2023 Riverside County Economic Profile

1

Riverside County Office of Economic Development 3403 10th Street, Suite 400, Riverside, CA 92501 bizinfo@rivco.org | (951) 955-0493 | www.rivcoed.org riverside county office of economic development

W ith rivers, mountain peaks, deserts and fertile valleys, Riverside County offers diversity that few locations can match. Over 2.4 million residents live in the County, taking advantage of nearby beaches, mountains, hiking and bike trails, the Wine Country near Temecula and resorts that offer oasis in the desert. Our mountain adventures provide enjoyment through a variety of activities such as water sports, fishing, and downhill bike riding in the fall months. There are ample opportunities for relaxation, making it an ideal destination for those seeking a peaceful retreat. The desert oasis of Palm Springs is world renowned for its resorts and golf courses. Boasting over 100 golf courses, and the famous Coachella Valley Music & Arts Festival, it is the go to vacation spot for visitors from around the world and you won’t find a greater selection of world class entertainment. Events include Coachella, Stage Coach, Jazz in Pines, and the Temecula Balloon & Wine Festival. Temecula Valley Wine Country hosts over 50 wineries matched with restaurants and entertainment that is world renowned. Riverside County is home to one of the nation’s most diverse and reliable transportation networks, including highways and express lanes, public buses, commuter rail trains and active transportation options serving bicyclists and pedestrians alike. Our freeway system connects other counties to Riverside County’s businesses, entertainment, and high quality of living. Significant investments have been made on a number of key corridors including State Route 91, Interstate 215, Interstate 10 and State Route 60.

TABLE OF CONTENTS

5 Northwest Region The largest region in terms of population and contains the county’s three largest cities: Riverside, Corona and Moreno Valley. It also includes the cities of Eastvale, Jurupa Valley, Norco, and Perris, along with the unincorporated communities of Home Gardens, Highgrove, and Mead Valley. 8 Southwest Region Includes the cities of Temecula, Murrieta, Lake Elsinore and the unincorporated communities of French Valley, Lakeland Village, Anza, and Wine Country. 9 Hemet-San Jacinto Region The region covers the cities of Hemet and San Jacinto and includes the unincorporated communities of Nuevo, Homeland, Valle Vista, Idyllwild and Winchester. 3 Riverside County Map Exploring the regions of Riverside County. 12 San Gorgonio Pass Region Covers the cities of Calimesa, Banning, and Beaumont, along with the unincorporated communities of Cabazon, Cherry Valley, and Whitewater. 13 Eastern Region The Coachella Valley includes the cities of Cathedral City, Coachella, Desert Hot Springs, Indian Wells, Indio, La Quinta, Palm Desert, Palm Springs and Rancho Mirage. The Coachella Valley also covers the unincorporated communities of Bermuda Dunes, Desert Edge, Indio Hills, Mecca, North Shore, Oasis, Sky Valley, Desert Palms, Thermal, Thousand Palms, Vista Santa Rosa, and Blythe in the Palo Verde Valley. 15 Regional Advantages 7,300 square mile county stretches from its western border adjacent to Orange County to the Colorado River at the eastern border, adjacent to the Arizona border.

18 Gross Regional Product (GRP) & Industries Riverside County’s thriving economy, driven by its fastest growing industries of healthcare, logistics, and technology, boasts a GRP larger than 13 states and attracts businesses to the area.

24 Business Establishments

The region has a top-ranked economy generating billions in production and exports, attracting global companies for their headquarters or regional offices.

Labor Force California has the largest state workforce with nearly 20 million and is one of only 4 states with a workforce over 10 million people.

25

28 International Trade Facts

An integral part of the global economy, with countries exchanging goods and services across borders to meet the needs of consumers worldwide. Riverside County’s exports totaled $4 billion, with top exports including computers and electronic products, transportation equipment, and machinery.

29 Population & Income

Riverside County, is the 4 th largest county in California and the tenth largest county in the United States, with a bustling population of 2,439,234 people.

30 Home Price Data

According to the California Department of Finance from April 2020 to January 2022, Riverside County’s housing increased by 12,339 units, ranking as the third fastest growing county in California, after Los Angeles and San Diego. Education Access to education is a top priority in Riverside County, California, as evidenced by the significant number of kindergarten through twelfth grade and college students enrolled. 31

EXPLORING THE REGIONS OF RIVERSIDE COUNTY RIVERSIDE COUNTY MAP Riverside County offers compelling advantages for businesses seeking to relocate or expand, as evidenced by key metrics such as population, residency rates, travel/transportation infrastructure, and overall economic opportunity.

2,439,234

4 TH MOST POPULATED COUNTY IN THE STATE OF CALIFORNIA OUT OF 58 COUNTIES.

RESIDENTS (APPROXIMATELY) LIVING IN RIVERSIDE COUNTY.

