Corona's Booming Economy: We're Back, Baby!
For Immediate Release
January 31, 2018
CREATING JOBS: CORONA WORKS TO BRIDGE THE GAP BETWEEN EDUCATORS & INDUSTRY
CORONA, CA– Corona is singing the joys of a bustling economy with numbers back to – if not better than – pre-recession levels, including low unemployment rates, an increase in both business licenses and sales as well as close-to-full occupancy for industrial, office and retail spaces.
As of November 2017, Corona’s unemployment rate is 3.3% – the lowest in over a decade. This is well below Riverside County’s rate of 4.3%, right on track with San Diego County at 3.3% and keeping pace with Orange County’s rate of 2.8%.
The Shops at Dos Lagos, a retail, dining and entertainment venue in Corona, saw an increase in sales for the 2017 holiday season. Their management team chose nine national retailers for a study and witnessed a 2.26% average sales increase, compared to December 2016. Three top restaurants saw a 7.35% average sales increase.
“I think what we are seeing here is consumer confidence rising as unemployment drops,” says Kimberly Davidson, Economic Development Manager for the City of Corona. “Our residents enjoy a first-rate quality of life and we have high levels of income here; but when unemployment starts to creep up, there is uncertainty and everyone focuses on the necessities.”
The number of business licenses issued increased by nearly 600 between 2016 and 2017. In addition, Corona’s occupancy rates for businesses are booming. The current vacancy rate for industrial parks is 2.3%, office buildings is 6.0% and retail spaces is 5.5%. These numbers are among the lowest in the state, evidence of Corona’s regional economic strength.
While the established retail areas of Corona are thriving, so are the newly constructed developments of Metro at Main, Shoppes at Corona Vista, El Cerrito, and Dos Lagos. Some of the new businesses include:
In October 2017, the City of Corona and the Corona Chamber of Commerce launched the “Corona 2020” plan, which aims to eliminate 1 million hours of traffic and create 7,000 new jobs in Corona by the year 2020. To learn more, please contact Kimberly Davidson at TeamCorona@CoronaCA.gov.
About the City of Corona: Corona is located adjacent to Orange County California at the junction of the 91 and 15 freeways with a population of more than 160,000 residents. The City of Corona is soliciting community feedback about their priorities for maintaining quality of life, take the survey online at www.CoronaCA.gov/Feedback. For more information regarding the City of Corona visit www.CoronaCA.gov.
Economic Development Manager