Diversification = sustainability. Job growth in various sectors plays a pivotal role in economic expansion
The following graph includes sectors which have a workforce of 100,000 or greater in the county.
The above graph includes sectors which have a workforce of 100,000 or greater in the county. In April and May of this year, Orange County hit a near 19-year low with unemployment at 2.6 percent; as of this month, it is at 2.8 percent.
Long-term growth in labor force is led by Educational/Health Services (adding 92,3000 jobs in the last 15 years) and the Leisure and Hospitality sector (adding 65,600 jobs in 15 years). Nonfarm employers have added a total of 170,000 jobs in the last 5 years, with the highest 5-year growth in Construction (adding 26,300 jobs). High levels of development in multifamily, residential, industrial and office have contributed to the significant increase in this sector.
The manufacturing sector has lost a total of 30,400 jobs in the last 15 years, this loss is tied to companies relocating manufacturing operations to lower cost markets.
Source: JLL Research, EDD