From the desk of Dr. Wallace Walrod, OCBC’s Chief Economic Advisor:
CA’s Employment Development Department (EDD) data show signs of steady continuing economic recovery for Orange County. The unemployment rate dropped to 7.4% in April, down from a revised 8.2% in March and the lowest it has been since January 2009. During April, OC added 3,300 jobs, the third month in a row the county has seen employment gains. If employment continues to grow at this rate, the county could add close to 40,000 jobs this year, a strong showing in a tough economy. Orange County industries showing growth include healthcare, business and professional services, trade and tourism. Tourism in particular saw growth, in part due to the Disneyland Resort’s ongoing investment in its expansion of California Adventure. The tourism industry can also expect generous growth in early summer when California Adventure’s Cars Land opens in June. Disneyland Resort recently became the county’s largest employer, employing 23,000 people. The expansion added 2,300 jobs, and 1,700 direct construction jobs a year since 2008.
Orange County continues to see marked growth compared to the state and the nation, and remains the county with the lowest unemployment in Southern California. Orange County’s 7.4% rate compares to with unadjusted (non-seasonally adjusted) rates of 10.5% for California and 7.7% for the nation for March 2012, respectively.
Dr. Walrod specializes in conducting cutting-edge research on critical business topics. His work includes designing innovative programs, strategies and policy solutions for private industries, government and private foundations.
CLICK HERE to read OCMetro’s coverage of this data. CLICK HERE to read the OC Register’s coverage of this data. CLICK HERE for more information on OCBC’s research department. For more information, contact Dr. Wallace Walrod, Chief Economic Advisor.