Business activity in the Inland Empire grew eight percent in the second quarter, outperforming the 6.6 percent growth in the U.S. gross domestic product and its own seven percent increase during the first quarter.
“The Inland Empire’s better performance [is because] many parts of the local economy have shed the effects of the pandemic, and because the area fell into a deeper hole during the crisis than the nation overall, leaving more room for growth,” said Taner Osman, research manager at the UC Riverside School of Business Center for Economic Forecasting and a co-author of the center’s quarterly Inland Empire Business Activity Index, in a statement.
Business activity in Riverside and San Bernardino counties will reach pre-pandemic levels by the end of this year, Osman said
Housing was the stronger part of the Inland economy during the first quarter: the median price of a single-family home grew 24.7 percent between the second quarter of 2020 and the second quarter of 2021.
That was higher than Orange County (22.5 percent) but lower than in Los Angeles (27.5 percent) and San Diego (25.8 percent) counties, according to the index.