Inland Empire Economy

Like many who ventured east for affordable housing, Jesus Martinez of Moreno Valley paid the price with a horrendous commute. Four to five hours a day he languished in his pickup, traveling 140 miles to and from his machining job in Huntington Park. When the weekends came around, he lay numb inside his spacious, four-bedroom house, too tuckered out to even light up the backyard barbecue.

The Inland Empire has made some big job gains during the last year, but forecasters expect it will lag behind the broader California recovery, with an unemployment rate in the double digits through 2014. The hard-hit area made up of Riverside and San Bernardino counties is expected to see its jobless rate fall to 10.6% in 2014 - above the 8.5% projected for the state as a whole, according to a report from Claremont McKenna College and UCLA released Tuesday. There are some upbeat signs, according to the report.

Roger Penske built it, the France family's International Speedway Corp. runs it, but the biggest beneficiaries of California Speedway may be the citizens of San Bernardino and Riverside counties. Motor races and other related events at the Fontana facility will generate $135.7 million and 1,215 jobs in the area this year, according to an economic impact study by economist Dr. John B. Husing and his Economics and Politics Inc.

The long-suffering Inland Empire economy is going to have to suffer a little longer. Unemployment won't reach single digits until 2014 and the construction sector will remain tepid until at least 2011. That's according to a forecast to be released Wednesday by economists from Claremont McKenna College and the UCLA Anderson School of Management. The Inland Empire, which includes Riverside and San Bernardino counties, is suffering because key industries were hit hard during the Great Recession.

The long-suffering Inland Empire economy is going to have to suffer a little longer. Unemployment won't reach single digits until 2014 and the construction sector will remain tepid until at least 2011. That's according to a forecast to be released Wednesday by economists from Claremont McKenna College and the UCLA Anderson School of Management. The Inland Empire, which includes Riverside and San Bernardino counties, is suffering because key industries were hit hard during the Great Recession.

The Inland Empire has made some big job gains during the last year, but forecasters expect it will lag behind the broader California recovery, with an unemployment rate in the double digits through 2014. The hard-hit area made up of Riverside and San Bernardino counties is expected to see its jobless rate fall to 10.6% in 2014 - above the 8.5% projected for the state as a whole, according to a report from Claremont McKenna College and UCLA released Tuesday. There are some upbeat signs, according to the report.

SACRAMENTO -- California's unemployment rate fell to 10.2% in September from 10.6% in August, but just 8,500 net new jobs were created, according to the U.S. Department of Labor. The national unemployment rate in September was 7.8%, its lowest level in 3 1/2 years. But  the Golden State's unemployment fell significantly from August a year ago when the rate was 11.7%. A total of 262,000 net new jobs were posted for the past 12 months, according to a survey of businesses. California had the third-highest unemployment rate in the nation in September at 10.2%, behind Nevada at 11.8% and Rhode Island at 10.5%.

Outdoor mall Riverside Plaza has sold for nearly $85 million to shopping center landlord Vestar, which plans to upgrade the property and bring in some new tenants. Vestar and financial partner UBS Global Asset Management bought the 475,000-square-foot retail center from the Westminster Funds, an Illinois real estate investment advisor. The mall, located in Riverside near the 91 Freeway, is anchored by Vons, Trader Joe's, CVS Pharmacy and Regal Cinemas. Phoenix-based Vestar plans to spend $10 million on improvements to the mall, President Rick Kuhle said.

The Inland Empire, plagued by rising joblessness and soaring real estate foreclosures, can expect little relief in 1994, economists at Chapman University said Thursday. Neighboring counties will log a year of modest recovery and slight employment gains. But Riverside and San Bernardino counties are likely to see a second year of job losses as employers pare about 2,000 positions from their payrolls, said Esmael Adibi, director of the university's Center for Economic Research.

A panel of economists Wednesday offered grim predictions for the Inland Empire economy, including a rise in unemployment, a slide in manufacturing and a wave of foreclosures likely to continue for another two years. Some of the numbers were staggering. "There has been a 3,500% rise in foreclosures in the Inland Empire since 2005," said Brad Kemp, director of regional research for Beacon Economics, a research and consulting firm.

Roger Penske built it, the France family's International Speedway Corp. runs it, but the biggest beneficiaries of California Speedway may be the citizens of San Bernardino and Riverside counties. Motor races and other related events at the Fontana facility will generate $135.7 million and 1,215 jobs in the area this year, according to an economic impact study by economist Dr. John B. Husing and his Economics and Politics Inc.

Like many who ventured east for affordable housing, Jesus Martinez of Moreno Valley paid the price with a horrendous commute. Four to five hours a day he languished in his pickup, traveling 140 miles to and from his machining job in Huntington Park. When the weekends came around, he lay numb inside his spacious, four-bedroom house, too tuckered out to even light up the backyard barbecue.

The Inland Empire, long the Rodney Dangerfield of the Southern California economy, will lead the state in job creation this year, according to an economic forecast to be released today. Riverside and San Bernardino counties will see their 2002 nonfarm payroll employment increase a combined 4.