Pandemic Underscores Essential Quality of Life Need for Arts, Entertainment
Business activity in the Inland Empire has continued to steadily recover from the historic COVID-19 pandemic and the outlook for the near-term future is one of solid growth. Following unprecedented declines in the first half of 2020, the region’s business activity rebounded in the second half of the year, and the economic fundamentals for ongoing growth are strong, according to the new Inland Empire Business Activity Index released today by the UC Riverside School of Business Center for Economic Forecasting and Development.
In the 4th quarter of 2020, the latest numbers available, business activity increased 5.1% in the Inland Empire, slightly more than the growth rate in U.S. GDP (4.3%). The 4th quarter’s expansion followed a 3rd quarter in which the region’s business activity soared 16% – driven primarily by a jump in consumer spending. The new analysis is forecasting that local business activity will rise between 6% and 10% throughout the remainder of 2021.
“Successfully controlling the spread of COVID-19 and maintaining momentum in the labor market has been critical to the most recent growth we’ve seen in the Inland Empire’s economy,” said Taner Osman, Research Manager at the UCR Center for Forecasting. “And looking ahead, the drivers of long-run growth remain strong, with many households in the area experiencing minimal income losses and even increasing their savings over the last year.”
Overall, compared to 2019, business activity in the Inland Empire was 7.3 percentage points lower in 2020, according to the analysis. However, as businesses begin to fully reopen (if health criteria continue to be met, the state is scheduled to reopen on June 15) the local economic recovery should pick up speed and gain greater momentum further into the year.
The current edition of the Inland Empire Business Activity Index also focuses on the local creative economy, which includes industries ranging from entertainment to fashion to performing arts. The creative sectors took a tremendous hit from the pandemic as productions shuttered, and the ability to gather in groups was quelled. While the Inland Empire accounts for a relatively small share of California’s creative workforce, prior to the pandemic, that share was growing. Between 2014 and 2019, payroll employment in the region’s creative sectors increased 22%.
“We expect growth to resume in these sectors,” said Osman. “One of the great lessons of the pandemic, when we were prevented from doing cherished things like enjoying live music or going to the movies, is just how necessary the creative work of others is to our quality of life.”
The new Inland Empire Business Activity Index was authored by Osman and Senior Research Associate Brian Vanderplas.
View the full analysis here.
Inland Empire Regional Chamber of Commerce to Lead California Delegation at GITEX GLOBAL 2023 in Dubai
Fostering Technological Synergy: Bridging the Tech Gap with Global Partners
Demonstrating the Inland Empire Regional Chamber of Commerce’s (IERCC) commitment to global tech collaboration and innovation, the organization will lead a California delegation to the world-renowned GITEX GLOBAL event in Dubai from October 16-20, 2023. Though the original invitation extended to IERCC’s President & CEO, Mr. Edward Ornelas, Jr., he will not be in attendance. Instead, the California delegation will be spearheaded by the Chamber’s newly-appointed CTO, Mr. Gabriel Rangel.
Organized by the Dubai World Trade Centre, GITEX GLOBAL 2023 promises to be grander than ever. The event is set to host over 6,000 exhibiting companies and startups, drawing more than 170,000 tech and business executives from over 170 countries. The mega-event will sprawl across 41 vast halls and, for the first time ever, will be held at two prominent venues – the iconic Dubai World Trade Centre and the new Dubai Harbour for Expand North Star, making it the host for the world’s largest startup event.
Mr. Edward Ornelas, Jr. commented, “While I regret not attending GITEX personally, I am proud to have Mr. Rangel at the helm of this effort. I’m confident that our delegation will foster new collaborations and present the Golden State as a tech powerhouse.”
This year’s conference adopts the compelling theme of “The Year to Imagine AI in Everything”. Attendees are poised to witness the grandest showcase of AI tech giants and industry frontrunners. Additionally, it promises to kindle profound dialogues and debates concerning the socio-economic implications of burgeoning AI technology.
“Leading the California delegation at GITEX offers us an unmatched platform to nurture and solidify relationships with global tech partners,” said Mr. Gabriel Rangel, CTO of IERCC. “As the technology landscape continues to evolve, it’s critical for us to be a part of these international collaborations. I’m honored to spearhead this mission on behalf of the Inland Empire Regional Chamber of Commerce.”
