Orange County, CA
Orange County’s retail activity in the first quarter led the way in Southern California’s retail market. The absorption in Orange County was more than double that of other counties. For example, San Diego had a negative net retail absorption. Orange County’s robust local economy and 5% projected job growth make it the idea retail environment.
The first quarter closed with strong absorption—more than 124,000 square feet. The market had strong retail activity at the end of 2017 as well, and the momentum has kept through the start of the year.
Key Facts:
- Orange County unemployment rate dropped from 2.9% in November 2017 to 2.8% in December 2017, a decrease of 0.1 percentage points over the last month of 2017 and 0.7 percentage points below the December 2016 unemployment rate
- Orange County’s unemployment rate 1.4 percentage points below the state rate and 1.1 percentage points below the national rate
Projected Economic Growth (2017-2022)
- Expected retail sales growth: 8.9%
- Expected job growth: 5.0%
- Fastest growing jobs sector: Construction
- Expected personal income growth: 16.2%
*Data courtesy of Kelsi Maree Borland globest.com and California Department of Transportation
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