7,303

1.6%

THE RETAIL MARKET, DESPITE THE PANDEMIC, GREW BY ROUGHLY 1.6% YEAR-OVER-YEAR IN JANUARY 2021, COMPARED TO 0.3% GROWTH FOR THE NATIONAL INDEX. (Source: CoStar)

SQUARE MILES OF OPPORTUNITY.

3

BNSF and Union Pacific Railways are important transportation links for Riverside County businesses and important ports of entry. Riverside County offers easy shipping into and out of ports of Los Angeles, Long Beach, and San Diego. Metrolink provides commuter rail service from Riverside County to Los Angeles, Orange and San Bernardino Counties. DID YOU KNOW...?

0.5%

LARGEST & FASTEST THE INLAND EMPIRE IS ONE OF THE NATION’S LARGEST AND FASTEST GROWING INDUSTRIAL MARKETS. (Source: CoStar)

POPULATION GROWTH IS ONE OF THE FASTEST GROWING COUNTIES IN THE U.S. FROM THE PREVIOUS YEAR. (Source: State of California Department of Finance)

5

MAJOR FREEWAYS RIVERSIDE COUNTY OFFERS ACCESSIBILITY THROUGHOUT THE REGION.

4

The largest region in terms of population and contains the county’s three largest cities: Riverside, Corona and Moreno Valley. It also includes the cities of Eastvale, Jurupa Valley, Norco, and Perris, along with the unincorporated communities of Home Gardens, Highgrove, and Mead Valley. NORTHWEST REGION DIVERSE INDUSTRIES

The largest concentration of industry in the county, including a large distribution and manufacturing base for Southern California. The region has diversified industries such as transportation and warehousing, healthcare and social assistance, construction and many more are compatible with the type of labor skills available in the region and can utilize the transportation assets. Ways of Travel Access by way of Interstates 15 and 215 and State Routes 60 and 91 provides excellent transportation. The region is served by Ontario International Airport and the ports of Long Beach and Los Angeles. Education and Workforce Resources Experiencing rapid growth due to its diverse

workforce with varying skill levels, a robust higher education system, and its strategic location for service provision. The emergence of on-the-job (OTJ) training programs and other employment initiatives further contribute to this upward trend. The Riverside County Workforce Development Centers (WDC) offer numerous services and programs to support businesses, providing valuable resources at no cost. The Small Business Development Center (SBDC) is another resource that offers free business consulting, training, and a wide range of resources in areas such as start-up assistance, securing funding through debt or equity, customer attraction and retention, product commercialization, and more. Both aspiring entrepreneurs and current business owners can benefit from these services and programs.

FASTEST GROWING PRIVATE INDUSTRIES INDUSTRY 2022 JOBS 2023 JOBS CHANGE IN JOBS (2022-2023) % CHANGE

2022 EARNINGS PER WORKER

53,442 49,948 28,159 70,272

70,848 58,851 36,975 91,090

17,406 8,903 8,816 20,818

33% 18% 31% 30%

$57,081 $73,656 $31,906 $62,937

HEALTHCARE & SOCIAL ASSISTANCE TRANSPORTATION & WAREHOUSING

CONSTRUCTION

ACCOMMODATION & FOOD SERVICES

ADMINISTRATIVE & SUPPORT & WASTE MANAGEMENT & REMEDIATION SERVICES

35,166

42,299

7,133

20%

$45,852

41,505 19,191

45,773 22,506

4,268 3,315

10% 17%

$50,009 $88,739

RETAIL TRADE

WHOLESALE TRADE

OTHER SERVICES (EXCEPT PUBLIC ADMINISTRATION) PROFESSIONAL, SCIENTIFIC, & TECHNICAL SERVICES

12,223

15,206

2,983

24%

$30,551

11,040

12,960

1,920

17%

$87,252

6,335

8,127

1,792

28%

$49,276

EDUCATIONAL SERVICES

5

The Northwest Region provides excellent transportation access by way of Interstates 15 and 215 and State Routes 60 and 91.

A prime location for business services. Tourism experienced a rapid growth in 2023 with a total population of 558,964 residents.

