Riverside’s economic recovery hitting its stride

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The City of Riverside is showing substantial signs of economic recovery, welcoming many new businesses over the past year. More than 25 grand opening celebrations along with many more new companies that have quietly joined the City mark strong business growth across several job markets.

RIVERSIDE, Calif. – The City of Riverside is showing substantial signs of economic recovery, welcoming many new businesses over the past year. More than 25 grand opening celebrations along with many more new companies that have quietly joined the City mark strong business growth across several job markets.

UC Riverside recently announced it will be the new home for the UCPath Center, a human resources shared service center for all ten UC campuses and five medical centers, bringing a potential 600 more professional jobs to Riverside. In addition, AMA Plastics and Crystal Pacific Window & Door Systems, two major manufacturers, added approximately 300 new jobs to the community and have taken advantage of the City of Riverside’s energy incentive programs. Rounding out the list, companies such as Castle & Cooke, Dr. Pepper/Snapple and Meridian Food Services Inc., a woman-owned food distribution company, brought another 600-plus jobs to the distribution sector this last year.

Downtown Riverside added the only new office building in the Inland Empire within the last year. Citrus Tower, a 140,000-square-foot premier Class A office building, has welcomed BB&K law firm as its first tenant and showcased their space at the Grand Opening celebration held on May 4th.

The City’s local universities and college have also been in growth mode. In February, Riverside Community College introduced their new School of Nursing, and La Sierra University broke ground on their School of Business.

Entertainment, hospitality and retail options are on the rise as well. The Downtown skyline now includes the newly opened five-story Hyatt Place Hotel. Forever 21’s expansion into the Galleria at Tyler in time for 2011 holiday shoppers is just one example of the recovering retail market in the City. And for Riverside foodies and visitors alike, several new eateries have opened their doors, including Burger Boss in Canyon Crossings, Elephant Thai Cuisine on Mission Inn Avenue, and Mazz Bar & Grill, which joined the Riverside Plaza and added more than 60 new jobs.

“Jobs are our number one priority, and we are working very hard to improve Riverside’s employment rate,” stated Mayor Ron Loveridge. “These recent wins are significant for our City’s continued growth and role as the economic powerhouse of the inland region.”

Shoppers are also providing proof of Riverside’s strengthening economy as sales receipts in the city for fourth quarter 2011 were 9.5% higher than the adjusted values of the same quarter one year ago. This follows a year-over-year adjusted increase of 10.9% in the third quarter, and is the eighth consecutive quarter with increasing sales tax revenue for the City. The upward trend in sales activity is primarily attributed to auto sales and construction activity, and new eateries added to the positive results in restaurants and hotels. This quarter on a statewide basis saw sales tax receipts grow to within 7.25% of the pre-recession high.

Across the economic spectrum, signs point to increasing consumer confidence in the local economy and the promise of continued job growth, especially in highly-desired professional industries. These businesses and others are examples of the City of Arts & Innovation’s resilience as an engine for prosperity in the inland region and its commitment to the City’s Economic Development Action Plan, which was developed to help businesses create jobs for our community.

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Charva Ingram
City of Riverside
951-826-2434
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