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A return to economic health, however, doesn’t mean a return to business as usual. We’ll see a “new normal” emerge in the economy and in the way we do business, he said. Some industries, such as manufacturing, will never be the same.
“The decline of manufacturing on both a national level and a local level has been very severe over the last five years,” Puri said. “But then you look at the professional services industries. It tells you the kind of economy we can prepare our children for.”
Where will those jobs of the future be?
• In efforts and enterprises focused on developing renewable energy options and climate control
• In high-tech industries
• In leisure and hospitality, especially in Orange County
“And construction will come back,” Puri said. “But it will take a little time.”
Everything about this recovery will take some time, according to the forecast.
The region could still lose another 58,000 jobs this year before gaining back about 10,000 next year, according to the report.
“The losses in this recession are equivalent to more than five years’ job growth in Orange County,” the report said. In the last two years, the unemployment rate in Orange County has jumped from 4.2 percent to 9.6 percent.
While the forecast predicts continued job losses through the end of this year, it projects a slowdown by early next year.
Orange County job gains are projected to hit 9,900 (a 0.6 percent increase) next year and 24,200 (a 1.7 percent increase) in 2011, according to the forecast. As for the local unemployment rate, the report projects it will fall to 8 percent next year and to 6.2 percent in 2011.
“Recovery is at hand. We will all see an upturn,” Puri said. “This is not to be regarded as an overwhelmingly positive outlook, but it’s an optimistic outlook, because things are going to continue to get better.”
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A return to economic health, however, doesn’t mean a return to business as usual. We’ll see a “new normal” emerge in the economy and in the way we do business, he said. Some industries, such as manufacturing, will never be the same.
“The decline of manufacturing on both a national level and a local level has been very severe over the last five years,” Puri said. “But then you look at the professional services industries. It tells you the kind of economy we can prepare our children for.”
Where will those jobs of the future be?
• In efforts and enterprises focused on developing renewable energy options and climate control
• In high-tech industries
• In leisure and hospitality, especially in Orange County
“And construction will come back,” Puri said. “But it will take a little time.”
Everything about this recovery will take some time, according to the forecast.
The region could still lose another 58,000 jobs this year before gaining back about 10,000 next year, according to the report.
“The losses in this recession are equivalent to more than five years’ job growth in Orange County,” the report said. In the last two years, the unemployment rate in Orange County has jumped from 4.2 percent to 9.6 percent.
While the forecast predicts continued job losses through the end of this year, it projects a slowdown by early next year.
Orange County job gains are projected to hit 9,900 (a 0.6 percent increase) next year and 24,200 (a 1.7 percent increase) in 2011, according to the forecast. As for the local unemployment rate, the report projects it will fall to 8 percent next year and to 6.2 percent in 2011.
“Recovery is at hand. We will all see an upturn,” Puri said. “This is not to be regarded as an overwhelmingly positive outlook, but it’s an optimistic outlook, because things are going to continue to get better.”
<< PREVIOUS PAGE
Related headlines
Cypress, SBA's Santa Ana District Office offer biz tips
Grubb & Ellis announces $90 million preferred equity transaction
O.C. bankruptcy filings rise in September
