County's Jobless Rate Just 3%, New Report Says

ORANGE COUNTY-The local unemployment stands at a mere 3%, according to a new report by the California Employment Development Department, nearly half the statewide jobless rate of 5%.

The report’s findings represent good news for commercial real estate investors across Orange County. Though the national economy appears to be slowing, the state EDD figures indicate that OC’s economy continues to boom—meaning retail sales should stay strong and owners of office or industrial projects shouldn’t have much trouble keeping their tenants in the months ahead.

The local economy’s growth may also help landlords here to find new tenants faster and perhaps even institute a new round of rent hikes, analysts tell GlobeSt.com.

Though the county’s 3% unemployment rate last month was up slightly from June, experts note that the jobless figures almost always rise in the summer as thousands of students look for temporary jobs on their summer break.