This appears to be just the beginning of the long awaited building boom for our area. As we mentioned in our last newsletter, hundreds of new homes, condos, apartments, office buildings, hotels, and retail centers are in various stages of completion in nearly every city in Orange County. We are not the only ones predicting an economic recovery this year.
“Chapman University economists predict that Orange County’s labor market will pick up in 2014, thanks to a boom in construction and a jump in exports. According to Chapman economist Esmael Adibi, O.C. businesses will add 35,000 payroll jobs this year – a growth rate of 2.5 percent, according to the university’s annual forecast, up from about 2 percent in 2013.
Construction was the fastest growing job category locally and statewide in 2013, the forecast noted. The value of building permits will grow about 15% in Orange County and 16% in California in 2014, the forecast predicted.”