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.rivoced.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 from water-sports to fishing, downhill bike riding in the fall months to skiing and snowboarding in the winter, and plenty of relaxation to go around. 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.

18

3 Riverside County Map Exploring the regional advantages of Riverside County . 3. . . .Regional Advantages Map 4. . . .Did you know?

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. Business Establishments The region has a top-ranked economy generating billions in production and exports, attracting global companies for their headquarters or regional offices. Fastest Growing Industries By Employment from 2012 to 2021 Top GRP By Industry, 2021 10 th Largest Total GRP Top 10 Industries By Employment, 2021 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. Population & Income Riverside County, located in Southern California, is the 4 th largest county in California and the tenth largest county in the United States, with a bustling population of 2,435,525 people. Home Price Data FromApril 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, according to the California Department of Finance. Education Access to quality education is a top priority in Riverside County, California, as evidenced by the significant number of K-12 and college students Gross Regional Products (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. 19. . . . 19. . . . 20. . . . 21. . . .

5

Northwest Region The Northwest Region of Riverside County is clearly the largest region in terms of population and contains the county’s three largest cities. Southwest Region The Southwest Region of Riverside County includes several cities and unincorporated communities such as Temecula, Murrieta, Lake Elsinore, French Valley, and Wine Country. Hemet-San Jacinto Region The Hemet-San Jacinto Valley region covers the Hemet and San Jacinto Valley portion of Riverside County including unincorporated communities of Nuevo, Homeland, Valle Vista, San Gorgonio Pass Region The San Gorgonio Pass Region of Riverside County is comprised of Calimesa, Banning, and Beaumont, as well as several unincorporated communities, including Cabazon, Cherry Valley, and Whitewater. Eastern Region The Eastern Region presents opportunities for businesses and industries seeking a strategic location between the major markets of the Los Angeles and Phoenix metropolitan areas. Regional Advantages 7,200 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.

8

24

25

9

28

12

29

13

30

15

31

enrolled. 31. . . .K-12 32. . . .College

2

EXPLORING THE REGIONAL ADVANTAGES IN PERSPECTIVE 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.

2,406,331

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

RESIDENTS (APPROXIMATELY ) LIVING IN RIVERSIDE COUNTY

7,303 SQUARE MILE COUNTY OF OPPORTUNITY

1.

5

MAJOR FREEWAYS RIVERSIDE COUNTY OFFERS ACCESIBILITY THROUGHOUT THE REGION

THE RETAIL MARKET GREW BY ROUGHLY JANUARY 2021, COMPA THE NATIONAL INDE

3

Santa Fe’s huge intermodal railway terminal is an important transportation link for Riverside County businesses and important ports of entry. Shipping into and out of ports in Los Angeles, Long Beach and San Diego is easy from Riverside County. Metrolink provides commuter rail service from Riverside County to Los Angeles, Orange and San Bernardino Counties. DID YOU KNOW...?

0.5%

LARGEST &

FASTEST ACCORDING TO COSTAR, THE INLAND EMPIRE IS ONE OF THE NATION’S LARGEST AND FASTEST-GROWING INDUSTRIAL MARKETS.

POPULATION GROWTH IS ONE OF THE FASTEST GROWING COUNTIES IN THE U.S. FROM THE PREVIOUS YEAR. ( SOURCE: STATE OF CALIFORNIA DEPARTMENT OF FINANCE )

.6%

T, DESPITE THE PANDEMIC, Y 1.6% YEAR-OVER-YEAR IN ARED TO 0.3% GROWTH FOR EX, ACCORDING TO COSTAR

4

The Northwest Region of Riverside County is clearly 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

NORTHWEST REGION OF RIVERSIDE COUNTY

Transportation Access and Workforce The Northwest Region provides excellent transportation access by way of Interstates 15 and 215 and State Routes 60 and 91. The region is served by Ontario International Airport and the ports of Long Beach and Los Angeles. Wide Range of Workforce Skill Levels A wide range of workforce skill levels, a strong higher education system, and a principal location for providing services have made this region one of the fastest growing areas of Riverside County. However, transportation, water distribution, and flood control infrastructure improvements are needed in the unincorporated areas. Industry and Infrastructure Largest Concentration of Industry The Northwest Region has the largest concentration of industry in the County, including a large distribution and manufacturing base for Southern California.