7

Covering the cities of Canyon Lake, Temecula, Murrieta, Lake Elsinore, Wildomar, and Menifee, the region also covers unincorporated communities such as Aguanga, Anza, French Valley, Lakeland Village, and Wine Country. SOUTHWEST REGION

BUSINESS CLIMATE & TOURISM

Business Climate A prime location for business services and tourism experienced a rapid growth in 2023 with the total population of 558,964 residents with a rise in skilled labor, quality schools, a wide range of housing, and numerous commercials services that combine to create a desirable location for residents to live and to work. The fastest growing industries for this region include healthcare and social assistance, accommodation and food services, construction, retail trade, biotechnology, professional services, travel and tourism. Tourism One of the region’s most popular attractions is

the Temecula Valley Wine Country, spanning over 2,460 acres of vineyards with more than 50 wineries. Other attractions like Old Town Temecula, the Temecula Valley Balloon & Wine Festival, championship golf courses, and resort accommodations contribute to the city’s economic profile. In 2022, Dean Runyan Associates documented a significant surge of 46.2% in visitor activity in Temecula Valley, reflecting the nationwide travel patterns. The region witnessed a rise in both overnight stays and day visitors in comparison to 2021. (Source: Dean Runyan Associates, “The Economic Impact of Travel in Temecula Valley: 2022 Preliminary Estimates)

FASTEST GROWING PRIVATE INDUSTRIES INDUSTRY 2022 JOBS 2023 JOBS CHANGE IN JOBS (2022-2023) % CHANGE

2022 EARNINGS PER WORKER

24,662

32,879

8,217

33%

$67,396

HEALTHCARE & SOCIAL ASSISTANCE

17,197

22,881

5,684

33%

$31,731

ACCOMMODATION & FOOD SERVICES

20,225

23,475

3,250

16%

$74,526

CONSTRUCTION

OTHER SERVICES (EXCEPT PUBLIC ADMINISTRATION)

10,292

13,004

2,712

26%

$36,575

21,094

23,191

2,097

10%

$51,177

RETAIL TRADE

PROFESSIONAL, SCIENTIFIC, & TECHNICAL SERVICES ADMINISTRATIVE & SUPPORT & WASTE MANAGEMENT & REMEDIATION SERVICES

9,816

11,736

1,920

20%

$53,748

6,915

8,107

1,192

17%

$82,618

4,752

5,532

780

16%

$85,022

WHOLESALE TRADE

2,557

3,163

606

24%

$60,029

TRANSPORTATION & WAREHOUSING

8

The region covers Hemet and San Jacinto Valley including unincorporated communities of Nuevo, Homeland, Valle Vista, Idyllwild and Winchester. HEMET SAN JACINTO REGION

A VITAL COUNTY LINK

Serves as a crucial link between the Northwest Region of Riverside County and the Southwestern and Western regions of the county. In 2023, ESRI reported a total population of 226,304 residents with a median household income of $57,483 and a total of 4,353 Standard Industrial Classification (SIC01-99) Businesses. SIC codes are a standardized system used to classify and categorize businesses based on their primary economic activities. Pivotal Initiatives Situated near wine country, you’ll find diverse opportunities characterized by expansive rural farmland that is in close proximity to several thoughtfully designed residential communities and outdoor recreational areas. The availability of affordable land, along with convenient transportation routes, positions

it as a pivotal region for manufacturing and its associated supply chain. As a result, this location presents a promising opportunity for collaborative development initiatives. Tourism and Adventure Explore numerous captivating places nearby. Start at the Ramona Bowl Amphitheatre, known for its romantic play “Ramona” thrilling audiences for 100 years. Then, visit Diamond Valley Lake Marina for boating, fishing, and e-biking activities. Discover the intriguing history of extinct dinosaurs that once roamed Diamond Valley Lake and experience history featured at the Western Science Center. Finally, reach “Idyllwild”- Pine Cove, a charming destination in the San Jacinto Mountains, home of adventure, music, art and harmony.

FASTEST GROWING PRIVATE INDUSTRIES INDUSTRY 2022 JOBS CHANGE IN JOBS (2022-2023) % CHANGE 2023 JOBS

2022 EARNINGS PER WORKER

10,275 3,487

13,720 4,581

3,445 1,094

34% 31%

$83,063 $33,496

OTHER SERVICES (EXCEPT PUBLIC ADMINISTRATION) ACCOMMODATION & FOOD SERVICES HEALTHCARE & SOCIAL ASSISTANCE

3,653

4,402

749

21%

$40,773

3,090 6,437

3,564 6,894 1,227

474 457 268

15%

$69,493 $55,162 $42,189

CONSTRUCTION RETAIL TRADE

7%

959

28%

EDUCATIONAL SERVICES

TRANSPORTATION & WAREHOUSING ADMINISTRATIVE & SUPPORT & WASTE MANAGEMENT & REMEDIATION SERVICES

1,113

1,364

251

23%

$51,041

494

618

124

25%

$64,993

PROFESSIONAL, SCIENTIFIC, & TECHNICAL SERVICES

511

626

115

23%

$78,425

9

A crucial transportation route that connects the Northwest Region of Riverside County to the Southwestern and Western regions of the county.

