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Sanguine Economic Outlook Says U.S. Will Near Full Economic Recovery In 2021

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California Job Recovery Slowed By June’s Resurgence in New Cases…. But Latest Trends Show Improvement

As dramatically bad as the U.S. economy’s 2nd quarter numbers were, the recent bounce back in activity, from home sales to consumer spending to payroll employment, has buoyed a leading forecast’s call for a relatively rapid recovery from the extraordinary COVID-19 recession.

Beacon Economics’ latest outlook for the U.S. and California diverges significantly from most forecasts as the firm continues to predict a strong recovery during the latter part of 2020 – with near full recovery in 2021. In contrast, for example, the U.S. Congressional Budget Office is suggesting it will take close to a decade for the nation to reach full recovery.

On its current trajectory, U.S. unemployment will fall below 7% by the end of this year, according to the new forecast, which bases its findings not only on the recent growth of key indicators, but on the economy’s condition at the outset of the pandemic.

“The United States economy entered this crisis from a place of real strength and balance – the collapse in consumer spending, for example, occurred because people were prevented from spending, not because they didn’t have the money to spend,” said Christopher Thornberg, Founding Partner of Beacon Economics and one of the forecast authors. “There is simply no reason to think that the shocks to the economy, as massive as they were, will linger and have more than a transitory effect once activity fully resumes.”

The outlook points out that, during the pandemic, U.S. consumer savings have shot up to almost $1.2 trillion, four times what they were in December 2019. “This $900 billion in excess savings will undoubtedly be spent once life returns to normal… it’s the dry powder that will fuel a rapid recovery,” said Thornberg. Relatedly, the forecast notes that overall personal wealth in the U.S. has actually increased over the course of the current recession.

Despite the optimism, the new outlook is based on the assumption that the virus will be brought under control and health-mandated closures and restrictions will continue to ease. Economic recovery is highly contingent on containing the spread of the disease and there continues to be uncertainty surrounding the nation’s ability to do that effectively and quickly, according to the outlook. Additionally, while they may not drag down the macroeconomic numbers, there are clearly individuals and sectors suffering, and the new forecast is critical of the blunt, disproportional, and poorly thought-out way in which the immense Federal stimulus has been distributed, with aid not reaching those who need it and funds going to many who don’t.

In California, the recovery that has been underway since April slowed following the resurgence in new COVID-19 cases in the state in June. More recently, however, the number of new cases has started to decline. “While we are far from smooth sailing, cases and hospitalizations have been dropping in California as of late August, a critical trend for the state’s economic recovery,” said Taner Osman, Research Manager at Beacon Economics and one of the forecast authors. “The hope, of course, is that containment continues and that job gains accelerate later in the year.”

At this point, given that mandated restrictions remain in place, Osman estimates that August’s numbers, when available, will show strong but not ‘blow out” employment gains in the state. California has launched a new four-tiered reopening plan, with 38 of the state’s 58 counties currently landing in the most restrictive tier. Counties are able to move to less restrictive tiers, which allow more businesses to open and more activities to resume, as their daily virus case numbers and positivity rates decrease.

View the full outlook 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.

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Inland Empire Celebrates Entrepreneurial Excellence at Spirit Awards Gala

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Honoring Visionary Leaders Driving Innovation and Community Impact

The Spirit of the Entrepreneur Awards Gala, held at the Riverside Convention Center, celebrated the brightest entrepreneurial talent across the Inland Empire. Among the evening’s finalists was Edward Ornelas, Jr., President & CEO of the Inland Empire Regional Chamber of Commerce, who was honored in the Social Entrepreneur category for his outstanding leadership and commitment to the region.

Although Ornelas did not win, the Social Entrepreneur award went to Cesar Navarrete, President & CEO of Children’s Fund, a proud Chamber member. “Being a finalist alongside such remarkable leaders is an incredible honor,” said Ornelas. “I am especially thrilled to see Cesar, a Chamber member, recognized for the transformative work he’s doing to improve the lives of children in our community. It’s a proud moment for us all.”

Another highlight of the evening was the recognition of Hilda Kennedy, President & Founder of AMPAC Business Capital, another Chamber member, who was awarded the Top Female Entrepreneur category. Hilda’s leadership at AMPAC, a mission-driven business lender, has been instrumental in empowering small businesses and fostering economic growth across the region.

“It’s amazing to see leaders like Hilda and Cesar being celebrated for their contributions,” added Ornelas. “Their achievements underscore the talent and dedication of entrepreneurs in our Chamber and across the Inland Empire. They are setting the standard for excellence and impact in their fields.”

The evening also featured the prestigious “Best of the Best” Award, sponsored by Best Best & Krieger LLP, which was awarded to Mauro Gomez, Chief Growth Officer of Anita’s Mexican Foods Corp.. Based in San Bernardino, Anita’s Mexican Foods has grown from modest beginnings into a leader in the food production industry under Gomez’s strategic direction.

