Although the new forecasts expect economic expansion to continue in the country, California and the Inland Empire in the short term, although at a slower speed (“we went from white to red”), in the longer term, the great economic joker comes from the developing federal deficit. . . And much will depend on how long bond markets are willing to tolerate existing U. S. government debt above the limit.
In California, the state is about to take a vital step: regaining all the jobs it lost to the pandemic-induced recession. While many states have already made a full recovery, at the time of writing, California still has a shortfall of 47,300 jobs. However, the number of state jobs is increasingly likely to be above water through the end of this year, according to forecasts.
Regionally, the percentage of homes purchased through investors in the Inland Empire is at record levels and is expected to increase. This is in line with the national interest of personal justice in purchasing large tracts of residential real estate. The sale value of existing homes declining in the Inland Empire is more a verification of the truth than a drop in value that justifies concern. The rate of bidding wars in the region has dropped to levels seen in early 2020.
Media Contact:Victoria Pike-BondVictoria. Bond@ucr. edu
SOURCE UC Riverside School of Business School of Economic Forecasting and Development Center