OC's Jobless Rate Falls to 2.7%

ORANGE COUNTY, CA-This county’s jobless rate has dropped to a low 2.7%, the state government says, a good indicator that retail spending and demand for office space in the region should remain strong over the next several months.

August’s 2.7% level was down from 3.1% in July, the report by the California Economic Development Department says. The gains were led by a 6.9% increase in jobs in the county’s booming construction business and a 5.4% increase in the service industry’s employment figures.

Equally important, jobs in the county grew at a moderate 2.8% rate last month. That’s a pace that experts say is healthy, but not so strong that it threatens to overheat the local economy.

The strong job picture bodes well for every segment of the county’s commercial real estate market, experts say. Expanding businesses often require additional office or industrial space, confident employees spend more freely at retail stores, and new apartments are needed to house the growing workforce.

Orange County’s 2.7% unemployment rate is about half the statewide figure of 5.1%, the government report says.