Riverside County, located in Southern California, boasts a diverse and dynamic economic landscape, as revealed in the 2023 Riverside County Economic Profile.
With its rapidly growing economy and various opportunities for industries, Riverside County is emerging as a prime destination for businesses looking to relocate or expand.
Riverside County comprises five distinct regions, each with its strengths and opportunities. Let’s dive into each of them.
Northwest Region: A Hub of Industry
This region has the most significant industry concentration in the county, featuring a diverse range of sectors, including transportation, healthcare, and social assistance. Accessible via Interstates 15 and 215, as well as State Routes 60 and 91, this region offers excellent transportation connections, including Ontario International Airport and proximity to major ports. Moreover, Riverside County’s Workforce Development Centers and Small Business Development Center provide valuable resources and support for businesses.
Southwest Region
A thriving business climate and tourism hub covering cities like Temecula and Murrieta, this region has experienced rapid growth in 2023. A rising skilled labor force, quality schools, and various commercial services make it an attractive location for businesses. The fastest-growing industries include healthcare, construction, retail trade, and tourism. Notably, the Temecula Valley Wine Country, Old Town Temecula, and other attractions drive tourism, with a 46.2% surge in visitor activity documented in 2022.
Hemet San Jacinto Region: A Vital County Link
This region, including Hemet and San Jacinto Valley, is a crucial link connecting different parts of Riverside County. With a population of 226,304 residents and a median household income of $57,483, it offers a variety of opportunities for businesses, especially in manufacturing and supply chains. Tourist attractions, such as the Ramona Bowl Amphitheatre and Diamond Valley Lake Marina, provide recreational activities.
San Gorgonio Pass Region: A Growing Economy
The Pass Region has experienced remarkable population growth, with 114,074 residents and a median age of 41.1. It’s known for renewable energy, fertile soil supporting agriculture, and a mix of industries that drive the local economy. Additionally, proximity to major transportation routes makes it ideal for distribution and industrial use.
Eastern Region: Coachella Valley and Palo Verde Valley. With a multifaceted economy, this region features a strong agriculture sector valued at over $775 million. It has experienced a job growth rate of 7.8% since 2020, faster than the county and state averages. Tourism is a significant economic driver, with world-class events like the Coachella Valley Music and Arts Festival and the Palm Springs International Film Festival. The region also houses various industries, excellent transportation access, and a diverse range of opportunities.
Business Advantages
Riverside County’s business advantages extend beyond its regional diversity. With excellent transportation access through major freeways and multiple airports, it provides seamless connectivity for businesses. Thousands of acres of land for industrial development and a growing workforce make it a desirable location for business relocation or expansion, especially in the thriving Inland Empire industrial market. The retail market’s resilience, with 1.6% year-over-year growth in January 2021, showcases the county’s economic potential.
Gross Regional Product & Industries
Riverside County’s Gross Regional Product (GRP) stands at $104 billion, ranking it in the top 1.5% of all U.S. counties. Its GRP surpasses that of 13 individual states. The county’s fastest-growing industries, including healthcare, construction, and leisure and hospitality, are driving this growth. Riverside County is a vital contributor to the economic landscape of Southern California, attracting businesses and investment.
Conclusion
The 2023 Riverside County Economic Profile reveals a thriving and diverse economic landscape. With distinct regions, excellent transportation access, and a growing workforce, Riverside County presents numerous opportunities for businesses to prosper. As it continues to attract investment and businesses, its position as an economic powerhouse in Southern California solidifies, promising a bright future for the county and its residents.
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