RIVERSIDE – A new economic forecast puts a positive spin on the outlook for the Inland Empire.

There’s evidence of increasing stability. Employment is up by 1 percent the past 12-months and is expected to climb steadily over the next 5-years.

The forecast by Beacon Economics and issued by UC Riverside Thursday indicated the economy is not headed for a ‘double-dip’ recession and that growth will begin to accelerate the rest of this year and next.

The outlook shows consumers are beginning to spend again. Taxable sales have risen by 16 percent since hitting a low point in 2009.

And when it comes to jobs, Beacon’s Director of Regional Research Brad Kemp points out “We’ve seen considerable gains. That reflects back where there’s an opportunity for local residents to get those jobs. Better than that, is the fact that the Inland Empire has had three months of employment gains.”

And on the housing front, Kemp says prices, sales and building permits have begun to stabilize. (INT)

Story Date: November 7, 2011