Here at the Plaza Review, we once again attended Chapman Universitys Economic Forecast and can now bring you news about the projected state of our local economy.
Overall, there will be a continuation of the recovery, although slow. Areas of growth include employment, which is expected to increase by 1.8 percent in Orange County in 2013, which amounts to 26,000 payroll jobs. As a result of job growth, personal income is also expected to grow by 5.4 percent in Orange County in the coming year.
On the housing front, homes have become more affordable and recent statistics show that notices of defaults, which come before foreclosures, declined sharply compared to a year ago. Orange Countys notice of defaults is the lowest in Southern California. Also related to housing, construction spending is rebounding and is expected to grow by 10 percent in Orange County in 2013. Home prices will also continue to creep up during the coming year, increasing by 6.8 percent.
All of these changes are baby stepsbut appear to be heading in the right direction. Learn more about the forecast as it relates to the nation, Orange County and the Orange community in the upcoming print edition of the Plaza Review.
OrangeReview.com article posted Dec 3, 2012
Written by Julie Bawden-Davis, Photograph by Mike Escobedo
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