In the October edition of the Los Angeles Business Journal, Riverside County garners attention as an increasingly viable option for businesses and residents, with its notable economic and lifestyle factors. Here, we look closer at what makes Riverside County a place of interest.
Business Attraction and Retention
Riverside County’s ability to attract and retain businesses can be attributed to a calculated approach. It promotes a business-friendly environment through initiatives such as the Business Assistance Now Program, which provides comprehensive support from site selection to permitting assistance, all at no cost. Furthermore, the county collaborates with educational institutions to ensure a skilled workforce is readily available.
Location
Strategic location and land availability are vital to its appeal. Riverside County’s expansive 7,303 square miles offer a diversified economic landscape, including advanced manufacturing, healthcare, technology, and agriculture. Its proximity to major markets like Los Angeles and San Diego and access to ports is viewed as strategically beneficial.
The county’s growth trajectory is noticeable, with a rapidly expanding population and significant increases in foreign trade and Gross Regional Product (GRP). Riverside County boasts the 12th largest workforce in the United States, with a labor force exceeding 1.2 million people.
Innovation through Business Incubators
Innovation has become a key focus for Riverside County. The county is a center for clean energy initiatives, health tech, and life sciences. It hosts a network of five business incubators and the renowned UC Riverside (UCR), which collectively support emerging startups and established businesses.
A Destination for Leisure and Living
Riverside County offers an array of attractions that appeal to tourists and residents. Temecula Valley Wine Country, featuring over 50 wineries, is a highlight. The Greater Palm Springs region is known for its upscale resorts and spas, making it a favored spot for leisure and business travelers. The county hosts numerous entertainment options and cultural events throughout the year, including the Coachella Valley Music & Arts Festival.
Nature enthusiasts can explore the diverse landscapes, from Joshua Tree National Park to the Lake Skinner Recreation Area. With a median home price of $618,000, Riverside County offers relatively affordable housing compared to neighboring areas.
The region’s attractions, affordability, and quality of life cater to individuals who value an active and outdoor lifestyle.
Relevant Industries
Riverside County is witnessing interest from a range of industries. The top five fastest-growing sectors from 2018 to 2022 have been tourism, logistics, real estate development, construction, and healthcare. Furthermore, it is emerging as a potential hub for clean tech and energy due to partnerships with institutions like the California Air Resource Board SoCal headquarters and UCR.
Riverside County’s balanced profile is on display in the special October edition of the Los Angeles Business Journal. Its calculated approach to business attractiveness and its focus on innovation position it as an emerging destination for various industries. Riverside County is set to become a significant player in Southern California as it continues to evolve.
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