Published by the A. Gary Anderson Center for Economic Research at Chapman University, the forecast predicts that employment growth will increase by 1.5% in 2002, with the addition of more than 21,000 jobs. In 2003, that figure is expected to jump to 2.7%, with the creation of more than 39,000 jobs. An increase in taxable sales is also expected in the region, with a growth of 3.2% predicted for 2002 and 5.6% forecast for 2003.
"All four engines of local economic growth, construction spending, defense spending, international trade and real GDP, will be pushing the Orange County economy in a positive direction," predicts the Chapman University report.However, the Chapman University economists do warn that the region's recovery may be moderate due to the resilience of the Orange County economy during the recession. "Two important engines of growth, construction and defense spending, held up quite well and helped keep the county from following the nation in recession. But since there is not much room for growth in these areas, the county's future growth prospects may be contained," notes the report.
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