Over the last few years, business growth in the Inland Empire has been recognizable. The Inland Empire Business Activity Index released by UC Riverside School of Business Center for Economic Forecasting and Development has delivered some exciting statistics for business owners in the region. Business activity in the Inland Empire has increased to a whopping 2.3% in the 3rd quarter of 2019. This is higher than the US GDP of 1.9%, which was recorded in the same duration.
Business growth in the Inland Empire region flourished by 11.1% from 2011 to 2016. For the same period, the growth of business in the entire state of California increased only by 8.6%. All major factors that are favorable for a startup to flourish can be easily found in the Inland Empire region. While it is already known that California is famous for its tech startups, the Inland Empire has been booming in the manufacturing sector as well.
For any startup to be successful, the two major factors that make the location favorable are infrastructure and demographics. A detailed analysis of these factors in the Inland Empire proves that it is a suitable destination of choice for startups.
Infrastructure for Business in the Inland Empire
One of the most important factors that play a role in the installation and growth of startups is the infrastructure of the region. In the past few years, startups in the Inland Empire have employed more people compared to the other cities in the state. According to the Press Enterprise, the Inland Empire region added more jobs at the end of 2019 compared to Los Angeles, Orange, and San Bernardino counties.
The Inland Empire received 305 million dollars in federal funding in 2019 for the development of infrastructure in the region. The funding is aimed to develop transport infrastructure and to increase the quality of life for residents of the Inland Empire.
This is encouraging news for startups since better infrastructure increases the ease of business and also attracts more population. While the region already has a decent infrastructure, it is set to improve in 2020, with several infrastructure projects like the 91 exchange, the 60 exchange and the I-10 corridor project, all of which are positive factors for startup growth.
Demographics in the Inland Empire
Population growth and startup growth usually complement each other. While too much population might be a problem, a gradual increase in the skilled population is always a positive note for startups.
With a population of around 4.5 million, the Inland Empire region is also home to around 500,000 immigrants. This makes it diverse in human resources which is essential for a startup in the 21st century. The median age in the region is 36, which highlights the fact that the majority of the population is in the working-age group.
Around 3.8 million people in the Inland Empire stayed in the same home as last year. Hence, it can be concluded that the majority of the population in the region is not a floating population. Altogether, most of the demographics for the Inland Empire is highly favorable for startup growth.
The future of the Inland Empire seems to be promising for both its residents and businesses alike. Presently, most of the businesses in the region are flourishing. This makes the region a great choice of location for startups, with a huge potential for growth, if all resources are utilized properly.