10

New residents will bring with them the need for new municipal services, as well as the potential for new investments in business ventures expanding the local economy and creating jobs.

11

Covering the cities of Calimesa, Banning, and Beaumont, along with the unincorporated communities of Cabazon, Cherry Valley, and Whitewater. SAN GORGONIO PASS REGION A GROWING ECONOMY

Driving Economic Growth The Pass Region has been experiencing a phenomenal population growth. New residents bring with them the need for new municipal services, as well as the potential for new investments in business ventures expanding the local economy and creating jobs. In 2023, ESRI total population of 114,074 residents, with the median age of 41.1 years of age along with 39,022 households. Tourism Expanded destination retail operations adjacent to the Desert Hills Premium Outlets and the expanded Morongo Hotel and

Casino will provide many job opportunities. The proximity to Interstate 10, as well as rail lines, also makes the Pass Region attractive to distribution and large scale industrial uses. Diverse Range A diverse and thriving area in Southern California. Known for its renewable energy focus, it houses extensive wind farms and turbines, generating clean and sustainable power. The region’s fertile soil and favorable climate support a flourishing agricultural sector. The dynamic combination of industries, providing employment opportunities and driving the local economy.

FASTEST GROWING PRIVATE INDUSTRIES

CHANGE IN JOBS (2022-2023)

2022 EARNINGS PER WORKER

INDUSTRY

2022 JOBS

2023 JOBS

% CHANGE

OTHER SERVICES (EXCEPT PUBLIC ADMINISTRATION)

3,624

5,043

1,419

39%

$45,236

3,709

4,894

1,185

32%

$38,991

HEALTHCARE & SOCIAL ASSISTANCE

1,965

2,631

666

34%

$32,358

ACCOMMODATION & FOOD SERVICES

4,717

5,231

514

11%

$44,430

RETAIL TRADE

2,322

2,642

320

14%

$69,731

CONSTRUCTION

1,000

1,238

238

24%

$75,470

TRANSPORTATION & WAREHOUSING

509

602

93

18%

$94,297

WHOLESALE TRADE

ADMINISTRATIVE & SUPPORT & WASTE MANAGEMENT & REMEDIATION SERVICES PROFESSIONAL, SCIENTIFIC, & TECHNICAL SERVICES

437

523

86

20%

$41,793

363

448

85

23%

$75,474

12

nfrastructure Needs

Opportunity for industries and companies that desire a location between the major markets of the Los Angeles and Phoenix metropolitan areas. EASTERN REGION MULTI-FACETED ECONOMY COACHELLA VALLEY AND PALO VERDE VALLEY

Agriculture and Job Growth A multifaceted economy, with various industries contributing to its growth. In 2018, the region’s agricultural crops were valued at over $775 million, highlighting the significance of farming in the area. Additionally, since 2020, the region has seen a job growth rate of 7.8%, which is faster than the county and state averages. Tourism and Events The Coachella Valley has come back from the COVID-19 pandemic with a strong and vibrant recovery. The region’s tourism industry is one of its most significant economic drivers, with world-class sports events such as the BNP Paribas Open tennis tournament and the LPGA

ANA Inspiration golf tournament returning to almost pre-pandemic levels. The Coachella Valley Music and Arts Festival, the Stagecoach Country Music Festival, and the Palm Springs International Film Festival are other major events that attract hundreds of thousands of people to the region resulting in a significant economic impact. Economic Impact Findings Tourism Economics released the 2022 Economic Impact on Greater Palm Springs visitor related employment which soared by an impressive 28% in 2022, rebounding to a robust total of 38,649 jobs. Although it remains 3,400 jobs below pre-pandemic levels, the addition of over 8,500 jobs demonstrates positive

FASTEST GROWING PRIVATE INDUSTRIES

CHANGE IN JOBS (2022-2023)

2022 EARNINGS PER WORKER

INDUSTRY

2022 JOBS

2023 JOBS

% CHANGE

26,610 36,226

35,254 47,267

8,644 11,041

32% 30%

$61,061 $34,994

HEALTHCARE & SOCIAL ASSISTANCE ADMINISTRATIVE & SUPPORT & WASTE MANAGEMENT & REMEDIATION SERVICES ACCOMMODATION & FOOD SERVICES

13,963

16,907

2,944

21%

$47,163

ARTS, ENTERTAINMENT, & RECREATION

10,238

13,144

2,906

28%

$44,831

15,062

17,550

1,118 2,003 2,094 2,488

17%

$71,966

CONSTRUCTION

OTHER SERVICES (EXCEPT PUBLIC ADMINISTRATION)

