Business activity in the Inland Empire grew 2.2 percent annualized rate during the first quarter of this year, according to a report released Friday.
That virtually matched the growth of the gross domestic product during the same period – 2.3 percent – the UC Riverside School of Business Center for Economic Forecasting and Development stated.
Year-over-year, business activity in Riverside and San Bernardino counties was up 3.8 percent. That was much faster growth than the national GDP, which grew 2.9 percent.
The Inland region’s economic growth has been spurred by the higher cost of housing in the coastal communities – which has steered buyers into the Inland housing market – along with strong job growth, the report stated.