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John Husing, Ph.D. Economics & Politics, Inc. Chief Economist, IEEP

Inland Empire Economic Growth . . . Building An Expansion. John Husing, Ph.D. Economics & Politics, Inc. Chief Economist, IEEP. After Losing 8.71 Million Jobs … U.S. Jobs All The Way Back & More. Value of the Dollar Will Spur Imports. Interest Rates Remain Benign.

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John Husing, Ph.D. Economics & Politics, Inc. Chief Economist, IEEP

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  1. Inland Empire Economic Growth . . . Building An Expansion John Husing, Ph.D. Economics & Politics, Inc. Chief Economist, IEEP

  2. After Losing 8.71 Million Jobs …U.S. Jobs All The Way Back & More

  3. Value of the Dollar Will Spur Imports

  4. Interest Rates Remain Benign Fed Likely To Make Two .0025 Move: September & December

  5. U.S. & CA Unemployment History 6.4% 5.5% Great Recession

  6. California Job Gains/Losses 2008-2010 -1,066,400 2011-2015e +1,942,492 2015 Up +879,733 Recovery Great Recession

  7. Where is the IE in its Job History? 2008-2010 -142,933 Change +49,873 2011-2015 +192,807

  8. Inland Empire Growth was the 2nd LargestAbsolute Job Gain in California in 2014!

  9. Inland Empire Unemployment Down

  10. How Regional Economies Work Secondary Tier Economic Development … Increase The Economic Base! Primary Tier

  11. Logistics Flow of Goods

  12. Value of the Dollar Will Spur Imports

  13. Strong Industrial Space Absorption 17,110,027 SF

  14. Industrial Vacancy Rate 4.1%

  15. Industrial Construction

  16. Port Container Volumes -2.3% -15.0%

  17. Fulfillment Centers

  18. E-Commerce Growth RatesYear Over Year by Quarter

  19. Manufacturing: Should Be A Major Growth Source

  20. California Manufacturing Job GrowthJust 3.5% of U.S. Growth

  21. Regulatory InstabilityDestroying CA Blue Collar Sectors

  22. Nestle to close Valley food Plant 360 California jobs will be lost as Hot Pockets production goes to Kentucky BUSINESS Thursday, August 7, 2014 LATIMES.COM/BUSINESS :: “In higher skilled industries they are hesitant to move because the labor force is not available anywhere. But lower-skilled one, they have an easier time leaving. That trend in California has the potential to leave lower-educated workers behind.

  23. Commercial Industrial Loans Under $50 Million

  24. Blue Collar Job Growth! Median Pay $43,911 Median Pay $51,923 Median Pay $49,391

  25. Clash Reducing Poverty in a Marginally Educated Area Next Iteration in Clean Air

  26. Marginally Educated Share of Adults

  27. Poverty

  28. Causes of Public Health Difficulties • Socio-Economics 40% • Population’s Health Behaviors 30% • Access to Medical Care 20% • Environmental 10% 90% Source: Different Perspectives For Assigning Weights To Determinants of Health, University of Wisconsin, Public Health Institute, 2010

  29. PM 2.5: Diesel Pollution

  30. EPA-CARB-AQMD Standards Eliminating Ability of Blue Collar Sectors to Grow: • Manufacturing (Not Growing) • Logistics (Prime New Target) • Construction (NIMBY’s Love CEQA) • Blue Collar Sector Growth Needed To Allow Marginally Educated To Access the Middle Class • Poverty is Exacerbated as a Result!

  31. Health Effects of 2007 Compliant Diesel Truck Engines

  32. HEI Releases Final Report CARB & EPA Appear To Be Ignoring Results of a Study They Helped Fund. AQMD Denies It Affects Their Positions …

  33. Strategy • Congress & Legislature To Look Into Why EPA & CARB Have Basically Hidden The Health Effects Study • Look To Democrats In Low Income Districts To Work To Change Their Party’s Direction In CA Legislature • AB 1286

  34. Office Market

  35. Office Absorption Follows Higher-End Workers & Residential Construction Activity High-End Jobs Follow Workers into the Area

  36. Higher End Homes UPLAND $484,914 $465,778 Claremont $568,700 $427,095 $585,199 EASTVALE $468,269 $459,000 CORONA $429,667 TEMECULA $344,095 $393,603

  37. Migration of Educated Workers

  38. Construction Finally Starting To Come Back!

  39. Office Vacancy Rates Improving But Still High 24.0% 15.3%

  40. High-End Job Growth Median Pay $55,308 Median Pay $65,904

  41. Review • 2015 Better Than 2014 • Logistics Strong • Manufacturing Modest • Construction Returning • Health Care Set To Take-Off • Office Sectors Modest Return • Unemployment Down to 6.4% • Growth Strong • 49,800 Jobs Above Pre-Recession

  42. www.johnhusing.com

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