8,552

4,733 22,417 10,646

31% 10% 24% 12%

$59,064 $51,844 $36,969 $74,034

20,414

RETAIL TRADE

3,615 5,925

TRANSPORTATION & WAREHOUSING REAL ESTATE & RENTAL & LEASING

6,655

730

PROFESSIONAL, SCIENTIFIC, & TECHNICAL SERVICES

3,888

4,599

711

18%

$81,666

13

progress. Visitor spending has surpassed pre-pandemic levels, reaching 120%, while employment stands at 92%. Diversed Industries Apart from tourism and hospitality, the Eastern Region is home to other important industries like accommodation and food services, healthcare and social assistance, administrative and support and waste management and remediation services along with arts, entertainment and recreation. Native American resorts resorts and gaming operations, along with the region’s nearly 125 golf courses, are also great attractions. Excellent Transportation Access The Eastern Region has excellent transportation access through various means. Interstate 10 links Eastern Riverside County with Southern California and southern states, while State Route 86 is a United States-Mexico-Canada (USMCA) freight corridor that connects the Coachella Valley with Mexico. Significant investments have been made in recent years to improve six highway interchanges along the Interstate 10 Coachella Valley corridor. The region is also served by three airports, including Palm Springs International Airport, Bermuda Dunes, and Jacqueline Cochran Regional Airport, and Union Pacific rail service traverses the area.

The Eastern Region is geographically the largest, covering more than two-thirds of Riverside County. It stretches from the windmills at the entrance to the Coachella Valley, south to the Salton Sea, and east to the Colorado River and Arizona state line. The Coachella Valley includes the cities of Cathedral City, Coachella, Desert Hot Springs, Indian Wells, Indio, La Quinta, Palm Desert, Palm Springs and Rancho Mirage. The Coachella Valley also covers the unincorporated communities of Bermuda Dunes, Desert Edge, Indio Hills, Mecca, Idyllwild/Pine Cove. North Shore, Oasis, Sky Valley, Desert Palms, Thermal, Thousand Palms and Vista Santa Rosa. East of the Coachella Valley are the unincorporated communities of Chiriaco Summit and Desert Center. The Palo Verde Valley area includes the City of Blythe and the unincorporated communities of Mesa Verde and Ripley. Since 2020, the region has seen a job growth rate of 7.8%, which is faster than the county and state averages. 7.8%

2022 Economic Impact of Tourism in Greater Palm Springs Visitor-related employment soared by an impressive 28% in 2022, rebounding to a robust total of 38,649 jobs.

14

The options are limitless in this 7,300 square mile county that stretches from its western border adjacent to Orange County to the Colorado River at the eastern border, adjacent to the Arizona border. CALIFORNIA REGIONAL ADVANTAGES

NEVADA

SAN LUIS OBISPO

CALIFORNIA KERN

SAN BERNARDINO

SANTA BARBARA

VENTURA

LOS ANGELES

RIVERSIDE

ORANGE

ARIZONA

SAN DIEGO

IMPERIAL

RELOCATION & EXPANSION

MEXICO

Riverside County is the fourth most populated county in the state of California out of 58 counties and is about the size of New Jersey. With approximately 2,439,234 residents, the county is one of the fastest growing counties in the United States. Accessibility Connected to five major freeways, Riverside County offers accessibility throughout the region. Interstate 10 traverses the entire county from east to west, connecting businesses to Los Angeles and Phoenix. Interstates 15 and 215 connect Riverside County with San Diego and San Bernardino Counties. Both Highway 60 and 91 link Riverside County to (Source: State of California Department of Finance)

Los Angeles and Orange Counties. Highway 86, which is east of the Coachella Valley, is part of a trade corridor providing easy access to Imperial County and Mexico. Did You Know? BNSF and Union Pacific Railways are important transportation links for Riverside County businesses that offers efficient access to shipping in and out of ports of Los Angeles, Long Beach, and San Diego. Metrolink provides commuter rail service from Riverside County to Los Angeles, Orange, and San Bernardino Counties. There are 12 airports within Riverside County and is served by 17 airports. Major air hubs 15

Connected to five major freeways, Riverside County offers accessibility throughout the region. Interstate 10 traverses the entire county from east to west, connecting businesses to Los Angeles and Phoenix.

include Ontario International Airport, serving western Riverside County with quick and easy access, and the Palm Springs International Airport, serving the eastern part of the county. The Jacqueline Cochran Regional Airport also serves the Coachella Valley with easy access and is capable of bringing in a Boeing Business Jet 737. The March Inland Port addresses the growing need for economical air cargo services. Industrial Development Thousands of acres of land for industrial development coupled with an expanding workforce make Riverside County an advantageous location for business relocation or expansion. The Inland Empire is one of the

nation’s largest and fastest-growing industrial markets. Proximity to nearly 20 million residents living in the Southern California region makes Riverside County an ideal location to build new warehouses and distribution centers. Retail Market Despite the pandemic, the retail market grew by roughly 1.6% year-over-year in January 2021, compared to 0.3% growth for the national index, according to CoStar. This demonstrates the resilience of Riverside County’s economy and its potential for business growth and expansion. (Source: CoStar)

16

The county’s fastest growing industries, including healthcare, logistics, and technology, are driving this growth and attracting businesses to Riverside County.