An integral part of the California delegation, Mr. Ram Thanapandian, Principal Technology Consultant to the State of California and Chair of CA State Treasurer Fiona Ma’s Technical Advisory Commission, will be present, providing invaluable insights and representing the State of California Treasurer’s Office.
IERCC’s leadership in organizing this delegation underscores the crucial role that California plays in the global tech ecosystem and mirrors Dubai’s ambitious vision as encapsulated in the Dubai Economic Agenda (D33). This strategy aims to substantially expand Dubai’s economic landscape in the upcoming decade, securing its stature among the world’s leading global cities.
Trixie LohMirmand, Executive Vice President of the Dubai World Trade Centre and CEO of KAOUN International, remarked on the invaluable contributions the California delegation will bring to the event. She looks forward to an event marked by knowledge-sharing, collaboration, and pioneering discussions.
For additional information on GITEX GLOBAL 2023, please refer to: GITEX 2023 Preview.
Economist Christopher Thornberg, State Treasurer Fiona Ma Headline New Forecast Conference
Coming October 5th
Economic Horizon 2024: What Lies Ahead?
The Inland Empire Regional Chamber of Commerce, in collaboration with Beacon Economics and the County of San Bernardino, is thrilled to announce that the anticipated economic forecast conference, Economic Horizon 2024: What Lies Ahead, Inland Empire? will be held October 5th from 3:30 PM to 6:30 PM at the El Prado Golf Courses in the vibrant city of Chino, California.
Esteemed economist, Dr. Christopher Thornberg will present complete outlooks for the U.S., California, and Inland Empire economies. “The Inland Empire stands at the crossroads of remarkable economic opportunities and challenges,” said Thornberg. “I’m excited to unpack the trends and shifts that will define the region’s economic landscape in the next year, and beyond.”
Known for his razor-sharp observations, and fun, energized delivery, Thornberg’s presentation will include pointed discussions about inflation, the Fed’s next move, housing markets, strengths and instabilities in the economy, and what current trends mean for the nation, state, and local region.
The conference will also be graced by the insights of California State Treasurer Fiona Ma as keynote speaker. In her words, “The strength of California’s economy is deeply interwoven with the growth trajectories of its regions. The Inland Empire, with its dynamism and resilience, is a testament to this synergy. I am honored to join ‘Economic Horizon 2024’ and share a vision where policies, partnerships, and potentials converge to elevate the Inland Empire to unprecedented economic heights.”
“This conference is a testament to the collaborative spirit of the Inland Empire and our commitment to fostering a robust, resilient economy,” said Edward Ornelas, Jr., President of the Inland Empire Regional Chamber of Commerce. “Our partnership with Beacon Economics and the County of San Bernardino aims to offer a platform for profound economic discussion, forecasting, and strategic future planning.”
Attendees can anticipate not only expert insights into the economy but also networking opportunities and a chance to connect with key business, government, and nonprofit leaders from across the region.
Full event details are available at: economy.iechamber.org
Webb Investments acquires Silver Creek Industries, an industry leader in modular construction for schools
Webb Investments today announced the launch of a new company, Silver Creek Modular, after acquiring the assets of Silver Creek Industries, a highly respected modular construction company known for bringing innovative, sustainable and cost-effective solutions to the education industry.
Silver Creek Industries’ existing business, including its employees and its Perris, Calif., manufacturing facility, will remain with the new company, with Webb providing the investment capital, resources and expertise to enhance Silver Creek’s presence in the modular construction marketplace.
The acquisition closed in June of 2023, following Silver Creek Industries’ Chapter 11 filing in the Central Bankruptcy Court of California.
“We are thrilled to have the opportunity to bring Silver Creek into our family business, and look forward to building on our shared commitment to improving educational opportunities within communities across our region,” said Kiana Webb, CEO of Webb Family Enterprises. “This acquisition aligns with our strategy to invest in established firms that can help us drive community revitalization and inclusive growth, while improving quality of life and increasing economic output.”
Silver Creek Industries was founded in 2004 and has completed more than 1,000 projects in the education, commercial, medical, military, government and multi-family housing markets. More recently, the company’s focus has been on providing high-quality, sustainable modular buildings for schools and educational institutions. Silver Creek Industries is well known for delivering projects on time and on budget, with minimal disruption to school and the community.
Webb Investments is a privately held, family-owned company focusing on creating a community development ecosystem that drives inclusive, organic growth and transforms the areas they serve.
For more information on Webb Investments, please visit webbinvestments.com.
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