Today we are interviewing an Inland Empire economist by the name of David Carnes. David has a Bachelor of Arts from Cal State in economics and in this interview, David is sharing his outlook on the future of the Inland Empire.
David explains that he is in agreement with many other economists in that the Inland Empire is coming back stronger than ever after the recession created economic issues. What David sees are some changes that will effect certain people in the workforce.
The Inland Empire seems to be booming, but when a person looks deep into the pulse of the Inland economy, we can see some major factors that will effect small business. Some of those factors are:
- The Inland Empire has not recovered the level of gross domestic output. This is primarily a result of manufacturing jobs not coming back, and manufacturers moving their factories.
40% of the Inland Empire workforce commutes out of the Inland Empire.
33% of working age adults in the Inland Empire do not have a high school diploma.
David points out a recent statistic that states: "Over the past year, higher-paying professional and business service jobs produced a third of all job growth with 14,200 new jobs” (Daily Bulletin, 9/24/15). With warehousing being the primary growth in the Inland Empire, professionals are not finding opportunities, so they are commuting to Orange or L.A. Counties.
But David does still see the Inland Empire as a “pot of gold.” It is still a great location to start and run a small business. How can this be, you may ask?
The housing market in the Inland Empire is on a major bounce-back. Once leading in the rates of foreclosures, the Inland Empire has made the largest gains in the reductions of foreclosures. Many professionals still love the Inland Empire life, and they choose to live, eat and breathe here while commuting to another area for employment.
A key factor that David sees in the future of the Inland Empire's economy is how mass transit reacts. It seems he believes mass transit could be a determining factor in what industry will build, and what will leave the Inland Empire.