Inland Empire Experiencing 'Steady' Economic Growth: Report

RIVERSIDE COUNTY, CA – Business activity in the Inland Empire expanded nearly 2 percent in the first quarter of this year, marking 21 consecutive quarters of economic growth throughout the region, according to a performance index unveiled Wednesday by the UC Riverside Center for Economic Forecasting & Development.

The Business Activity Index tracks multiple data streams, including real estate transactions and employment trends, to gauge productivity and economic growth throughout the Inland Empire.

The metric uses the first quarter of 2009 -- the tail-end of the Great Recession -- as a base period against which to measure economic health.

Beginning in the first quarter of 2012, business activity in the IE accelerated, recording an aggregate growth rate of 18 percent, according to Robert Kleinhenz, research director for the Center for Economic Forecasting & Development.

"This index is an acknowledgement of what we have been seeing for some time -- steady improvement in the Inland Empire's economy," Kleinhenz said. "The region also continues to make significant contributions to the growth of the statewide economy, most notably in terms of recent job gains."

On a year-over-year level, business activity is up 3.7 percent, and compared to the fourth quarter of 2016, it's up 1.7 percent, figures show.

"The latest increase in business activity was driven by strong growth in the region's professional and business services industry," according to the performance report. "Employment has been robust in this sector, with a 7.3 percent annualized pace of job growth in the first quarter of 2017."

The center is anticipating a 3.1 percent increase in business activity in the current quarter -- almost a full percentage point ahead of what's forecasted for the national economy.

– By City News Service / Image via Shutterstock