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|December 14, 2019|
New IE economic outlook for 2019
RIVERSIDE – (INT) – A new outlook paints rosy economic outlook for the inland Empire this year.
“The Inland Empire has grown at a faster pace than other areas in Southern California because it enjoys both a lower cost of living and proximity to major job markets,” said Robert Kleinhenz, executive director of research at the Center for Economic Forecasting at UC Riverside. “The wage gains we’ve been seeing are slow moving, but should continue as the job market tightens further and worker scarcity intensifies across the nation.”
Kleinhenz noted that while a lack of workers has slowed both job gains and labor force growth across the state and nation, the Inland Empire’s affordability advantage over its surrounding neighbors has been a key factor in helping the region avoid much of the slowdown. According to the new analysis, the IE accounts for over 25% of the net increase in the state’s labor force during the past year.
Worker scarcity is having an effect, however, including putting upward pressure on wages, the analysis issued Thursday stated.
On the housing front, the Inland Empire remains one of the last bastions of affordable real estate in the southern part of the state and will continue to attract buyers, the outlook stated. And while sales of existing homes decreased in 2018, according to Kleinhenz, the region’s relative affordablity will remain a strong selling point.
Story Date: January 20, 2019