Orange County is located in the Los Angeles metropolitan region of California. It has a population of 3.1 persons, making it the 3rd most populous county in L.A. However, OC not only boasts of a large population but also ranks as one of the most successful economies in the United States apart from New York City, New Jersey region, D.C suburbs, and Arlington Counties.
Orange County Economy Hits the Trillion-Dollar Mark
The federal government releases a yearly audit of the economic output of major metro areas in the nation. The report detailed the Gross Domestic Product of Orange County – a general measure of the all the local business output- which was estimated to have experienced a spike of $38 billion resulted in a total valuation to $1 trillion.
The recent economic turbulence that has hit the Los Angeles-Orange County region has veiled the fact that the area comes second in the best-performing counties in the U.S, treading hot on the heels of the NYC-New Jersey region in the East, which was reported to have a GDP of $1.66 trillion. To make you understand the bountiful economic success of OC, consider the following facts:
- The economic growth experienced in 2016 was equivalent to that of the economies of Little Rock and Akron, OH, both combined.
- Considering if the LA-OC area was a U.S state, the yearly economic output would rank at No. 4 after California, New York City, and Texas, and a little higher than that of Florida, Miami. On a global scale, OC’s GDP would appear at per with Mexico’s and Indonesia’s.
- Moving further East, the cities of Riverside and San Bernardino had a rather modest output of $149 billion in 2016, making the Inland Empire United States’ 23rd busiest commercial districts. Its GDP matches that of Hungary, Nevada, and Kansas City.
- Moving southwards, San Diego county reported a business output of $214 billion taking to the NO. 17 spot in the nation’s most robust economies [counties].
These counties have significantly contributed to the state’s economy. California reported an annual economic output of $2.6 billion.
Plummeting Unemployment Rate
A key indication of Orange Counties economic power is its ever-decreasing unemployment rate, even further down than California’s average. The California Employment Development Department (CEDD) recently reported that; by the commencement of December 2017, the unemployment rate stood at 2.9%, whereas the state’s average was at 4.1%.
Local businesses managed to offer over 14, 400 employment opportunities within a year, taking its employment-rate winning strip to 28 years/ 99 months. After the economic recession, Orange County has for 99 months held the No. 1 spot for the highest employment rate growth as of the end of August 2010. After the economic recession, more than 185, 300 employment places were created with an annual hiring rate of 2.4%. With such a high labor force, Orange County has a diversified economy based on these figures.
Considering the rich economy of Orange County, a business outlook report indicates that local startups and thriving businesses can be optimistic about the future. Even so, California’s economy is projected to slow down in 2020 as per the Anderson Forecast. A graphical representation of it would display a slower trajectory from 1.2% (2018), 1.5% (2019), and 0.5% (2020).
Logistics is the most significant economic catalyst of California, within which Orange County is located. It is an economy where middle-class citizens can get a decent pay to meet their financial obligations comfortably. The high tariffs imposed on the U.S-China routes is already posing a challenge to the area.