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| Inland Empire economy continues to struggle during 2Q11 |
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MetroStudy Report - (Riverside, CA– August 1, 2011) The Inland Empire Economy remains challenged at best, according to a recent report by Metrostudy, a national housing data and consulting firm that maintains the most extensive primary database on residential construction in the US housing market. “The number of new unemployed persons continues to increase as layoffs of government workers becomes common,” said Steve Johnson, director of Metrostudy’s Inland Empire Region. The Inland Empire has posted forty-two consecutive months of negative employment numbers at –11,400 jobs lost year over year through June 2011. With an unadjusted unemployment rate at 14.2% the Inland Empire stands weaker than both California’s 12.1% and national’s 9.3%.“The Inland Empire housing economy sent mixed signals,” said Johnson. 782 homes closed, up 19% from 1Q11, and down 47% from 2Q10. Starts in 2Q11 were at 1,047, up 56% from 1Q11 and down 5% from 2Q10. Single family inventory totaled 3,549 units at the end of 2Q11, an increase of 7% from 1Q11 to a 10.4 month supply. “The reported 10,585 foreclosure filings in the month of June represents a foreclosure filing for one out of every 138 homes in the Inland Empire,” said Johnson. There is currently 4.6 months of supply in the resale markets and an 8.3 months supply in the new home market. “Today we wait for the next economic driver, some call it ‘The Next Big Thing’,” said Johnson. “It’s out there, it may be green energy or Biotech, or a million other things.” About Metrostudy Contact: |