17

GROSS REGIONAL PRODUCT & INDUSTRIES Riverside County’s economy is thriving, with a GRP larger than 13 states. The county’s fastest growing industries, including healthcare, logistics, and technology are driving this growth and attracting businesses to the area.

WHAT IS A GRP?

Economic Indicators Gross Regional Product (GRP) is a crucial economic indicator that measures the total monetary value of all goods and services produced within regional borders. It provides insight into the health and growth of a country’s economy and serves as a benchmark for assessing the performance of various industries. In the United States, the top 10 industries by GRP include healthcare, real estate, manufacturing, wholesale trade, finance, construction and among many others. Fastest Growing Industries Riverside County is home to a diverse economy with numerous industries contributing to its

GRP. According to recent data, the fastest growing industries in Riverside County include healthcare, construction, and leisure and hospitality. These industries have experienced significant growth in recent years, creating jobs and opportunities for residents in the area. In fact, Riverside County’s GRP is larger than that of 13 individual states in the U.S., demonstrating the strength and resilience of its economy. As the county continues to attract businesses and investment, its GRP is likely to continue to grow, further cementing its position as an economic powerhouse in Southern California. TOP 1.5% WITH A 2021 GRP OF $104 BILLION, RIVERSIDE COUNTY IS IN THE TOP 1.5% OF ALL US COUNTIES.

LARGER THAN

13 STATES LARGER THAN:

NEW HAMPSHIRE • IDAHO • HAWAII • WEST VIRGINIA • DELAWARE • MAINE • NORTH DAKOTA RHODE ISLAND • ALASKA • SOUTH DAKOTA MONTANA • WYOMING • VERMONT

US Bureau of Economic Analysis, 2022

18

FASTEST GROWING INDUSTRIES BY EMPLOYMENT FROM 2013 TO 2022

These 2022 top 10 industries show a comprehensive overview of the county’s landscape. Riverside County’s rapidly growing industries have shown significant growth.

213%

TRANSPORTATION, WAREHOUSING, & UTILITIES

State of California Employment Development Department, 2023

74%

CONSTRUCTION

32%

55%

35% 46%

HEALTHCARE & SOCIAL ASSISTANCE ADMINISTRATIVE & SUPPORT & WASTE SERVICES

EDUCATIONAL SERVICES

ACCOMMODATION & FOOD SERVICES

TOP 10 GROSS REGIONAL PRODUCT

BY INDUSTRY, 2021

$8.1 BILLION Construction $5.5 BILLION Transportation & Warehousing

$9 BILLION Retail Trade Real Estate, Rental & Leasing $18.7 BILLION Healthcare & Social Assistance 3 $8.4 BILLION $7.2 BILLION Manufacturing 4 $8.3 BILLION Wholesale Trade 5 2 1

6

7

$4 BILLION Administrative, Support, Waste Management & Remediation Services 8 $3.4 BILLION Professional, Scientific & Technical Services 9

$4.3 BILLION Accommodation & Food Services

10

19

10 TH LARGEST TOTAL GROSS REGIONAL PRODUCTS Riverside County had the 13 th largest total GRP of all California Counties

BILLIONS ($)

US Bureau of Economic Analysis, 2020

20

TOP 10 INDUSTRIES BY EMPLOYMENT, 2022

In 2022, healthcare and social assistance emerged as the largest employing industry in the United States, with a total of 489,800 jobs created. This sector includes a range of services related to healthcare, such as hospitals, clinics, nursing homes, and home healthcare services. The COVID-19 pandemic further highlighted the importance of this industry as it faced unprecedented challenges and demands.

21

The financial activities industry also showed strong employment growth with 239,000 new jobs created. This sector comprises of banking, insurance, real estate, and investment firms, among others. The growth in these industries reflects the ongoing economic recovery from the pandemic and the changing needs and demands of consumers. Overall, these industries play a significant role in the United States’ economy, providing vital services and employment opportunities to millions of people across the country.

22

Fortune 500 and privately held companies have chosen Riverside County regions as their home for either corporate headquarters or for a regional office.

