In a sign of Orange County’s hot housing market, the average number of days to sell a home here has dropped to a historic low of 22 days, while total residential building permits are set to soar, Chapman University economists said today.
Permits are expected to increase from 5,900 in 2020 to 10,200 this year, a surge of 73%, according to an updated economic forecast from economists led by Chapman President Emeritus Jim Doti.
Doti and his colleagues released some key features of the report in advance of the formal presentation on Wednesday. Other key takeaways:
● Orange County’s job loss of 8.9% in 2020 was greater than California’s loss of 7.4%.
● The 2021 economic recovery is expected to lead to an average increase of 2.8% in Orange County jobs.
The updated forecast calls for real GDP growth of 6.7% this year in the U.S. versus a 3.5% decline during COVID-wracked 2020. The latest prediction is 1 percentage higher than the 5.7% expansion that Doti and his colleagues forecast for this year back in December.