Connect with us


Inland Empire Wage Growth Fueling Local Taxable Sales



Wage Growth Still Trails State But Fuels Impressive Jumps In Local Taxable Sales
July 2, 2019— RIVERSIDE, Calif.  Like the rest of the state, employment growth in the Inland Empire has slowed, although wage gains continue – and have fueled increases in nearly every local spending category from restaurants and hotels to business and industry, according to an analysis released today by the UC Riverside School of Business Center for Economic Forecasting and Development.
From May 2018 to May 2019, nonfarm employment in the Inland Empire increased a moderate 1.7%, about on par with the state as a whole. Last year, the region had been posting significantly higher levels of growth and regularly outpaced the state in employment gains. The slowdown can also be seen in the region’s labor force, which grew by just 2,000, or 0.1%, over this same one-year period.
Despite the slowing in employment, wages in the Inland Empire have continued to increase, although at a more modest pace than in the state. Earnings in the region grew 2.6% from 2017 to 2018 (the latest data available) while they jumped 4.1% in California as a whole. 
Wage growth has triggered greater consumer and business spending both locally and across the state. Taxable sales in the Inland Empire increased 7.8% from the first quarter of 2018 to the first quarter of 2019, compared to 8.3% in California. Although spending in the region has increased across nearly all categories, business and industry sales tax receipts are leading the way with a 5.4% pace of growth. The top consumer spending category is restaurants and hotels, where taxable receipts jumped 3.7%.
“Although we’ve seen a recent deceleration in employment growth, the tight Southern California labor market has sustained wage gains – and that’s translating into more spending by businesses and consumers,” said Robert Kleinhenz  Executive Director of Research at the Center for Economic Forecasting. “Looking ahead, with the U.S. expansion now in record-setting territory, the Inland Empire economy may grow more slowly in the coming months but will stay on its current growth trajectory.”
Other Key Findings:
  • Healthcare Driven Growth: The industry driving the most job growth in the Inland Empire from May 2018 to May 2019 was Education and Healthcare, with an addition of 11,400 positions. The number two and three growth industries, Government (+5,400 positions) and Leisure and Hospitality (+4,100 positions), saw significantly less growth.
  • Home Prices Continue Their Climb: A combination of space, amenities, and affordability has helped drive continued home price gains in the Inland Empire. The median price for an existing single-family home is $358,900 as of the first quarter of 2019, a 2.0% annual increase and a greater gain than occurred in Los Angeles (0.8%), San Diego County (1.8%), or Orange County, where prices actually fell (-0.1%). Still, the Inland Empire’s median home price remains 9% below its pre-recession peak of $393,400.
  • Rental Market Demand Strong: Renters still enjoy a solid affordability advantage in the Inland Empire compared to surrounding regions. Average asking rent is $1,370/month as of the first quarter of 2019, compared to $2,029 in Los Angeles, $1,961 in Orange County, and $1,830 in San Diego County. The rental vacancy rate, however, is lower in the Inland Empire than in any of these other regions. 
  • Warehousing Stock Added As Demand Continues: The Inland Empire’s expanding Logistics sector is driving demand for warehouse and distribution space. Despite recent increases in new stock, and a resulting rise in the vacancy rate to 8.0%, asking rents increased 4.2% year-to-year in the first quarter of 2019.
The new Inland Empire Regional Intelligence Report examines employment, consumer and business spending, and residential and commercial real estate. Please view the complete analysis here.

The Inland Empire Business Journal (IEBJ) is the official business news publication of Southern California’s Inland Empire region - covering San Bernardino & Riverside Counties.


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.

Continue Reading


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:

Continue Reading

Bizz Buzz

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

Continue Reading

Business Journal Newsletter

Events Calendar

« September 2023 » loading...