IE Business Daily Business news for the Inland Empire.
Business activity in the Inland Empire grew by 6.4 percent in the fourth quarter of 2021, up from 4.5 percent growth during the third quarter, according to data released earlier this week.
The Inland economy “transitioned from recovery to expansion in the fourth quarter of 2021, the latest data available, and growth is forecast to continue throughout 2022,” the UC Riverside School of Business reported.
During the last three months of 2021, the U.S. gross domestic product was seven percent. Despite that, the country still lagged behind the Inland region for growth during the year: 5.6 percent to 6.1 percent.
The Inland Empire’s growth rate has declined from eight percent in the second quarter and seven percent in the first in the first quarter, but the report attributed that to the Inland economy moving back to pre-pandemic conditions all of last year.
Business activity – anything done to make a profit – in Riverside and San Bernardino counties is expected to grow three to five percent in 2022, even though the labor shortage will continue to be a problem, according to the report.
