Your Economy—Your Credit Union

During the current COVID-19 crisis, the Leagues are committed to providing relevant economic insight from across California and Nevada to strategically position your credit union.


Nevada:

Economy Plays Catch-Up Into 2022 as Recovery Remains Lopsided

Although Nevada’s economy will fully recuperate by mid-2022, a major split is noticeable in the pace of recovery between the northern region versus the southern region where a large concentration of gaming, leisure, and hospitality-related businesses are navigating the fallout from the COVID-19 pandemic.

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Orange County:

Leisure Industries Remain a Drag on Economic Recovery in 2021

Orange County’s economy will continue recovering in 2021, although the region’s pace is burdened by its above-average concentration in the leisure, hospitality, and tourism industries. Combined with an otherwise robust labor market before the COVID-19 recession, the bounce-back will be bumpy.

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Bay Area:

Mixed Job Demographics to Drive Slow Economic Recovery in 2021

The Bay Area’s economy will continue exhibiting the “haves versus have-nots” storyline in 2021 as higher-wage workers positively cushion the economic fallout from the COVID-19 recession unlike any other region across the state, while their lower-wage peers slowly recover from the brunt of unemployment.

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Ventura County:

Long COVID Recovery Inflaming Already-Weakened Economy

Ventura County’s economy is in for a long slog as it trails behind the recoveries of both California and the United States in 2021. The COVID-19 pandemic has only exacerbated the county’s evolving problems over the past decade, including diminished housing affordability, low-paying jobs, and residential outmigration of younger workers.

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California:

Economy Entering Major Inflection Period as Slow Recovery Drags On

While experts disagree over how fast California’s economy will continue recovering in 2021, late 2020 is a major inflection point as unemployed workers remain unemployed, or readjust into different jobs, or even start their own freelance careers and businesses amid the COVID-19 pandemic hangover.

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Orange County:

Local Businesses Project Job Growth as Economy Works Through 2021

Although Orange County’s business activity is projecting modest-but-solid job growth over the next 6 – 12 months, local challenges in the labor market and household finances for many lower-income workers will reverberate into 2021 as the economy continues recovering from the COVID-19 recession.

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Inland Empire:

Area's Strength Before COVID to Aid Economic Recovery Into 2021

The pace of the Inland Empire’s economic recovery is wedged between California and the United States as local labor market and housing dynamics that allowed it to outperform other regions before the COVID-19 pandemic bolster its chances of better-than-average improvement going into 2021.

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Northwest Nevada:

Region’s Economic Diversification Will Continue Aiding its Recovery

The Northwest Nevada economy’s business and labor force diversification will continue carrying the region through the current economic recovery relatively well compared to other areas across the state as the post-pandemic fallout continues making its mark everywhere.

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Central Coast Economic Forecast:

Uneven Recovery to Continue Marking Region as it Hangs on During COVID 

Parts of the Central Coast economy — dominated by tourism, leisure/hospitality, and seasonal farming — will continue trailing other regions as the area recovers from the COVID-19 recession. However, even as Santa Barbara and Ventura counties recover faster than the San Luis Obispo/Monterey and Santa Cruz regions, hints of silver linings are popping up for the entire coastline.

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California Economic Forecast:

State's Economic Recovery Will Lag U.S. as COVID-19 Continues its Toll

California’s current economic recovery and the health of its labor market are lagging behind the nation’s recovery — a trend that’s expected to continue as the COVID-19 pandemic continues weighing on government policy, business decisions, and consumer activity.

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