Beacon Economics presented the 2013 Riverside and San Bernardino Economic Forecast Conference on October 29 in partnership with the UC Riverside Anderson School of Business at the Riverside Municipal Auditorium. The Forecast provided relief with the overall trend that in spite of the political uncertainties in Washington, the economy continues to grow.
The Forecast highlights steady progress stating “Much like the rest of the state and nation, Inland Southern California continues to move forward in its economic recovery.” Several key economic indicators have seen positive growth. Spending in the region has been one of the most positive over the last year with taxable sales levels 6.4% higher in the second quarter of 2013 than they were in the same quarter last year.
Employment in Inland Southern California continues to edge higher each year and the region added back 6,900 nonfarm payroll jobs on a seasonally adjusted basis since last August, a 0.6% year-over-year increase and “whichever employment statistic you look at, [...] the local labor market is recovering, albeit slowly,” which is positive considering that the region was one of the hardest hit after the housing bubble burst. Improvements have also been seen in the state and regional real estate markets. The median price of an existing single-family home in the City of Riverside has increased 25.4% to $246,600 on a seasonally adjusted basis from the second quarter of 2012 to the second quarter of 2013, marking the sixth straight quarter of growth in median home prices.
Overall, the Economic Forecast Conference proved the worst is behind us now as the economic indicators for business activity are all moving in the right direction and consumer and business spending in the region has shown considerable growth despite slow growth across the state and nation. “Beacon Economics’ outlook for the Inland Southern California economy continues to remain optimistic, and we are forecasting continued positive growth across the region’s major economic indicators over the next five years. “