IE Business Daily Business news for the Inland Empire.
Both California and the Inland Empire should experience stronger economic growth than the nation during the next year or more, according to report released Tuesday.
Turmoil in other countries has slowed U.S. exports and damaged the commodities industry, causing a modest drop in business investment, according to a forecast released by the UC Riverside School of Business Center for Economic Forecasting and Development.
However, consumer demand has more than offset that drop, and external drags on the economy are slowly going away, according to the study, which will be formally unveiled Thursday at the Seventh Annual Inland Empire Economic Forecast Conference, which is scheduled to be held at the Riverside Convention Center.
In the Inland Empire, home prices have risen recently but homes still remain affordable, the report noted.
Also, the two-county region’s economy continues to grow – gross metropolitan production grew 2.7 percent year-over-year during the second quarter, an unemployment was up two percent year-over-year in July – the report noted.
“The Inland Empire economy right now is more half full than it is half empty,” said Robert Kleinhenz, economist and research director at the economic forecasting and development center. “I think there’s a misperception out there that the [Inland Empire] economy isn’t doing well, but that isn’t true. The housing industry is doing better and the region is adding jobs in logistics. The future is actually very bright.”
