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<br />Overall data from the Employment Development Department, Labor Market Information Division, indicates that the Orange
<br />County RPU is healthy and growing at a sustainable rate, The total labor pool expanded by 2.8% while unemployment has
<br />held steady, resulting in a net decrease in the county's unemployment rate by 0.1 %.
<br />Labor Market profile
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<br />Labor Market
<br />1,603,000
<br />1,594,400
<br />8,600
<br />0,5%
<br />Employed
<br />1,545,800
<br />1,525,300
<br />20,500
<br />1.30/0
<br />Unemployed
<br />57,100
<br />69,100
<br />- 12,000
<br />- 17.4%
<br />Unemployment Rate
<br />316%
<br />4.3 °%
<br />-0.8%
<br />Source: Employment Development Department, Labor MarRet Information Division.
<br />Data Note: Numbers may not add due to rounding,
<br />However, the OC Region demographic change will
<br />inevitably affect and drive economic change. Orange
<br />County is rapidly aging in place; the county's older age
<br />groups continue to increase in number while every other
<br />age group shrinks despite overall population growth. While
<br />the Department of Finance predicts that other California
<br />counties will also experience the growth of older
<br />populations by 2060.
<br />Increases in cost -of- living, rent, and home prices have
<br />outpaced income growth in some county communities. This widening gap, finds many Orange County families struggling to
<br />afford the various housing options provided in the county. This has not only served to reduce potential migration into the
<br />region, but has led many 25 to 34 year olds to permanently leave Orange County, thus limiting the county's ability to attract
<br />and retain a talented workforce and contributing to the growing skills gap. It is Important to note the significance of the
<br />workforce commute patterns of Orange County workforce.
<br />EXISTING IN- DEMAND INDUSTRY SECTORS AND 0 CCU PAT10N5c A breakdown of Orange County's economy
<br />by industry shows that the business environment is healthy and concentrated in four primary areas: Professional & Business
<br />Services, Trade, Transportation & Utilities, Leisure & Hospitality, and Educational & Health Services. These broad industry
<br />categories account for more than 60% of the county's total nonfarm employment.
<br />I ne Nrotessional & Business Services segment has seen the largest absolute erango Ceu* Empioymant
<br />employment growth since September 2015, adding 11,500 jobs. Taking closer+ septembe,sofa e g
<br />look at this segment reveals that Orange County has attracted moderate a i`
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<br />growth in occupations that are technical or scientific in nature, occupations
<br />that tend to command higher wages as well as higher educational M
<br />requirements. More than 133,000 of these occupations have been added Ad�ft
<br />since 2006, expanding this segment by 22 %. The healthcare industry is
<br />another segment that has seen robust growth. Since 2006, the Health Care Tom•
<br />and Social Assistance occupations have steadily added 183,400 jobs,E�
<br />resulting in 44% growth for these occupations. Orange County is a domestic n°m,eddrg es
<br />and international leisure destination. The Leisure & Hospitality industry added 70%
<br />9,300 new jobs over the last year. Over the past decade, the Leisure & ea ° °a a gro,Ga
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<br />Hospitality segment has added over 200,000 new jobs, a 26% expansion. One
<br />of the industries that was severely Impacted by the Great Recession,
<br />construction, has finally returned to pre- recession levels. Construction year- over -year growth is 10 %, outpacing all other
<br />industries through the addition of 9,200 jobs. The Orange County construction industry is now only 7% below pre- recession
<br />levels in 2006.
<br />EMERGING IN- DEMAND INDUSTRY SECTORS AND OCCUPATIONS: The industries that show emergent
<br />growth can be identified by projected job openings as well as industry demand. Data from the California Employment
<br />Development Department show that the most promising emerging industries are in the general business, health care and
<br />trade - related industrles. These occupations provide job seekers with ample opportunity to earn reasonable wages with
<br />educational attainment at or below the Bachelor's Degree level. Orange County will have a high demand for jobs that are
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