THE IE LABOR MARKET PULSE
Monthly Analysis and Insights on the Latest Riverside and San Bernardino Jobs Data
September 2024
Inland Empire Seasonally Adjusted Unemployment Rate Up to 5.5%; Overall Jobs Increase
August’s 5.5% unemployment rate represents a 0.4% point increase from July, pushing the unemployment rate higher than the statewide average for the first time since March.
At the same time, total nonfarm employment increased from 1,691,900 to 1,699,100 (+7,200 jobs), led by increases in local government (+6,900 jobs), private education and health services (+2,200 jobs), and trade, transportation, and utilities (+1,100 jobs). 9,000 more people joined the labor force in August by working or beginning to look for work.
GROWTH AND OPPORTUNITY IN CONSTRUCTION, UTILITIES, AND TRANSPORTATION
Industries related to infrastructure continue to be a strength in 2024. Transportation, warehousing, and utilities added 500 jobs last month and are up a total of 4,600 jobs since August 2023. While construction employment declined by 600 jobs in August, the sector continues to outperform 2023 and 2022 in employment in the industry. August, like every other month in 2024, saw more people working in construction than the same month in 2023 and 2022.
The clean energy subsector is a space to watch within the broader infrastructure category. Although the Inland Empire clean economy potential is still emerging, there is an opportunity for significant expansion in the years ahead. State mandates are creating markets for clean economy innovations in energy production, storage, and distribution. Goals for zero-emission vehicles are creating activity across the state for fueling and charging infrastructure. The Inland Empire’s relatively affordable commercial and industrial property, extensive logistics infrastructure, and close proximity to the Ports of Los Angeles and Long Beach further enhance the region’s advantage. Clean economy startup activity is growing with help from UC Riverside’s Opportunity to Advance Sustainability, Innovation, and Social Inclusion (OASIS) initiative, which has secured over $65M to build a regional hub to support clean energy entrepreneurs.
One of those entrepreneurs is Salim Youssefzadeh, Co-Founder & CEO of WattEV, a company working to electrify the heavy duty transportation and logistics industry through zero-emission freight transport services. WattEV opened a location in San Bernardino earlier this year and is poised for further growth in the area and across Southern California.
San Bernardino is a great place for us to expand. It’s a well-established transportation and logistics hub and is located near our flagship site in Bakersfield and the Port of Long Beach. As we expand our operations in the Inland Empire, finding the workers we need will be critical to our growth.
JOB MARKET SHOULD GET A BOOST FROM LOWER INTEREST RATES
The Inland Empire labor market should get some help in the coming months from lower borrowing costs. The Federal Reserve announced a half-point interest rate reduction this week, larger than many experts anticipated. The beginning of the long-awaited cuts means lower interest rates for mortgages, car loans, business loans, and consumer credit cards, which should support more business activity and job growth in the region.
The recent jobs data from EDD highlights the significant growth in the utility and energy sector within the Inland Empire. This expansion underscores the critical role the energy industry plays in our region’s economic development. Southern California Edison (SCE) contributes to this growth by preparing for grid expansion and advancing a clean energy future. The transition to clean energy is essential not only for reducing our carbon footprint but also for ensuring long-term sustainability and resilience in our energy infrastructure.
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