Diversity into Clusters The Northwest Region has diversified into many clusters, such as logistics, business and information services, and high-tech development. These industries are compatible with the type of labor skills available in the region and can utilize the transportation assets. Region Improvements Overall, the primary issue in this region is the design and funding to support infrastructure development. This issue is especially apparent in the unincorporated areas that need transportation, water distribution, and flood control improvements.

5

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

Over the past decade, the Southwest Region has experienced an intense increase in population growth, making traffic the most significant challenge in the region.

7

The Southwest Region of Riverside County covers the cities of Canyon Lake, Temecula, Murrieta, Lake Elsinore,Wildomar, andMenifee, along with the unincorporated communities of Aguanga, Anza, French Valley, Lakeland Village, and Wine Country. SOUTHWEST REGION

SOUTHWEST REGION OF RIVERSIDE COUNTY

The Southwest Region: An Overview of Its BusinessClimate,Attractions, andChallenges. Location and Business Climate The Southwest Region has been a prime location for services and other office uses. In addition, the region has experienced growth in the medical device industry manufacturing cluster. The region has skilled labor, quality schools, awide rangeof housing, andnumerous commercial services that combine to create a desirable location for residents to live. Popular Attractions One of the region’s most popular attractions is the Temecula ValleyWine Country, spanning over 2,460 acres of vineyardswithmore than50 wineries. Several of the wineries offer resort type spas, bed and breakfast-style hotels, and host wedding parties, as well as nationally acclaimed jazz entertainment events. Challenges

However, to accommodate the development of these industries, the region needs to address the issue of traffic congestion. Over the past decade, the Southwest Region has experienced an intense increase in population growth, making traffic the most significant challenge in the region. Industry Clusters Because of the Southwest Region’s business climate, available workforce, and quality of life, the best industry clusters for this region include healthcare and biotechnology, professional services, travel and tourism, and suppliers to these industries.

8

HEMET SAN JACINTO REGION

The Hemet-San Jacinto Valley Region covers the Hemet and San Jacinto Valley portion of Riverside County including unincorporated communities of Nuevo, Homeland, Valle Vista, and Winchester.

The Importance of the Interstate 215 Corridor in Riverside County The Interstate 215 Corridor is a crucial transportation route that connects the northwest region of Riverside County to the southwestern and western regions of the county. This area is currently experiencing significant economic growth and development. Abundance of Affordable Industrial Land This region is home to some of the most affordable industrial land in Inland Southern California. However, it does not have a competitive advantage in producing high-tech products like the western and southwestern regions. Key Region for Manufacturing and Supply Chain Despite the lack of competitive edge in high-tech production, the abundance of affordable land and good transportation routes makes this area a key region for manufacturing and its supply chain. HEMET-SAN JACINTO VALLEY REGION OF RIVERSIDE COUNTY

Improving Infrastructure Availability for Business Attraction To ensure continued economic growth, the top priority for this region is to improve the availability of infrastructure for business attraction. Strategies to increase local job creationandimprovementstotheinfrastructure system will allow residents access to a wide range of job opportunities within their region. Planned Improvements to State Highway 79 One key improvement in the works is the planned improvements to State Highway 79 as part of the Community and Environmental TransportationAcceptability Process (CETAP). These improvements will make the area more accessible to Interstate 10 and 15, providing an impetus for development in the region.

9

Although lacking a competitive edge for high-tech production, the abundance of affordable industrial land and good transportation routes make the Interstate 215 Corridor a key region for manufacturing and its supply chain.

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

The San Gorgonio Pass Region of Riverside County covers the cities of Calimesa, Banning, and Beaumont, along with the unincorporated communities of Cabazon, Cherry Valley, and Whitewater. SAN GORGONIO PASS REGION

SAN GORGONIO PASS REGION OF RIVERSIDE COUNTY The Pass Region’s Phenomenal Growth and Economic Potential New Residents and Investments Driving Economic Growth The Pass Region has been experiencing a phenomenal population growth. 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. Prime Location for Business Ventures and Job Creation Expanded destination retail operations adjacent to the Desert Hills PremiumOutlets

and the expandedMorongo Hotel and Casino will provide jobs. The proximity to Interstate 10, as well as rail lines, also makes the Pass Region attractive to distribution and large scale industrial uses. Infrastructure Improvements Critical for Sustained Growth Upgraded overpasses to provide relief from increased vehicular and rail traffic is needed if the area is to keep up with its continued growth. Additionally, infrastructure improvements like roads, sewer, and flood control are crucial to the sustained economic growth and public welfare of the region.

