Inland Empire Quarterly Economic Report Released
The Inland Empire added 48,000 jobs last year, and segments of the economy showed great strides – particularly in the area of logistics, according to the January 2015 quarterly report from economist John Husing of the Inland Empire Economic Partnership. In the report, Husing also points to areas of concern for the local economy, including regulations, lower educational attainment and the adaptability of the ports. Read more.
According to the report, the Inland Empire’s economy favored growth in the logistics sector due to the high level of imports from the Los Angeles and Long Beach ports. In addition, cheaper imports and port growth will be made possible due to the rapid rise in the value of the American dollar. The growth of logistics is a result of the e-commerce fulfillment facilities being built to accommodate an activity that is growing more than 15% compound each year. Local fulfillment centers in Ontario include Nordstrom, Toyota and 3M. The Inland Empire serves as a prime location as this sector needs large amounts of land to construct the proper facilities. The CA Employment Development Department (EED), reports the median pay, in 2014, was $44,591.
The Inland Empire’s other core economic driver is health care. 3,175 jobs were added in 2014 as the Affordable Care Act and the high volume of baby boomer retirees increased the demand within the health care sector. The report states that jobs in this area will continue to be in high demand but that currently the population needing health care is under-served. Husing writes that the Inland Empire, “…has the lowest number of both primary care (43) and specialist physicians (77) per 100,000 people of any of California’s nine regions.” One local University, UC Riverside, aims to combat the shortage of doctors in the Inland Empire by offering full-ride scholarships to medical students who have a commitment to practice primary care pediatrics in Riverside County. Click here to find out more:
This and That
In 2014, taxable sales in Ontario increased by 3.5% to nearly $1.7 billion. From an annual perspective, the city experienced a growth of 12% when compared to the 8% the Inland Empire experienced. • The Inland Empire offers a more affordable housing rate compared to the Los Angeles, Orange, and San Diego counties. The prices range from $198,000 to $395,000. In addition, 30-year mortgage rates settled at 3.63%. • The cost of Gasoline reduced from $103.57 a barrel in August 2013 to $46.79 a barrel in January 2015. The lower cost of gasoline translates to more consumer spending on non-fuel goods and services. This should increase local consumer optimism which is a key factor for economic recovery, according to the report.