Diverse, Robust Economy
What makes Orange County a great place to do business? A quick look at the numbers shows how Orange County’s marketplace combined with its robust and diverse economy make Orange County a desirable place for employers to do business:
- With over 3.1 million residents, Orange County is the 6th most populous county in the U.S.
- If Orange County were a separate state, it would rank 30th in the nation based on the size of its population.
- With a total civilian labor force of 1.6 million, Orange County enjoys a diverse economy, with economic output and employment well-distributed among sectors.
- The county’s Gross Regional Product in 2018 was estimated to be $256 billion.
- Orange County ranks 6th among the nation’s metro areas based on its Gross Metropolitan Product.
- If Orange County were a separate country, it would be ranked 45th in the world based on the volume of gross production, just ahead of Singapore.
- If Orange County were a separate state, it would be the 23rd largest based on Gross Domestic Product.
- What else makes OC an ideal place for business? Check out the 20+ Reasons to Do Business in Orange County.
Low Unemployment Rate
Orange County’s economic strength is reflected in its low unemployment rate which consistently runs lower than that of the statewide average. According to the California Employment Development Department, as of July 2019, Orange County’s unemployment rate was at 3.2%; below the state average of 4.40%
Orange County’s low unemployment figures are just as impressive when compared against the five other Southern California counties:
Along with the strong economic numbers, the Orange County Business Expectations Survey (OCBX) shows that local businesses are optimistic about the economy. The third quarter reading for 2019 had an OCBX reading of 87.1 (a value of above 50 indicates expectations of continued economic expansion). This is the highest value for the index since the third quarter of 2013.
SCAG (Southern California Association of Governments) provides an overview of Orange County in their Profile of Orange County Report. Click Here to view the report. SCAG also provides an overview of Unincorporated Orange County. Click Here to view the report.
California State University, Fullerton’s Mihaylo College of Business and Economics provides an overview and analysis of Orange County and Southern California exports. Click Here to view the report.