EDA Annual Report 2013-2014

Year in Review Highlights

31 completed capital projects

21 capital

$ 50 million in

$ 6 million in services funded through CDBG & ESG

projects in construction

real estate acquired

Agency Overview:

2013 - 2014 Summary: Riverside County offers opportunities across the economic spectrum, where the Economic Development Agency (EDA) seeks to enhance these opportunities by delivering projects and services in a cost-effective and efficient manner. Some of these, like the Riverside County Fair & National Date Festival, are more visible, while others are less visible, but no less important. Whether seen or unseen, the employees of EDA work together with the private sector, other County departments and outside agencies to help Riverside County, its citizens and its businesses succeed. You will see examples of this throughout the Annual Report. Fiscal Year 2013-2014 could be described as a major turn around the economic corner. Although Riverside County’s unemployment rate (about 8 percent by the fiscal year’s end) is still about two percent higher than the national average, we have come a long way since the 15 percent experienced in the depths of the Great Recession in 2010. Job creation is central to our economic recovery.

The median price of a home rose 7.8 percent during the fiscal year to $321,840, and there has been a big drop in residents who are “under water” on their mortgages. The percentage of distressed home sales has been cut in half. Housing statistics in the Inland Empire were up 38 percent in 2013 compared with 2012. The Inland area has also seen 6.5 million square feet in net industrial absorption in the second quarter of 2014, the most since the first quarter of 2006. We are seeing numerous bright spots, thanks to the hard work of our businesses, citizens, and local governments. But many challenges lie ahead as we try to maintain our business-friendly climate that will bring steady growth and economic prosperity to Riverside County and our citizens. The following are a few examples from Fiscal Year 2013-2014 of how EDA is working together with our partners to help our citizens and businesses address these challenges.

• Project Management – Thirty-one capital projects were completed representing $107 million investment, and 42 projects were under construction at year’s end, valued at $89 million; 148 projects valued at $459 million are in design. • Economic Development – Team Riverside County (TRC) is a collaborative partnership between EDA, the 28 cities, and several Economic Development Corporations. TRC’s main objectives are to promote the County’s business opportunities to national and international markets and develop effective networks within industry sectors. EDA continued development of the strike force of development- related departments as part of the County’s effort to become the most business-friendly county in the state. • Business Intelligence (BI) is the research and GIS unit of EDA. A total of 202 research and mapping requests were processed, and Construction Permit & Valuation Reports were prepared in collaboration with the Building and Safety Departments of the 28 cities.

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