October 2, 2016
The Inland Empire economy is exhibiting continued strength, and UC Riverside researchers predict massive growth in the coming two decades. The steady foundation being laid today’s is preparing the region for a more dominant role in SoCal.
The positive news includes:
- Median income reaches $56,048
- Taxable sales grew 4.7% year over year
- Non-farm employment was up 2% year over year
- “Red-hot” logistics sector
- Growth in manufacturing and leisure and hospitality sectors
Beacon Economics’ Robert Kleinhenz noted that dining out was a particularly healthy sign for the Inland Empire because it shows people have more disposable income.
Another positive sign was the re-emergence of professional, scientific and technical services. Those segments are expected to provide local employment options that eliminate commutes to jobs in Orange County, San Diego or L.A. counties.
The housing market hasn’t yet fully recovered, though it has the lowest prices in SoCal.
For comments, questions or concerns, please contact Dennis Kaiser