Chapman University economists led by President Emeritus Jim Doti said Orange County is lagging behind in creating high-value jobs as house prices are set to decline and also say the region has seen a continuing population decline.
Doti and his colleagues are scheduled to present the 2022 Economic Forecast update this afternoon at an event on the Chapman campus in Orange. The local part of their forecast was called: “Orange County Comeback Continues.”
Among the findings:
–A “disconcerting” OC lag in creating Advanced Innovation Industry jobs that pay roughly twice the amount of non-advanced industries.
–Orange County has lost about 5,000 to 10,000 in population annually over the 2019-2021 period.
–On a year-to-year basis, the Chapman forecast calls for a 12% decline in the median home price from $1,012,000 in mid-2022 to $891,000 by mid-2023.
The Chapman team predicted the U.S. could be hit by recession, most likely in early 2023 and possibly as early as late this year. They see the U.S. economic growth slowing to 2.8% this year from 5.7% in 2021.