Many thanks to everyone who attended our Inland Empire Economic Forecast yesterday at the Riverside Convention Center. Chapman University's chief economist, Esmael Adibi, said that while conomic times are still tough, there is hope that job growth, albeit slow, is on the way.
Speaking before more than 450 business leaders, Adibi said 2011 will be another year of slow improvement.
According to Adibi's forecast, the Inland area could see about 12,000 new jobs this year, 1% increase. That will likely trigger more good economic news. Personal income is expected to rise 3% in 2011, leading to better sales tax revenues for cities as well as Riverside and San Bernardino counties.
On the residential real estate front, low prices and interest rates should start to increase demand, particularly for first-time homebuyers.
"If you have a job and are in the market place to buy something, it's a good opportunity," said Riverside BIA CEO Mark Knorringa.
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Photo courtesy of Applied Photography