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Inland Empire's economy is experiencing rapid growth, with record levels of job creation and a thriving industrial sector. The region's population, job market, and income levels are all on the rise, making it an attractive place for businesses and residents alike. This article explores the various sectors driving the region's prosperity and the challenges it faces in terms of poverty and healthcare.
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Inland Empire Prosperity . . . John Husing, Ph.D. Economics & Politics, Inc. Chief Economist, IEEP
After Losing 8.71 Million Jobs … Now At A Record Level of JobsU.S. Jobs Long Slow Growth - Not Over-Heating
18.0% 10.6% 8.6% 4.3%
Interest Rates Remain Low Fed Plans To Sell Off Balance Sheet … Raise Long Term Rates 3.90% 2.23%
California Job Gains/Losses Up 1,368,852 8.6% Up 2007 15,848,033 2017e 17,216,885 Recovery 2,576,300 Great Recession -1,178,600
Inland Empire Population Greater Than 25 of 50 States
Inland Empire Growth was the 2nd LargestAbsolute Job Gain in California in 2016!
Gold Mine Theory Secondary Tier Primary Tier
Potential Impact On Health Care Demand & Quality of Life -55.2% Drop in Uninsured
Health Care Jobs: Continuous Growth • 2011-2017 • 10.8% of Job Growth • Median Pay $60,768 Inland Empire’s Best Sector for Higher End Jobs
Value of the Dollar:Helps Imports & Hurts Exports 100.0 2012-2016 16.3%
Net Industrial Space Absorption 15.9 million
E-Commerce Growth RatesYear Over Year by Quarter 1.1% 16.2% 8.9%
Industrial Asking Lease Rates Soaring Up 17.5% Up 70.0%
Logistics Powerful Job Growth • 2011-2017 • 20.6% of New Jobs • Median Pay $46,708
Inland Empire Manufacturing Jobs • 2011-2017 • 5.2% of Job Growth • Median Pay $51,385
Inland Empire Home Prices -1.2% -15.6% IE Conforming Loan Limit: $424,100 LA/OR are $636,150 -112%
Inland Empire Homes Cheaper By$249,000 to $418,000 vs. Coastal Cos.
Mortgage Market Has Stabilized …Low Numbers of Notices of Default
Apartment Rental Rates & Vacancies. Inland Empire $1,601 4.3% San Diego $1,873 2.2% Orange$2,059 3.9% Los Angeles $2,271 3.7% Source: CB Richard Ellis
Inland Empire Construction Jobs • 2011-2017 • 15.7% of Job Growth • 30.3 % Share in 2017 • Median Pay $52,604
High Paying Sectors Ahmad Adel Al-Khatib Jack Dangermond
Office Market Vacancies Improving 24.2% 11.6% E-Commerce An Issue
Office Asking Lease Rates Down -6.2% Up 14.9%