The seventh edition of the Beacon Economics Regional Intelligence Report continues to show positive growth in Riverside’s economy. Unemployment is declining in the Inland Empire (8.5% as of July 2014) and the city has recovered nearly 9,700 jobs since a low point in March 2010. There’s been growth in the Leisure and Hospitality sector increasing 7.5% from July 2013 to July 2014. The new Riverside Convention Center, with 65,000 square feet of meeting space, should increase convention traffic into the City of Riverside, which should bring higher demand for hotel accommodations in and outside of the city.
Another area of growth was employment in the Education and Health sector which saw a 25% increase over the last year. This sector is vital to the City of Riverside’s economy, constituting approximately 18% of total employment in the City.
The report highlights several areas of Seizing Our Destiny’s pillars including intelligent growth and location of choice. Continuous positive economic numbers are important to gauge our economic recovery. Reporting this data is also important so Riversiders know the hard work is paying off.
A few other highlights:
- Taxable sales in the City have risen 11.5% over the past year.
- Home sales increased 4.9% to 908 homes from the first quarter of 2014 to the second quarter of 2014.
- Apartment vacancy rates in the City have fallen to 2.4%, a 25% decrease from a year ago.
For a complete copy of the report, click here.