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Orange RPU PY 2025-2028 Regional Plan <br />11 | Page <br /> <br />Manufacturing also plays a central role in Orange County’s economic identity, with notable <br />concentrations in medical equipment and supplies manufacturing (LQ: 4.0), reflecting the <br />county’s position as a hub for advanced medical technology. This sector is projected to <br />grow by 10.8% as demand for cutting-edge medical devices expands globally. Similarly, <br />coating, engraving, and heat-treating metals (LQ: 2.3) is another highly specialized <br />manufacturing subsector, emphasizing its role in the county’s advanced manufacturing <br />ecosystem despite facing employment challenges24. <br /> <br />The financial activities sector also demonstrates unique strengths, particularly in activities <br />related to credit intermediation (LQ: 2.0) and real estate services (LQ: 1.7). These <br />industries are vital to Orange County’s economic stability, reflecting the robust financial <br />infrastructure and thriving real estate market25. <br /> <br />In health services, offices of other health practitioners (LQ: 1.8) exemplify the growing <br />demand for specialized healthcare services. Employment in this sector is projected to <br />grow by 14.5%, driven by demographic changes and advancements in healthcare <br />delivery26. <br /> <br />While many specialized industries are thriving, some sectors face challenges. Aerospace <br />product and parts manufacturing (LQ: 1.4) is projected to decline by 19.1%, reflecting <br />reduced demand for traditional manufacturing. Similarly, travel arrangement and <br />reservation services (LQ: 1.2) and other tourism-related industries are experiencing <br />declines as consumer behavior shifts and technology transforms the sector27. <br /> <br />These patterns of specialization reveal opportunities to strengthen workforce <br />development efforts in Orange County. Sectors such as advanced manufacturing, <br />professional services, and healthcare offer pathways for sustainable growth, while <br />retraining and upskilling initiatives can support workers in declining industries. By <br />leveraging its unique strengths, Orange County can remain competitive and resilient in a <br />dynamic economic landscape. <br /> <br />A. Analysis of Employment and Unemployment Data <br /> <br />As of November 2024, Orange County's unemployment rate stood at 4.0%, reflecting a <br />slight decrease from 4.2% in October 2024 but an increase from 3.8% in November 2023. <br />This rate aligns with the national unemployment rate of 4.0% and remains significantly <br />below California's state rate of 5.3%, emphasizing the county's relative economic <br />strength28. <br /> <br />Unemployment Trends <br /> <br />From 2019 to 2024, unemployment trends in Orange County highlight the economic <br />challenges and recovery from the COVID-19 pandemic. The unemployment rate reached <br />a peak of 8.98% in 2020 before gradually declining to 4.14% in October 2024. While these <br /> <br />24 California Employment Development Department, Detailed Industry Data. <br />25 California Employment Development Department, Detailed Industry Data. <br />26 California Employment Development Department, Detailed Industry Data. <br />27 California Employment Development Department, Detailed Industry Data. <br />28 California Employment Development Department. Orange County Labor Force and Industry Employment Summary. Anaheim-Santa Ana-Irvine Metropolitan Division, December <br />2024. https://www.labormarketinfo.edd.ca.gov. <br />EXHIBIT 1