Regional Economic Update for
San Bernardino County and the Inland Empire
The following are a few key points addressed by the Regional Economic Update:
Population: The working age population of the Inland Empire will expand by 15% from 2014-2021 – which is more than double the rest of California.
Job creation: The region has five broad sectors that are forecasted to create the majority of jobs over the next three years: healthcare; transportation and warehousing; retail trade; wholesale trade; and construction. Over the next decade, the industry sectors creating the most jobs will be in utilities, professional services, healthcare, and construction sectors. In addition, job growth in the Inland Empire is expected to be reasonably balanced with greater than 2% annual expansions across job cohorts, regardless of educational requirements.
Occupations: Job growth will be strong across all levels of education.
The occupations in highest demand for those with an associate’s degree are registered nurses and general and operations managers, electrical and electronic engineering technicians, and life, physical and social science technicians. Others include licensed vocational nurses and firefighters. The report lists a total of 74 in-demand occupations of the future.
The region has a shortage of graduates, particularly for jobs in the business and finance field, as well as architecture and engineering occupations, and in education and training.
Employment figures: Employment in California contracted by about 9% from its mid-2007 peak to its trough in early 2010. Since July 2011—the point at which the California economy began to steadily add employment—the state economy has averaged approximately 32,000 new jobs per month. In June 2014, employment in California surpassed its July 2007 peak. As of July 2014, employment was 0.3% above the July 2007 employment peak.
The region is expected to surpass its previous level of peak employment by the end of 2015.
Expansion: Building permits, a leading indicator of economic activity, are projected to see a 10.4% jump in 2015, compared to a modest 3.8% in 2014.