Business activity in the Inland Empire grew by 1.6 percent in the second quarter.
That stood in contrast to the 4.7 percent growth in the first quarter of this year and the 6.4 percent recorded in the fourth quarter of 2021, the UC Riverside School of Business Center for Economic Forecasting and Development said in a report.
However, that drop in growth wasn’t as serious as it might appear.
“The longer-term decline in the Inland Empire’s growth rate is to be expected, as the region’s economy has transitioned firmly back to pre-pandemic conditions,” the report states. “The short-term outlook remains positive, with [Inland] business activity forecast to rise between two percent and three percent over the next 12 months.”
By comparison, the U.S. gross domestic product – the total of goods and services provided in a specific time – shrank by 0.6 percent in the second quarter.
The true cost of owning a home in the Inland region has risen 24.5 percent since the start of this year, while average hourly earnings in the private sector, adjusted for inflation, have declined 6.1 percent, the report found.