Employment growth in Orange County expected in 2013
Professionals seeking a strong market to move into may want to consider the sunny coastal communities that are a part of Orange County. Real estate in Orange County provides workers with access to new employment opportunities and an increasing gross domestic product rate.
Good news is on the horizon for workers in Orange County. According to the economists at California State University Fullerton's Mihaylo College of Business and Economics, about 26,500 jobs were created in Orange County during 2012. Another 33,600 employment opportunities are expected to become available during 2013, the Orange County Business Journal reports.
"Employment growth, once the economy picks up, will come primarily from the traditional sectors of Orange County such as high-tech manufacturing, construction, business services and leisure related industries," Mira Farka, an assistant professor and co-director of the Institute for Economic and Environmental Studies at the Mihaylo School, wrote in the report.
Employment figures improved approximately 2 percent in 2012. The news source reports that an additional growth of 2.4 percent will occur in 2013. Another prediction for the 2013 employment market is a drop in the percentage of residents without work. Experts claim the unemployment rate will decrease to 7.3 percent in the upcoming year.
According to the United States Department of Labor, the unemployment rate in the Santa Ana-Anaheim-Irvine area during August 2012 was 7.7 percent - down from 7.9 percent in July 2012. The region had a civilian labor force of 1,613,700, though only 1,490,000 people were employed in August 2012.
"[There is] an emerging economic recovery … evident throughout Orange County and the Southern California region," Anil Puri, dean of the business school and co-author of the forecast report, told the Orange County Business Journal.
An industry with the largest estimated employment growth in 2013 is the trade, transportation and utilities sector, which will hire about 5,800 new employees. According to the Department of Labor, 252,800 people were employed in this sector in August 2012 - up 2.1 percent in a year-over-year comparison.
However, more than one-third of the jobs created in 2013 are expected to come from the professional and business services sector. The news source claims that 11,700 new professional and business sector jobs will be created in the upcoming year. In August 2012, 253,800 workers were employed in this industry - up 1.7 percent from August 2011.