Orange County employers are partying like it’s pre-recession 2006 and will create 26,500 new jobs this year — the best in Southern California, according to a Cal State Long Beach forecast released today.
That is the most jobs since the Orange County economy tanked in 2007 on the heels of the sub-prime mortgage meltdown.
“It’s very upbeat,” said Lisa Grobar, one of the Cal State Long Beach economists who prepared the regional Southern California forecast. “Orange County will be the fastest-growing in the region through 2014.”
That is the most positive projection for Orange County of all the local economists, in part because it is based on the quarterly average job growth for the first three months of 2012 compared to the previous forecasts based on the estimated state numbers in late 2011.
Grobar said Orange County will see 1.9% job growth this year followed by 3% in 2013. The forecast takes into consideration the European Union debt problems and a slight slowdown in China.
What may be most surprising about the Long Beach forecast is that the recovery will not be led by construction and finance — the traditional biggest job boosts after a recession.
Business and professional services jobs will lead the way, according to the Long Beach forecast; as well as retail.
Overall, Grobar said the Southern California region will be behind Orange County, but grow, 1.5% this year.
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