Unemployment rate falls to 7.7 percent in Orange County
Orange County residents have seen many economic improvements in the past few years, and these changes have helped the area lower its unemployment rate. According to The Orange County Register, this county's jobless rate fell from 7.9 percent to 7.7 percent between July 2012 and August 2012. The decreasing unemployment figure could have a positive impact on the local economy and may impact newcomers' decisions to check out some of the homes for sale in Orange County.
While Orange County employers cut 5,200 jobs last month, this region has created 29,000 new employment positions between August 2011 and August 2012. Additionally, county residents can take solace in the fact that this region's jobless rate is 2.9 points lower than the state's unemployment rate.
"The brightest thing out of the report is that year-over-year there is still job creation in terms of payroll," Esmael Adibi, a Chapman University economist, told the news source, referring to Orange County's numbers.
Many businesses have noticed the economic improvements in Orange County over the past year. For example, the construction industry added 1,900 positions in August 2012, and the financial services sector created 4,700 new jobs in the past 12 months.
"The local economy is doing pretty well," Wallace Walrod, chief economic advisor for the Orange County Business Council, told the newspaper. "For a long time that [employment] number was in the red."
Several local businesses have been recognized for their contributions to the community, including a software storage developer.
Paragon Software Group
In 2012, the Paragon Software Group in Irvine was named one of the top places to work in Orange County by the Orange County Business Journal and Best Companies Group. This organization is licensed by some of the largest computer and consumer electronics firms in the world, and earned the honor for its impact on the county's businesses, economy and workforce.
"We have been successful in direct proportion to our ability to attract the best and the brightest people to join our team," company president Tom Fedro said.
Paragon has been successful in hiring employees and retaining them for extended periods of time. This business boasts a profit growth rate of 1,198 percent since 2008, and is just one of the companies that has had a positive impact on the Orange County economy.