ORANGE COUNTY IN BANKRUPTCY : PROMISING SIGNS

Even as it struggles to straighten out its government finances, Orange County is a vital and strong economic force, according to a Salomon Bros. report released Tuesday. Among the findings:

An Economic Recovery is Under Way

* DECREASING UNEMPLOYMENT: Down to 5.2% in October, 1994, from 7.1% in October, 1993.

* INCREASING JOB GROWTH: 1994 figure likely to be revised up from 0.5% to 1.0%.

* MORE HOUSING STARTS: 86% increase over 12 months ended October, 1994.

* INCREASING PROPERTY VALUES: Housing prices increased for past three quarters, reversing 1990-1993 declining trend.

* STRONG RETAIL SALES: Growing at a 7% to 8% annual rate.

* NEW BUSINESS GROWTH: Continuing strong tradition of entrepreneurialism.

TOTAL POPULATION IN ORANGE COUNTY (In millions)

‘94: 2.6

Orange County Vital Statistics

* GROSS REGIONAL PRODUCT: $76.7 billion

* PERSONAL INCOME: $64.8 billion

* EMPLOYMENT: 1.1 million

* RETAIL SALES: $26 billion

* AVERAGE HOUSEHOLD INCOME: $71,540 ($59,020 U.S. average)

* MEDIAN HOME PRICE: $210,000 ($110,000 U.S. average)

* Diversified economy with emphasis on high-technology manufacturing.

* Modern infrastructure, good public school system, low crime rate and attractive climate and geography.