The main event: Orange County economy 2007 vs. 2019; the tale of the tape shows economic expansion
At this point in the economic cycle, it is becoming increasingly popular to ask where we currently stand compared to the end of 2007 when the recession began.
- At this point in the economic cycle, it is becoming increasingly popular to ask where we currently stand compared to the end of 2007 when the recession began. Leading up to the Great Recession, the Orange County economy leaned heavily on the mortgage industry and related financial services which is not the case anymore with the economy becoming significantly more diversified.
- At the end of 2007, jobs were being lost, homes were depreciating in value, and construction activity was decreasing. Presently in Orange County, professional services are adding jobs at the administrative, technical, and management levels, while health services is expanding at a rapid pace.
- The decline in manufacturing is a result of the economy transitioning to one that requires more warehousing and distribution stemming from the growth of e-commerce and last mile logistics.
- The strong interest to compare these time periods is understandable, however, with a larger and more talented labor force and diversified employers, the current Orange County economy is vastly different than the end of 2007.
Source: JLL Research, CA EDD, Moody’s, Oxford Economics, CA Assoc. of Realtors
*Indicates forecasted figure