TOP 5 FASTEST GROWING PRIVATE INDUSTRIES FROM 2017 TO 2022

JOBS ( 2017-2022 )

EARNINGS PER WORKER

TRANSPORTATION & WAREHOUSING INDUSTRY

2017 JOBS 523 326 4,629

2022 JOBS

% CHANGE

1,000 509 4,717

477 183

91% 56% 2% 28% 43%

$75,470 $94,297 $44,430 $75,474 $43,246

RETAIL TRADE WHOLESALE TRADE PROFESSIONAL, SCIENTIFIC & TECHNICAL SERVICES ARTS, ENTERTAINMENT & RECREATION

88 80 69

283 160

363 229

12

The Eastern Region offers potential for industries and companies that desire a location between the major markets of the Los Angeles and Phoenix metropolitan areas. EASTERN REGION COACHELLA VALLEY AND PALO VERDE VALLEYS

EASTERN REGION OF RIVERSIDE COUNTY

The Multi-Faceted Economy of Eastern Region Agriculture and Job Growth The Eastern Region of California has a multi faceted 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 and have a significant economic impact. Attractions and Industries Apart from tourism and hospitality, the Eastern Region is home to other important industry clusters, including health services, environmental technology, and light manufacturing. Native American 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.

13

Significant investments have been made in recent years to improve six 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. Infrastructure Needs Despite its many strengths, the Eastern Region also faces infrastructure needs to sustain its growth. Necessities include water distribution, flood control facilities, sewer systems, and road improvements. Rapid population growth in the region underscores the importance of developing quality jobs to increase the jobs-to-housing balance and ensure sustainable growth.

7.8%

Since 2020, the region has seen a job growth rate of 7.8%, which is faster than the county and state averages.

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 andDesert Center.ThePaloVerde Valley area includes the City of Blythe and the unincorporated communities of Mesa Verde and Ripley.

Rapid population growth in the region underscores the importance of developing quality jobs to increase the jobs-to-housing balance and ensure sustainable growth.

14

The options are limitless in this 7,200 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. REGIONAL ADVANTAGES

REGIONAL ADVANTAGES OF RIVERSIDE COUNTY

Advantages of Riverside County for Business Relocation and Expansion

Santa Fe’s huge intermodal railway terminal is an important transportation link for Riverside County businesses and important ports of entry. Shipping into and out of ports in Los Angeles, Long Beach and San Diego is easy from Riverside County. 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 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.

Riverside County is the 4 th most populated county in the state of California out of 58 counties and is about the size of New Jersey. With approximately 2,435,525 residents, Riverside County is one of the fastest growing counties in the U.S. Accesibility 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 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. (Source: State of California Department of Finance)

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.

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. According to CoStar, the Inland Empire isoneof thenation’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.

16

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

17

GROSS REGIONAL PRODUCTS & 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’S A GRP?

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, and finance, among others. RiversideCounty 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 LARGER THAN 13 STATES LARGER THAN: NEW HAMPSHIRE • IDAHO • HAWAII • WEST VIRGINIADELAWARE • MAINE • NORTHDAKOTA RHODE ISLAND • ALASKA • SOUTH DAKOTA • MONTANA • WYOMING • VERMONT

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 US, 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.

US Bureau of Economic Analysis, 2022

18

FASTEST GROWING INDUSTRIES BY EMPLOYMENT FROM 2012 TO 2021

Below is a visual breakdown of the fastest growing industries in Riverside County, showcasing their impressive growth by the numbers. In addition, we have compiled the Top 10 GRP by industry for 2021 to provide a comprehensive overview of thecounty’s economic landscape.

State of California Employment Development Department, 2021

TOP 10 GROSS REGIONAL PRODUCTS

BY INDUSTRY, 2021

$18.7 BILLION REAL ESTATE, RENTAL & LEASING

$8.1 BILLION CONSTRUCTION

1

6

$9 BILLION RETAIL TRADE

$5.5 BILLION TRANSPORTATION &WAREHOUSING

2

7

$4 BILLION ADMINISTRATIVE, SUPPORT, WASTE MANAGEMENT & REMEDIATION SERVICES 8 $3.4 BILLION PROFESSIONAL, SCIENTIFIC & TECHNICAL 9

$8.4 BILLION HEALTH CARE & SOCIAL ASSISTANCE I LION

3

$7.2 BILLION MANUFACTURING $8.3 BILLION WHOLESALE TRADE

4

5

$4.3 BILLION ACCOMMODATION & FOOD SERVICES

10

19

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

BILLIONS ($)

US Bureau of Economic Analysis, 2020

20

TOP 10 INDUSTRIES BY EMPLOYMENT, 2021

In 2021, healthcare and social assistance emerged as the largest employing industry in the United States, with a total of 115,700 jobs created. This sector includes a range of services related to healthcare, such as hospitals, clinics, nursing homes, and home health care 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 21,200 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 US economy, providing vital services and employment opportunities to millions of people across the country.

