MacroAssignment
Characteristicsof Redlands, California
History
Thearea that currently is occupied by Redlands was earlier occupied thetribes of Cahuilla people, and they included the Morongo, Calientesand Aguas. This area through different explorations of Francisco andPedro Fages, there has been an extension of Catholic influence to theindigenous persons in the year of the 1770s. The city has been a hostto three United States’ presidents. The city has some of the iconiclandmarks and they include Redlands Bowl that was built in 1930,there was also the A.K Smiley Public Library. The city as it standsremains to be the home of the oldest free outdoor concert series inthe US. Redlands in the mid-late 20th Century, it housed severalmanufacturing firms. Additionally, the city has several contractoremployees of the industry that backed the Lockheed Propulsion and atNorton Air Force Base.
EconomicImportance
Redlandsplays a significant role in the economy. Redlands has the grossregional product standing at approximately $4.86 billion, and thisrepresents 1.7% of the total Gross State Product (GSP). The area hasan estimated 11,183 businesses registered under her name. Further,the number of those employed include 75,551 individuals out of thepopulation of 149, 989. The economy of Redlands is better placedcompared to that of Riverside city. Riverside has about 1300businesses. Nonetheless, compared to Redlands, the economy ofRiverside is diversified with the economy boasting of bothmanufacturing and non-manufacturing industries. Riverside has arelatively higher population of 303,871.
Isthe Economy Cyclical?
Theeconomy of Redlands is cyclical in nature. The economy of Redlandsundergoes expansion and contraction, and thus, it affirms thecyclical nature. The economy witnesses fluctuation and changes ininterest rates, levels of employments and consumer spending (Filis881).
Impactof September 11, 2011
Theeconomy of Redlands was affected by the September 11 attacks. Oneeffect was felt in the stock market in Redlands with most of thestocks dropping sharply. There were major insurance losses that werewitnessed, and they included loss due to business interruption asmost of the investors feared for their businesses and opted to closeduring the period. The tourism sector in the city was also affectedas most people in the US in general opted to stay indoors rather thana tour as they feared for their lives. This also had effect on thehotel industry and travel industry which is known to form the largerbackbone of the Redlands City.
Withinthe last 10 years, has there been a recession, expansion, peak?Through that, has it impacted Redlands, California?
Recession,expansion, and peak have occurred within the past ten years. Theimpacts have been felt at every phase. In fact, it is the recession,expansion, and peak that has led to the cyclical nature of theRedlands community. The economy of Redlands has been undergoingexpansion and contraction, and thus it affirms the cyclical nature.Owing to this, the economy has been witnessing fluctuation andchanges in interest rates, levels of employments and consumerspending (Filis 884).
Changesin Relative Prices
Theeconomy of Redlands has been indeed affected by changes in relativeprices within the last ten years. Over the last ten years, thecountry has witnessed stability in the average prices and changes inrelative prices did occur during this period. The area also whileundergoing the cyclical economic state also underwent inflation atime when the area was indeed affected by changes in relative prices.
WorksCited
Filis,George. "Macro economy, stock market and oil prices: Domeaningful relationships exist among their cyclicalfluctuations?." EnergyEconomics32.4(2010): 877-886.