• Of all the industrial and business development in the Inland Empire, rapid expansion occurring at the Ontario International Airport is a standout. Year-over-year growth in passenger traffic at the airport has jumped 9.6 percent compared to 0.3 percent growth at Los Angeles International Airport and a 3.4 percent drop at John Wayne Airport in Orange County.

• Due to the multiple ways employment is measured by the U.S. Bureau of Labor Statistics and the California Employment Development Department, and due to a lag in some of the data, the new forecast finds current monthly figures may be underestimating the Inland Empire’s true jobs growth trends. There is a good chance growth levels will be revised upward when the annual benchmarking occurs in March 2020.

• Despite the trade war that has been underway since March 2018 with some of California’s most vital trading partners, the Inland Empire’s logistics sector has continued to grow at a robust pace, with 3 percent job expansion from August 2018 to August 2019.

• As of the second quarter of 2019, average rent in the Inland Empire reached $1,390/month, a 3.8 percent year-over-year increase. Notably, rents are most expensive in submarkets closest to L.A. County where vacancy rates are also the lowest, indicating higher demand, likely from commuters who drive to the coast for work.

• Sales of existing single-family homes in the Inland Empire were down 6.4% in the first half of 2019 while they fell 7.2% statewide. The pullback can partially be traced to last year’s sharp rise in interest rates and limits on mortgage deductibility that resulted from the federal Tax Cuts and Jobs Act. The good news is 2018’s surge in interest rates has largely been erased, and today’s lower rates should stimulate the market.

•Yield curve, schmield curve: The strong correlation in this data to the onset of a recession is traditionally driven by the Federal Reserve raising short-term interest rates to cool an overheating economy. The inverted yield curve is like the skid marks left behind after trying to avoid going over a cliff. But in this case, the U.S. is not facing a cliff. The national economy is stable and the expansion will continue.