Los Angeles now ranks as one of the most economically powerful cities in the world, supported by a robust office market, a growing tech sector, and of course, a near-perfect, year-around climate that continues to drive high levels of visitation. This has resulted in healthy hotel occupancies and average daily rates (ADR) despite a 3.1% increase in supply in 2018. In 2018, L.A. added approximately 56,800 jobs, representing a 0.9% increase over the prior year. The city's economic drivers continue to be the entertainment industry, the Port of Los Angeles/Long Beach, leisure and hospitality, retail, manufacturing, and education and health services. The entertainment industry, including the powerhouses of Walt Disney Co., NBCUniversal, Paramount Pictures, and Sony Pictures, among others, together with the Port of Los Angeles/Long Beach, contribute $1 billion to the economy alone daily. Most recently, Netflix announced a major expansion in Hollywood, continuing to rise as a major contributor in this space. The technology sector is also growing rapidly, with 450,000 employees in this field, including major players such as Google/YouTube, Apple, Netflix, and Yahoo!. In particular, Google/YouTube and Apple have continued with aggressive expansions in Playa Vista and Culver City, respectively, which combined with multiple expansions across other tech firms, is further cementing the submarkets of Santa Monica, Playa Vista, Venice, and Culver City as Silicon Beach.