Recovery Slower Due to Companies Leaving CA

IRVINE, CA—Orange County added 30,000 jobs during the month of May, according to a report from JLL, and while the number is robust, it’s not as strong as it could have been without some mitigating circumstances, Jeff Ingham, SVP with JLL, tells GlobeSt.com. Firms leaving California for less-expensive markets, contraction in the office sector and the not-too-distant memory of the recession are having a dampening effect on growth, he says.

“Regarding non-farm labor, our base of employment has grown by 10% over the last five years, which is pretty good from an economic perspective,” says Ingham. “But from a day-to-day perspective, while the employment is getting better, it’s not directly translating to real estate.”