Economic expansion of Inner Empire exceeds national GDP growth rate

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The Inland Empire economy is showing signs of robust growth as it approaches the end of 2021, with the housing market leading the way, according to a report released Wednesday.

UC Riverside School of Business’s Center for Economic Forecasting released its Inland Empire Business Activity Index, which indicates that private sector activity as a whole grew 8% across the region in the second quarter of this year, exceeding the growth rate of gross domestic product nationwide. by 6.6%.

“The Inland Empire’s better relative performance stems both from the fact that many parts of the local economy lost the effects of the pandemic and because the region fell into a deeper hole during the crisis than the nation. as a whole, leaving more room for growth, ”Center for Forecasting chief researcher Taner Osman said.

“We expect the region to continue to experience a faster growth rate in its business activity this year,” he added.

The real estate market remains remarkable in EI. From the second quarter of 2020 to the second quarter of this year, median single-family home prices jumped 24.7%, overtaking neighboring Orange County but falling just below Los Angeles and San Diego counties.

According to the report, the “fundamentals” supporting the acceleration of the regional housing market remain strong, including “strong demand, low stocks that will continue for years, relative affordability and low interest rates”.

The full report is available at ucreconomicforecast.org/wp-content/uploads/2021/10/IE_Business_Activity_Index_Fall_10_13_2021.pdf.

Economic expansion of Inner Empire exceeds national GDP growth rate was last modified: October 13, 2021 through Contributing editor

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