Coachella Valley economic forecast looking up
Hundreds of leaders across the Coachella Valley gathered in Palm Springs Thursday to talk about the state of our economy.
This was all a part of the Coachella Valley Economic Partnership and according to experts the economy is in great shape both locally and statewide.
“Right now were at nearly full employment. The stock market is at a nearly all time record high. Yeah, it did come down in the summer, but it’s almost back to where it should be. We have retail spending at an all time record high, household debt is at a record low,” said Mark Schneipp the director of California Economic Forecast.
Much of the discussion centered on education and tourism, which will fuel more economic growth.
“We expect a good year next year in the Coachella Valley, full employment, rising wages, more population gains, more jobs in leisure and hospitality and more in health care,” Schneipp said.
College of the Desert graduated its largest class ever last year.
Desert Regional Medical Center said it’s working to employ more health care workers with bachelor’s degrees.
“Bridging programs, you know we’ve got a great start in the Coachella Valley and strong support in the College of the Desert. But where do we bridge the gap of other higher educated health care workers? Do we bridge with other universities across California?” said Kristen Schmidt the chief nursing officer at Desert Regional Medical Center.
Branding plays a big role in our economic growth.
“A brand is our story. We are a destination of nine very distinct cities but we all need to speak from the same platform,” said Jeff Miraglia the Vice President of Brand Development for the Convention and Visitors Bureau.
Panelists agree big events like Stagecoach and Coachella put our desert on the map and create repeat visitors.
Chandi Group USA said during these big weekends they experience a 33 percent increase in sales.
But some areas continue to suffer.
“Well the housing market still hasn’t come back in a big way. So if you’re in housing or real estate that’s still going to be a challenged industry although it’s going to be better next year,” Schneipp said.
Overall economists said it’s been a good year and 2016 is going to be even better.
