programs work best where unemployment is high. As of February 2021, the unemployment rate in the City and County of Los Angeles was calculated at 10.9%, compared to 8.5% in California and 6.2% nationally. Historically, many of the larger cities within the County of Los Angeles experience labor costs that are among the highest in the nation. Los Angeles area labor costs are higher than the competing neighboring cities and counties. The state and local minimum wage standards are higher when compared to other cities and states. City contractors are required to provide employees working on City contracts a higher living wage rate. Business space in the Los Angeles metropolitan area is more costly than comparable space in other cities and counties. All corporations in California are subject to a corporate tax that is among the highest in the county. On a national level, Los Angeles is one of the ten most expensive places to do business as a result of local labor costs and business costs, fees and taxes. These conditions create an expensive climate in which local businesses must compete against firms with lower labor and business costs from neighboring cities, counties, and states.