23

BUSINESS ESTABLISHMENTS

The thriving Riverside County economy is home to over 74,000 businesses creating $104 billion in Gross Regional Product and $78 Billion in exports in 2020 alone which is in the top 1.5% of all U.S. counties. With such a noteworthy gross regional product, global companies are flooding the region. Fortune 500 and privately held companies have chosen this region as their home for either corporate headquarters or for a regional office.

TOP 20 EMPLOYERS

1. 2. 3. 4. 5. 6. 7.

11. 12. 13. 14. 15. 16. 17. 18. 19. 20

County of Riverside Amazon March Air Reserve Base Nestle UA University of California, Riverside State of California Walmart Moreno Valley Unified School District Kaiser Permanente Riverside MC Corona-Norco Unified School District

Riverside Unified School District MSJC College District Marie Callender Wholesalers Inc. Temecula Valley School District Eisenhower Medical Center Pechanga Resort & Casino Hemet Unified School District Murrieta Valley Unified School District Starcrest of California Palm Springs Unified School District

8. 9. 10.

4 TH

76,170 BUSINESS ESTABLISHMENTS AS OF THE 3 RD QUARTER IN 2022 (California EDD)

LARGEST COUNTY AND FASTEST GROWING COUNTY BY NUMBER OF HOUSING UNITS FOR ANY LARGE COUNTY IN CALIFORNIA

5 TH

STATE OF CALIFORNIA EMPLOYMENT DEVELOPMENT DEPARTMENT RANKS RIVERSIDE COUNTY AS THE 5 TH LARGEST CALIFORNIA COUNTY BY NUMBER OF BUSINESSES

24

LABOR FORCE

California has the largest state workforce with nearly 20 million and is one of only 4 states with a workforce over 10 million people.

1,216,945 1,145,856 4% EMPLOYMENT UNEMPLOYMENT RATE

ACCORDING TO THE 2016-2020 AMERICAN COMMUNITY SURVEY, RIVERSIDE COUNTY HAS A LABOR WORKFORCE OF 1,216,945 GREATER THAN 15 OTHER STATES’.

16%

RIVERSIDE COUNTY’S LABOR FORCE GREW BY 16% FROM 2013 TO 2022.

RIVERSIDE COUNTY’S LABOR FORCE

Riverside County’s labor force grew by 16% from 2013 to 2022 (Calif EDD), making it the fastest growing labor force in the State and is growing at more than quadruple the state rate of 3.7%. According to the 2016-2020 American Community Survey, Riverside County has a labor workforce of 1,132,864 greater than 15 other states.

25

Riverside County has a labor workforce of 1,216,945 which is larger than 15 different states.

26

TOP GOODS EXPORT SECTORS, 2021

$1.6 BILLION

$1.9 BILLION

$1.1 BILLION

$844 MILLION

$2.4 BILLION

These exports helped to support local jobs and businesses, while also contributing to the growth of the global economy.

27

INTERNATIONAL TRADE FACTS An integral part of the global economy, with countries exchanging goods and services across borders to meet the needs of consumers worldwide. In 2021, Riverside County, located in Southern California, played a significant role in international trade as the 32 nd largest Metropolitan Statistical Area (MSA) exporter in the United States. With a diverse economy that includes industries such as agriculture, manufacturing, and logistics, Riverside County’s exports totaled $4 billion, with top exports including computers and electronic products, transportation equipment, and machinery. These exports helped to support local jobs and businesses, while also contributing to the growth of the global economy.

GOODS EXPORTS TO SELECT MARKETS, 2021

TOP 3

$8 BILLION $5 BILLION $1.7 BILLION

FTA PARTNERS

APEC

EUROPEAN UNION

ASIA-PACIFIC ECONOMIC COOPERATION

FREE TRADE AGREEMENT PARTNERS

$8.5 BILLION 2021 TOTAL GOOD EXPORTS

32 ND

RIVERSIDE COUNTY WAS THE 32 ND LARGEST IN MSA EXPORTS IN 2021

28

POPULATION & INCOME Riverside County is a bustling region in Southern California with a total population of 2,439,234 people. With this number, it holds the distinction of being the fourth largest county in California and the tenth largest county in the United States. What sets Riverside County apart is not just its size, but also its growth. In fact, it is one of only two counties in Southern California that has shown positive growth, along with San Bernardino County. In 2020-2021, Riverside County and San Bernardino County were the only two counties in Southern California that saw their populations grow beyond 1 million residents. This makes Riverside County a fast-growing and vibrant community that is constantly evolving and expanding to meet the needs of its residents.

