Money & Key

Economic Analysis Paints Optimistic Picture of the Future of the Inland Empire

According to the Victorville Daily Press, July 9, 2018, a recent study, released by the University of California, Riverside’s School of Business Center for Economic Forecasting and Development, revealed the Inland Empire’s economy is poised for another year of solid growth. Population and job growth is escalating the demand for housing in the area. Building permit activity in the Inland Empire has seen 3,020 residential units permitted in the first quarter of 2018 — a 4.7 percent year-over-year increase. The region’s employment numbers expanded by “a healthy” 3.1 percent over the past year, considerably outpacing growth in the state at 2.1 percent and the nation at 1.6 percent, the report stated. During the first four months of 2018, passenger traffic through the Ontario International Airport jumped 10.7 percent over the same period in 2017 — representing the best growth since 2010. This is indicative of the strong tourism and visitor activity the Inland Empire is currently enjoying. Along with the ongoing economic expansion, the Inland Empire’s commercial real estate market is on the rise. Permitting for new nonresidential structures in the first quarter of 2018 was 43.5 percent higher than during the same period in 2017 and 70.5 percent higher than during the same period in 2016, reaching $648.3 million in total value.

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