22

Fortune 500 and privately held companies have chosen this region 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 11 EMPLOYERS

1. 2. 3. 4. 5.

Amazon Kaiser Permanente Riverside Medical Center Stater Bros. Markets Marie Callender Wholesalers, Inc. 313 Acquisition LLC.

6. 7.

Eisenhower Medical Center Pechanga Resort & Casino Home Depot Starcrest of California McDonald’s Target

8. 9. 10. 11.

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

5 TH

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

4 TH

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

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.

1,111,600 4% EMPLOYMENT

UNEMPLOYMENT RATE

1,132,864 ACCORDING TO THE 2016-2020 AMERICAN COMMUNITY SURVEY, RIVERSIDE COUNTY HAS A CIVILIAN WORKFORCE OF 1,132,864 GREATER THAN 15 OTHER STATES’.

15%

RIVERSIDE COUNTY’S LABOR FORCE GREW BY 15% FROM 2012 TO 2021

RIVERSIDE COUNTY’S LABOR FORCE

Riverside County’s labor force grew by 15% from 2012 to 2021, making it the fastest growing labor force in the State and is growing at more than double the state rate of 6%.

According to the 2016-2020 American Community Survey, Riverside County has a civilian workforce of 1,132,864 greater than 15 other states.

25

Riverside County has a civilian workforce of 1,132,864 greater than 15 other 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 International trade is 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

APEC

FTA PARTNERS

EUROPEAN UNION

FREE TRADE AGREEMENT PARTNERS

ASIA-PACIFIC ECONOMIC COOPERATION

35 TH 2 ND

$8.5 BILLION 2021 TOTAL GOOD EXPORTS

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 2,435,525 people. With this number, it holds the distinction of being the 4 th largest county in California and the tenth largest county in the United States 2 .

However, 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 MEAN FAMILY INCOME & MEAN HOUSEHOLD INCOME STATS

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.

28%

$103,621 MEAN FAMILY INCOME 3

MEAN FAMILY INCOME GREW BY 28% FROM 2015 TO 2020 3

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

$70,732 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 Bureau 5-year estimates, 2016-2020 4 US Census Bureau, 2020

29

HOME PRICE DATA According to data from the California Department of Finance, housing in Riverside County grew by 15,235 units from April 1, 2020 to January 1, 2022, making Riverside County the 3 rd 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 12,339 between April 1, 2020 and January 1, 2022. 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 2022), the median cost is $625K, making it more affordable than the coastal Southern California counties by up to 49%. 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 26% lower price • Orange Co – Riv Co is 49% lower price

• San Diego Co – Riv Co is 33% lower price • Ventura Co – Riv Co is 32% lower price

12,339

UNITS

From April 1, 2020-January 1, 2022. This makes Riverside County tied for the 3 rd fastest growing county for housing units in the state .

$625K MEDIAN COST

3 RD

FASTEST GROWING COUNTY

Housing in Riverside County grew by 12,339 units from April 1, 2020 to January 1, 2022, making Riverside County the 3 rd fastest growing county in the state, behind Los Angeles and San Diego.

For a single-family residence based on data from the California Association of Realtors (July 2022).

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 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.

K-12

According to the U.S. Census in 2020, a total of 456,419 children were enrolled in K-12 education inRiverside 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 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 2020-2021

456,419 25 490 ACCORDING TO THE U.S. CENSUS IN 2020, A TOTAL OF 456,419 CHILDREN WERE ENROLLED IN K-12 EDUCATION IN RIVERSIDE COUNTY. SCHOOL DISTRICTS SCHOOLS

ED-Data.org

31

COLLEGE

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% % . 6 12,460 ASSOCIATE DEGREES 2,064 MASTER’S DEGREES MASTER’S INCREASED From 2016 to 2020 (Awarded in 2020 by Riverside County Education Institutions) ASSOCIATES INCREASED

DOCTORATE INCREASED

BACHELOR’S INCREASED

363 DOCTORAL DEGREES

7,888 BACHELOR’S DEGREES

32

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

For Digital Updates Scan Here.

Last Updated: May 17, 2023

35