MEAN INCOME STATS

15%

$119,295 MEAN FAMILY INCOME 3

MEAN FAMILY INCOME GREW BY 15% BY 2020 3

TOP 11% PLACES RIVERSIDE COUNTY IN THE TOP 11% OF ALL US COUNTIES 4

$109,719 MEAN HOUSEHOLD INCOME 4

The fastest growing population, growing large (over 1 million) county (2020-2021) in California alongside San Bernardino County; the only two counties in Southern California showing positive growth. 2

2 State of California Employment Development Department, 2021 3 US Census , ACS. 2022 1yr. estimate 4 US Census Bureau, 2020

29

24,681

UNITS

From April 1, 2020-January 1, 2023. Riverside County was the second fastest growing county for housing units in California.

$618K MEDIAN PRICE

2 ND

FASTEST GROWING COUNTY

For a single-family residence based on data from the California Association of Realtors (August 2023).

Housing in Riverside County grew by 24,681 units from April 1, 2020 to January 1, 2023, making Riverside County the2 nd fastest growing county in the state, behind Los Angeles and San Diego.

HOME PRICE DATA According to data from the California Department of Finance, housing in Riverside County grew by 24,681 units from April 1, 2020 to January 1, 2023, making Riverside County the second fastest growing county in the state, behind Los Angeles and San Diego. Riverside County has seen a significant surge in single-family housing growth over the past two years. The number of attached and detached units increased by an impressive 20,350 between April 1, 2020 and January 1, 2023. In fact, Riverside County is now the fastest growing county for single family housing in the state. Despite this growth, the median cost for a single-family residence in Riverside County remains relatively affordable. According to data from the California Association of Realtors (July 2023), the median cost is $618K, making it more affordable than the coastal Southern California counties by up to 112%. This makes Riverside County an attractive option for those looking for a more affordable housing market without compromising on quality of life.

• LA Co – Riv Co is 43% lower price • Orange Co – Riv Co is 112% lower price

• San Diego Co – Riv Co is 38% lower price • Ventura Co – Riv Co is 48% lower price

3030

EDUCATION Education is a fundamental right of every child and a cornerstone of a prosperous society. In Riverside County, California, access to quality education is a top priority, as evidenced by the significant number of students enrolled in Kindergarten through twelfth grade (K-12) education. According to the U.S. Census in 2020, 158,441 residents of Riverside County were enrolled in 4-year undergraduate institutions, highlighting the importance of higher education in the region.

According to the U.S. Census in 2022, a total of 449,193 children were enrolled in K-12 education in Riverside County. This substantial number of students is supported by a robust educational infrastructure, including 25 school districts and 490 schools. (ed-data.org,School Year 2020-2021) The provision of quality education is crucial for the development of the next generation, and Riverside County is committed to ensuring that all children have access to the best education possible. Education is not only important for the individual students but also KINDERGARTEN THROUGH TWELFTH GRADE

for the community and the future of Riverside County. The education system plays a vital role in shaping the future of the county, preparing young people to become responsible citizens, and equipping them with the skills and knowledge necessary to contribute to society. By investing in education, the county can ensure that the youth are well-prepared to become leaders in their respective fields and contribute to the economic growth and development of the region.

SCHOOL YEAR 2021-2022

449,193 25 490 ACCORDING TO THE U.S. CENSUS IN 2022 A TOTAL OF 449,193 CHILDREN WERE ENROLLED IN K-12 EDUCATION IN RIVERSIDE COUNTY. SCHOOL DISTRICTS SCHOOLS

ED-Data.org

31

RIVERSIDE COUNTY COLLEGES

Over the past few years, Riverside County has seen a significant increase in the number of residents earning associate, bachelor, master, and doctorate degrees. From 2016 to 2020, associate degrees increased by 91%, bachelor degrees by 57.6%, master degrees by 51.2%, and doctorates by 47.6%. This growth is a testament to the county’s commitment to education and the opportunities available for residents to pursue higher education. Higher education not only provides individuals with the necessary skills and knowledge to succeed in their chosen fields but also contributes to the economic growth

and development of the region. Graduates of higher education institutions are more likely to find high-paying jobs and are better equipped to innovate and contribute to the economy. This, in turn, can attract businesses and industries to the region, creating a more diverse and robust economic landscape. Higher education plays a critical role in shaping Riverside County’s economic development profile. By providing access to quality education, the county is not only investing in the future of its residents but also in the economic prosperity of the region.

91% 51.2% 57.6% 47.6% ASSOCIATES INCREASED BACHELOR’S INCREASED 12,460 ASSOCIATE DEGREES 7,888 BACHELOR’S DEGREES 2,064 MASTER’S DEGREES 363 DOCTORAL DEGREES MASTER’S INCREASED DOCTORATE INCREASED From 2016 to 2020 (Awarded in 2020 by Riverside County Education Institutions)

32

Email: BizInfo@RivCo.org Phone: (951) 955-0493 Website: www.rivcoed.org

For Digital Updates Scan Here.

Last Updated: October 12, 2023

35