Business activity in the Inland Empire has continued to rise and despite the turbulence in today’s macroeconomy, is forecast to continue its upward climb in the near-term future. 

According to the new Inland Empire Business Activity Index released today by 

business activity in the region increased at a 2.8% annualized rate during the 3rd quarter of 2022 (the latest data available) and is forecast to grow between 2% and 3% over the next 12 months. The current increase in the region’s business activity represents a solid jump overgrowth in the 2nd quarter (1.6%) but a significant decline in growth from previous quarters (4.7% in the 1st quarter and 6.4% in the 4th quarter of 2021).

 According to the authors of the analysis, the longer-term decline in the IE’s growth rate is to be expected as the region’s economy has transitioned firmly back to pre-pandemic conditions.

“Since the pandemic’s lows, the Inland Empire has experienced a very steady economic recovery, outpacing coastal California along many key measures,”

research manager at the Center for Economic Forecasting and one of the Index authors. “While we are now seeing some weakness in the residential real estate market, that has been largely offset by impressive growth in employment, the labor force, consumer spending, building permits, and commercial real estate.”

Local commercial real estate construction is indeed experiencing a boom with virtually every non-residential building permit category growing in value in 2022. Surprisingly, given the pandemic-driven shift towards remote work, the category enjoying the largest growth is office property. Building permits for new office space in the Inland Empire surged nearly 380%, pushing the total year-to-date value for new commercial real estate in the region 205.7% above 2021 levels. Moreover, many existing firms have opted to improve or expand their space as illustrated by a 46% annual jump in non-residential alterations and additions.

School of Business launches new actuarial science degree program 

Actuarial science is a discipline that involves assessing financial risks using mathematical and statistical methods. Most who study it go on to work in high-paying positions in finance and insurance.

The school began offering the major this academic year and will include it in admissions applications in fall 2023. Only two other University of California campuses, UCLA and UC Santa Barbara, have an actuarial science program, and UCR is the only UC to offer it through its School of Business.

The new major adds to the number of undergraduate programs offered at the school and is expected to attract more students interested in the specialized and lucrative field.

Actuarial science dates to the 1800s but many colleges and universities don’t offer it, said Jennifer Osborne, director of undergraduate business programs for the School of Business.