Riverside County Office of Economic Development 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

5-YEAR HISTORY JOB

LOCATION QUOTIENT

CURRENT AVERAGE ANNUAL WAGES

JOBS 4,584 3,897 2,432 1,826 4,619 1,387

INDUSTRY

ANNUAL %

CHANGE

$36,459 $62,946 $70,497 $66,561 $39,557 $86,647 $41,800 $60,746 $55,260

1.88 1.06 1.22 1.22 2.15 1.21 1.16 0.59 0.91

188

-2.6% 2.4% -0.1% 0.8% 1.8% 1.6%

HEALTH CARE & SOCIAL ASSISTANCE ACCOMMODATION & FOOD SERVICES

-644

CONSTRUCTION RETAIL TRADE

434 -13 143

ADMINISTRATIVE & SUPPORT & WASTE MANAGEMENT & REMEDIATION SERVICES

117

ARTS, ENTERTAINMENT, & RECREATION

3.3%

1,216 1,169 1,114

181

EDUCATIONAL SERVICES OTHER SERVICES (EXCEPT PUBLIC ADMINISTRATION

93

1.7%

13.3%

518

2.7%

$44,982

0.33

63

502

PUBLIC ADMINISTRATION

13