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|July 12, 2020|
Analysis: Inland economy defies recessionary fears
RIVERSIDE – (INT) - The Inland Empire’s economy is defying recessionary fears and, in fact, is helping to drive the state’s continued economic expansion, according to an analysis released by the UC Riverside School of Business Center for Economic Forecasting and Development.
Over the past year, the region has experienced a higher share of job growth than the nation, California as a whole, and neighboring Southern California metros.
“While employment growth in the Inland Empire, and across other geographies, has indeed slowed from previous years, it has not stopped or reversed and shouldn’t be interpreted as a sign of a downturn,” said Adam Fowler, Director of Research at the Center for Economic Forecasting.
The Inland Empire’s annual job growth stood at 2% as of October 2019, outstripping growth in the United States (1.4%), California (1.8%), the Los Angeles metro area (1.3%), Orange County (1.2%), and matching San Diego County (2%).
“For the Inland Empire, the key takeaways in these numbers are the region’s overall competitiveness with other urban metros amidst a tight labor market, and that job growth is coming from a wide, healthy range of industries,” said Fowler.
Of 15 employment sectors, only five lost positions over the year in the Inland Empire.
Story Date: January 19, 2020