Forecast: Promising Indicators for Riverside/San Bernardino

RIVERSIDE, CA-A new forecast focused on the US, California, and the Riverside/San Bernardino region says the economy is not headed for another downturn, and that nationwide, growth will begin to accelerate in late 2011 and 2012. The forecast, authored by Beacon Economics and released in partnership with the University of California at Riverside’s School of Business Administration, expects the national and state economies to pick up speed faster than the hard-hit Riverside/San Bernardino region, but says the inland area is showing increased signs of stability.

“Year-over-year, the local labor market has grown slightly—up by 1% since this time last year—and employment is expected continue to climb steadily over the next five years,” according to the analysis. According to the forecast, there are important and promising indicators emerging in the Riverside/San Bernardino region, including consumers who are beginning to spend again. While taxable sales are still well below their 2007 peak, they have begun a healthy rebound, rising by 16.1% since hitting their low point in the second quarter of 2009—a trend that is expected to continue, says the analysis.