Inland Empire Forecast JOHN HUSING PH D ECONOMICS
- Slides: 75
Inland Empire Forecast. . . JOHN HUSING, PH. D. ECONOMICS & POLITICS, INC. CHIEF ECONOMIST, IEEP
U. S. Jobs Still Setting Records
17. 9% Add Potential Workers: Given Up Or Part Time 10. 1% 7. 5% 3. 9%
Inflation Worry 3. 6% 1. 9%
Interest Rates: 2 Short Term Rate Increases 4. 48% 2. 69%
Yield Curve: Potential Recession Predictor Recession: 2020 Likelihood Rising 2 Year to 10 Year 0. 18%
California Job Gains/Losses
Inland Empire Population Greater Than 25 of 50 States
Population Forecast, 2018 -2045: 6, 119, 497 1, 111, 783
Median Household Income
Median Household Income, 2017 Deducting Housing Costs Above IE
Inland Empire’s Powerful Job Growth! Percent 2018 e above 2007 I. E. CA US 15. 8% v. 11. 0% v. 8. 6% Confession Forecast: 45, 000 jobs 3. 1% 4. 7% Unemployment Actual: 46, 110 Jobs 3. 1% 4. 2% Unemployment
Job Quality
Job Growth by Region 2 nd Largest 2018 Absolute Job Gain in So. CA!
Local Job Growth, 2018
Unemployment Rates 3. 9% 3. 5%
Poverty Falling With Job Creation 23. 5% 16. 4%
Educational Challenge 46. 3% 29. 2%
Payroll Headed for the Moon
$ Payroll Spent Moon Mining Corp. $ Payroll Paid $ Payroll Spent
Health Care Job Growth Strongest High Paying Sector 2011 -2018 9. 6% of Job Growth
Median Health Care Pay: 2018 $62, 363
ACA Impact Health Care Demand & Quality of Life -60% Drop in Uninsured
Residents Per Health Care Worker +26. 0% More People 33. 5 26. 6 Sources: Department of Finance, Demographic Research Unit; CA Employment Development Department
2018 Forecast: ACA Unknowns 2018 e 1, 800 2019 Prospect: Slightly Stronger
Logistics Job Growth Without Logistics growth, IE would still be in Recession 2011 -2018 23. 6% of Job Growth
Median Logistics Pay: 2018 $47, 946
Skill Ladders Based on Education for Position Median Pay Warehousing, Inland Empire 2018 Educational Requirement for Position Experienced All Workers Entry Level Share of Jobs Work Experience, Plus Bachelor's or Higher $62. 14 $49. 98 $34. 58 7. 7% Bachelor's Degree $38. 02 $29. 94 $24. 10 6. 3% Work Experience $28. 17 $21. 88 $17. 22 4. 8% Associates Degree $34. 70 $27. 89 $22. 47 1. 2% Post-Secondary Vocational Education $42. 63 $30. 46 $22. 77 4. 7% Long-Term On-the-Job Training $33. 11 $25. 63 $19. 64 5. 7% Moderate-Term On-the-Job Training $34. 37 $24. 94 $18. 04 26. 9% Short-Term On-the-Job Training $20. 02 $15. 67 $12. 84 42. 8% Wholesale Trade Sector $30. 62 $23. 41 $17. 79 100. 0% No Schooling After High School All OJT $26. 25 $19. 86 $15. 33 80. 1% Trade or Community College All OJT $41. 03 $29. 94 $22. 71 5. 9% Bachelor's Or More All OJT $51. 32 $40. 99 $29. 88 14. 0%
E-Commerce 14. 5%
Port Container Volumes Record Levels
Net Industrial Absorption 20. 2 million
Industrial Vacancy Rate 3. 6%
Construction Locations
Industrial Lease Rates 9 Up 2 . 0%
ONT Airport Cargo Record Volume 16. 1%
Disappearing Available Space For Facilities Market High Desert 500, 000+ 1, 000+ 206 42 92 21 117 59 West SB Valley 45 12 Central SB Valley 49 9 East SB Valley 16 1 Southwest 15 0 Pass Area 23 7 Western Riv. Co Edge 13 3 5 3 Total Remaining 581 157 Without Deserts, Moreno Valley/Parris 166 35 Coachella Valley Moreno Valley/Perris Riverside
2018 Forecast: Space v. Regulators 2018 e 11, 400 2019 Prospect: Somewhat Weaker
Manufacturing Job Growth 2011 -2018 4. 0% of Job Growth
2018 Median Manufacturing Pay $54, 800
U. S. /CA Manufacturing Job Growth
CA Electrical Cost +74. 6% +83. 5% +135. 4%
Marijuana?
2018 Forecast: Tariffs & CA Policy 2018 e 700 2019 Prospect: Weaker
Construction Job Growth 2011 -2018 12. 4% Of Job Growth
Median Construction Pay: 2018 Best Paying Blue Collar Sector $53, 322
Home Volume
Home Prices FHA Conforming Loan Limit: $431, 250 LA/OC is $726, 525 +3. 7% -10. 2%
Price Competition Highest Price Gaps In History
Apartment Rates/Vacancy, 2018 Inland Empire $1, 487 3. 8% San Diego $1, 978 3. 9% Ventura $1, 983 3. 9% Orange $2, 035 4. 1% Los Angeles $2, 267 4. 0% Source: USC Lusk Center For Real Estate
2018 Forecast: Supply v. Demand 2018 e 4, 900 2019 Prospect: A Little Weaker
Professionals & Mgmt, Higher Education Mining, Utilities, Information 2011 -2018 8. 6% of Job Growth
Median Moderate Paying Financial & Education Jobs: 2018 $57, 109
Moderate Paying Office/Education 2018 e 6, 000 2019 Prospect: About The Same
Professionals & Mgmt, Higher Education Mining, Utilities, Information 2011 -2018 1. 9% of Job Growth
Median High-End Pay: 2018 $76, 202
BA or Higher 21. 4%
14 Inland Cities Better Educated Than At Least One Coastal County
Office Market Absorption 588, 181
Office Market Vacancies E-Commerce Hurts Market 24. 2% 9. 1%
Office Lease Rates Down -2. 5%
ONT Airport Passengers 1988 -9 Level 12. 9%
2018 Forecast: Competitive Disadvantage 2018 e 1, 900 2019 Prospect: Slightly Weaker
Federal, State, Local Government 2011 -2018 -0. 4% of Job Growth
Median Government Pay: 2018 $63, 499
2018 Forecast: E-Commerce v. Pop. Growth 2018 e 1, 900 2019 Prospect: Somewhat Less
Retail Market
Population Serving & Tourism Sectors 2011 -2017 40. 6% of Job Growth
Median Modest Pay: 2018 $32, 177
Median Household Income, 2017 Deducting Housing Costs Above IE
Retail Vacancy Rates 3 rd Quarter 2018 Orange 3. 3% San Diego 4. 4% Los Angeles 5. 1% Ventura 6. 9% Inland Empire 8. 5%
Retail Rates Per Sq. Ft. Sept-2018 Inland Empire $2. 05 Orange $2. 40 San Diego $2. 44 Los Angeles $2. 48 Ventura $2. 53
2018 Low Paying Forecast: E-Commerce v. Pop. Growth 2019 Prospect: Weaker 2018 e 17, 500
Look Ahead
Inland Empire’s Job Growth Still Strong! YTD 2018 = 46, 100 2019 e = Down -5, 000 to -8, 000 2020 = Recession?
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