The Spirit of the Entrepreneur Awards Gala continues to shine a spotlight on the transformative work of Inland Empire entrepreneurs, celebrating their innovation, resilience, and commitment to the community.

For more information about the Spirit of the Entrepreneur Awards, visit https://www.spiritawardsie.com.

For more details about the Inland Empire Regional Chamber of Commerce and its members, visit www.iechamber.org.

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Inland Empire Chamber President Edward Ornelas, Jr. Named Finalist for Spirit of the Entrepreneur Awards

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Celebrating Leadership and Innovation: Ornelas Recognized for Advancing Business Growth and Social Impact in the Inland Empire.

Edward Ornelas Jr., President of the Inland Empire Regional Chamber of Commerce and owner of the Inland Empire Business Journal, has been named a finalist in the famed 2024 Spirit of the Entrepreneur Awards. Ornelas is honored in the Social Entrepreneur category for his remarkable leadership and vision in fostering business growth and development across the Inland Empire. The award ceremony will take place on November 21, 2024, at the Riverside Convention Center, celebrating the best of entrepreneurship throughout the region.

The Spirit of the Entrepreneur Awards, often regarded as the “Oscars of Business” in the Inland Empire, recognizes the innovation, leadership, and impact of outstanding entrepreneurs across various sectors. Ornelas joins a select group of 34 finalists, each representing the entrepreneurial spirit and resilience that define the I.E. business community. The Social Entrepreneur category highlights individuals like Ornelas, whose work goes beyond profit to positively impact society.

In his role as President of the Inland Empire Regional Chamber of Commerce, Ornelas has been a powerful advocate for the business community, connecting small businesses with essential resources and creating opportunities for growth. As the owner of the IE Business Journal, the only publication in the region dedicated solely to business news, Ornelas has provided a platform for local businesses to thrive by sharing their stories and promoting their success. His innovative, forward-thinking approach to marketing has earned him a reputation as a “visionary” and a “get-things-done” leader across both public and private sectors.

“I’m deeply honored to be recognized as a finalist for the 2024 Spirit of the Entrepreneur Awards. This nomination is a reflection of the incredible businesses and community leaders across the Inland Empire who inspire me every day. At the Inland Empire Regional Chamber of Commerce, our mission is to empower businesses and foster economic growth, and this recognition highlights the collective efforts of our entire community. I’m excited for what the future holds as we continue to work together to make a lasting impact,” said Ornelas.

Other notable finalists for the 2024 Spirit of the Entrepreneur Awards include leaders in healthcare innovation, green technology, and digital transformation. Each finalist, selected by a distinguished panel of judges, represents the best in their respective industries and contributes to the Inland Empire’s continued growth as a hub of innovation and entrepreneurship.

The Spirit of the Entrepreneur Awards is an annual event that brings together business leaders, community advocates, and entrepreneurs to celebrate the entrepreneurial excellence that drives the region’s economy. This year’s event promises to be a night of inspiration and recognition, showcasing the achievements of finalists like Ornelas, who continue to elevate the Inland Empire’s business landscape.

For more information about the Spirit of the Entrepreneur Awards and to see the full list of finalists, visit www.spiritawardsie.com

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CBRE Opens Newly Renovated, Tech-Enabled Office in the Inland Empire

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The office is designed to support hybrid work and employee wellbeing

CBRE announced the opening of its new 10,159-sq.-ft. office suite on the ground floor of 4141 Inland Empire Blvd., in Ontario, Calif.

The office is part of CBRE’s Workplace360 program, which features innovative office designs and functionality, including in-office technology and a wider variety of collaborative spaces designed to support hybrid working. CBRE launched its Workplace360 program over a decade ago in its downtown LA office. Since then, the company has opened more than 100 Workplace360 offices worldwide, continually updating the program as work habits have changed over the years, especially with the increase in hybrid work.

“Our newly renovated space provides us with a great opportunity to deliver a collaborative, experience-driven workplace that supports hybrid work,” said Ian Britton, managing director and market leader for CBRE in Inland Empire. “Our Workplace360 office will also serve as a showpiece to help clients conceptualize flexible work strategies for their employees.”

The renovated office has several different work areas including focus, huddle, living, and conference rooms. The open-space lobby, known as the “Heart,” features a variety of seating and a communal space for collaboration. A large 86” media display with a speaker system welcomes employees, visitors, and clients and assists with onsite events.

New office technology, including touch-enabled video conference rooms, allows for hybrid work collaboration between in-office and remote employees and clients. Additionally, the Mt. Baldy conference room has Liquid Galaxy, a geospatial visualization platform set across large format curved screens providing a cinematic presentation experience. This room has an operable wall that opens to the Heart, creating an onsite event space.

A cornerstone of the Workplace360 model is its free-address approach, in which there is no dedicated seating. The free-address approach allows employees who are in the office on a given day to use any workstation or office.

The office’s design led by CBRE Design Collective, took inspiration from the Inland Empire’s orange groves and mountainous landscapes of Mt. Baldy. Images of Route 66 from local photographer VC Torneden features the role the highway plays in the area. 

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