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5/09/08
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Businesses pondering relocation and developers looking for opportunities should give some consideration to the City of Riverside, which continues to top national economists’ lists for job and employment growth, due to its diverse industry base and burgeoning high technology and research corridor. With a number of economic development initiatives intended to strengthen its role as a job center, Riverside now boasts more jobs than its resident and employment base, proving to be a hub for economic and commercial activity.
The City recently made Forbes Magazine’s list of ‘Best Cities for Jobs,’ thanks to its strong job and income growth, with the city having achieved a five-year annualized job growth rate of 4.3%. The report also concluded that Riverside is expected to have job prospects even during the nation’s recession. Riverside was the only city from California to make the top ten list.
One of the nation’s leading real estate valuation and counseling firms, Integra Realty Advisors, also touts the growth potential in Riverside. It ranked Riverside #1 for both overall annual growth percentage and total employment growth in its 2008 IRR Viewpoint. The report also predicts Riverside to realize the greatest percentage of growth over the next five years.
“We are a diverse market with different opportunities,” said Tricia Hinckley, Economic Development Manager, City of Riverside. “We strive to create a quality business environment for our workforce, by creating opportunities for upward mobility and building partnerships with our Universities and local businesses.”
Riverside’s 50,000-strong student population and four universities have a significant impact on its quality of life and economy, setting it apart from other cities within the region. This makes the city particularly attractive to technology-based companies.
The municipality has long been focused on cultivating entrepreneurialism and encouraging the growth of the high-tech industry. Through strategic partnerships the City is developing initiatives such as free city-wide Wi-Fi and the Digital Inclusion program, which will broaden career opportunities, bolster its leadership in the technology industry and solidify its position as a technologically competitive city.
One example of how the City is building relationships among business, education and government is University Research Park, a tri-party partnership with the City of Riverside, County of Riverside and UCR. University Research Park is a 56-acre campus-style setting specifically designed for research and development and technology-based businesses. Existing tenants include Centrum Analytical Laboratories, Surado Solutions, A-Check America, and The Center for Environmental Microbiology. A 10k sf technology incubator is in the planning and design phase as well.
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