2023 Riverside County Economic Profile

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

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