Orange County faces housing shortfall of 100,000 by 2040

IRVINE, CA- Orange County Business Council (OCBC) presents the 2015 Workforce Housing Forum, sponsored by Bank of America, held at Hoag Hospital Auditorium Irvine Tuesday, March 31, 2015 at 7:30 a.m. Dr. Wallace Walrod, OCBC Chief Economic Advisor, will unveil the 2015 Workforce Housing Scorecard, which presents a picture of the state of each city’s workforce housing in Orange County by looking at affordability, density, population, and housing-unit numbers, as well as the relationship between jobs and housing units. The Forum will also feature a panel discussion among regional experts and stakeholders discussing the current and future state of housing, issues and tools for success Orange County’s future prosperity hinges on the region’s ability to create a healthy, prosperous economy that promotes both jobs and housing — not one at the expense of the other. Currently, Orange County is an economic leader in both job creation and GDP, but is facing today a 50,000 to 62,000 housing unit shortage, based upon the ideal ratio of 1.5 housing units for every job. Given current development trends, this shortfall is likely to grow to 100,000 homes and apartments within the next three decades. The Scorecard ranks cities in Orange County to highlight the regional leaders making strides to address the need as well as illustrate which communities are not yet succeeding to improve their jobs to housing balance. CLICK HERE for an infographic of the report’s key findings. An advanced copy for the scorecard is available for interested members of the press. This is the third installment of the Scorecard since its inaugural release in 2008 and has proven to be a catalyst for discussions among policy leaders and stakeholders to address the region’s workforce housing accessibility. Topics of discussion at the forum will include: supply and demand factors of workforce housing, the recovery’s impact on Orange County, emerging factors in the housing market, projected housing trends in the county through 2040, and the long-term consequences of an insufficient workforce housing supply. WHO: Dr. Wallace Walrod, Chief Economic Advisor, Orange County Business Council Mike Adams, Orange County Planning Commissioner, Panelist Max Gardner, CEO, OC United Way, Panelist Curt Pringle, President, Curt Pringle & Associates, and former Mayor of the City of Anaheim, Panelist Frank Ury, Councilmember, City of Mission Viejo, and Business Development, Public Sector, Hewlett-Packard Company, Panelist WHEN: Tuesday, March 31, 2015 Registration: 7:30 a.m. Program: 8:00 a.m. Adjourn: 9:00 a.m. WHERE: Hoag Hospital Irvine Auditorium 16200 Sand Canyon Avenue, Irvine, CA 92618 COST: OCBC Members: $75 Non-Members: $120 Media interested in attending should contact Delaine Moore, Communications Manager, at [email protected] or 949-794-7220. An advanced copy for the scorecard is available for interested members of the press. About OCBC: Orange County Business Council is the leading voice of business in Orange County, California. OCBC represents and promotes the business community, working with government and academia, to enhance Orange County’s economic development and prosperity in order to preserve a high quality of life. OCBC serves member and investor businesses with nearly 250,000 employees and 2,000,000 worldwide. In providing a proactive forum for business and supporting organizations, OCBC helps assure the financial growth of America’s sixth largest county. For more information, visit www.ocbc.org. # # #