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Update: The Inland Empire Bust and Recovery

by Bill McBride on 1/10/2018 10:09:00 AM 
The unemployment rate is falling, and is down to 4.1% (down from 14.4% in 2010). And construction employment is up from the lows (as a percent of total employment), but still well below the bubble years.

So the unemployment rate has fallen to a record low, but the economy isn't as heavily depending on construction. Overall the Inland Empire economy is in much better shape today. The second graph shows the number of construction jobs as a percent of total employment for the Inland Empire, all of California, and the entire U.S..

Clearly the Inland Empire is more dependent on construction than most areas. Construction has picked up as a percent of total employment, but the economy in California and the U.S. is not as dependent on construction as during the bubble years.
Posted by Bill McBride on 1/10/2018 10:09:00 AM