12th Annual Inland Empire Economic Forecast Conference
The UC Riverside Inland Empire Economic Forecast Conference: The Great Recovery: Could It Be Derailed? Growth, Change, and Renewal in a Post-Pandemic Economy, sponsored by Pacific Premier Bank and presented by the UC Riverside School of Business, included some of the nation’s leading economists who helped decipher what to expect in the coming year.
Featured Speakers included:
- David A. Robinson, Executive Partner, Holland & Knight LLP, Chair, UCR School of Business Dean’s Advisory Council
- Christopher Thornberg, Director, UCR Center for Economic Forecasting & Development
- Tanser Osman, Research Manager, UCR Center for Economic Forecasting & Development
- Patrick Adler, Manager, Sustainable Growth and Development, UCR, Center for Economic Forecasting & Development
The Conference focused on pandemic-related trends that are helping drive economic recovery, with a focus on patterns that have been analyzed in the Inland Empire, California, and throughout the United States.
The Inland Empire has shown rapid recovery rates in a number of ways; for example, according to the UCR Center for Economic Forecasting, employment in the Inland Empire’s Transportation and Warehousing sector is 22% higher today versus pre-pandemic levels, due to consumption patterns that shifted heavily towards online retailers.
Throughout the United States, consumers continue to be flush with cash, while inventory levels across many industries remain low, mainly due to supply-chain issues. A primary contributor to this imbalance is the injection of dollars via government stimulus throughout the last 18 months. Per the U.S. Bureau of Economic Analysis, for every one dollar of lost household earnings, the Federal government contributed $3.5 dollars in stimulus to U.S. households. This factor, combined with pandemic-driven decreases in spending, has led to the U.S. household savings skyrocketing to a cumulative $6.5 trillion above normal trends. Additionally, the decline in interest rates has led to a spike in refinancing and a massive decline in the debt burden on U.S. households. When combined, these factors have helped create a staggering $25 trillion in new wealth over the last 18 months.
Find the Pacific Premier Highlights of the Economic Forecast Conference here.
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