IE Business Daily Business news for the Inland Empire.
Inland Empire business activity bounced back in the third quarter, as the region recovered an estimated 54,000 jobs during that time, according to a report.
Helped by a jump in consumer spending, the region’s business activity rose 16 percent, up dramatically from the 26.5 percent decline, the UC Riverside School of Business Center for Economic Forecasting and Development reported Thursday.
Even though Riverside and San Bernardino Counties remain among California’s top markets for confirmed COVID-19 cases, the region’s unemployment level is below the state’s, indicating resilience compared with other areas.
The report predicts a widespread economic recovery in the second half of 2021, a prospect made even more likely by the possibility of a COVID-19 vaccine.
“Controlling the spread of COVID-19 and maintaining momentum in the labor market will be key over the next few months,” said Adam Fowler, the center’s director of research, in the statement. “While it will be a dark winter given the virus resurgence, the record pace of economic growth in the third quarter has been faster than in previous business cycles, and combined with positive vaccine news, it’s a promising trend.”
