The economy in Orange County today is vastly different from the market of just 10 years ago. A new report from JLL Research shows that the market has diversified from its reliance on a single industry in 2007.
A more diversified economy positively impacts the CRE market, as more companies seek space for their operations, thus contributing to job growth. Instead of relying on one industry to lease space and produce jobs, Orange County’s economy has a stronger foundational base than the previous cycle.
Other findings of JLL’s comparison between 2007 and 2017:
- In 2007, the Orange County economy was heavily influenced by the financial activities sector, specifically, the mortgage industry
- 2007 total nonfarm employment base was 1,521,500
- Current economic growth is led by a diverse set of industries, including healthcare, technology, life sciences and business services
- 2017 total nonfarm employment base is 1,583,600
For comments, questions or concerns, please contact Dennis Kaiser