Retaining our workers, and matching local employment opportunities with local skills, will play a significant role in Inland Southern California's economic recovery -- and ultimately in our long-term growth.
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Riverside, Calif. (Vocus/PRWEB) March 11, 2011
(http://www.ucr.edu) While Census data released this week showed Inland Southern California as the fastest growing region in the state, a separate report distributed this week found that 41 percent of residents commute to work outside the region.
Keeping that exploding population from commuting to neighboring Los Angeles, Orange and San Diego counties is a primary motive for producing the “Regional Intelligence Report,” which was prepared by Beacon Economics for the University of California, Riverside School of Business Administration.
“Retaining our workers, and matching local employment opportunities with local skills, will play a significant role in Inland Southern California's economic recovery -- and ultimately in our long-term growth,” said David W. Stewart, dean of the UC Riverside School of Business Administration.
Inland Southern California is defined as Riverside and San Bernardino counties. Census data released Wednesday showed that Riverside County grew at nearly 42 percent from 2000 and 2010. That is the highest rate in California. San Bernardino County grew by more than 19 percent.
The Regional Intelligence Report found that the 41 percent of Inland Southern California residents who commute to work outside the region tend to have high-skilled jobs and earn more money.
Christopher Thornberg, founding partner of Beacon Economics and one of the report’s authors, said that the study’s findings underscore the lack of in-area employment opportunities available to local residents.
“In order to capitalize on its own residents -- especially its highly skilled residents -- it will be important for Inland Southern California to cultivate new business formation and attract existing businesses into the area,” Thornberg said.
Some key findings from the Regional Intelligence Report, which used data from 2008, the latest that was available, include:
- Nearly 41 percent of residents who commute outside the two counties for work make more than $40,000. By contrast, only 21 percent of commuters make less than $15,000.
- Los Angeles County is the most popular destination for commuters who leave the two counties. Nearly 20 percent of commuters work in Los Angeles. Orange County is second at nearly 12 percent and San Diego County third at five percent.
- Riverside and San Bernardino counties have a net surplus of labor, with nearly 23 percent more working residents than available jobs.
- Riverside and San Bernardino counties employ virtually the same number of people. San Bernardino County employs just under 400,000 while just over 393,000 work in Riverside County.
To view the report visit: http://beaconecon.com/Misc/RIR_UCRiverside_E1.pdf
The School of Business Administration at UC Riverside has provided students with an outstanding research-based education in the field of business for 40 years. One of only three UC schools that offer undergraduate and graduate degrees in business, the School of Business Administration is a professional school that offers students a unique opportunity to learn and grow in the living laboratory that is Inland Southern California.
Beacon Economics, LLC is an independent economic research and consulting firm with offices in Los Angeles and the San Francisco Bay Area. Learn more at http://www.beaconecon.com.