a Berkshire Hathaway and Jefferies Financial Group company
JANUARY 2019
INLAND EMPIRE | CAHOSPITALITY OVERVIEW
ECONOMIC AND DEMOGRAPHIC OVERVIEWBERKADIA
INLAND EMPIRE | CA
INTRODUCTIONThe dynamic Inland Empire region of Southern California encompasses Riverside and San Bernardino counties. Over 4.5 million people call the Inland Empire home, many of them due to the attractive business climate, sunshine-filled days, and affordable cost of living. In 2018, the area boasted a net migration of 20,330 people, easily outpacing the total of other major metros in California. As the city is growing both economically and in population, tourism throughout the counties continues to thrive.
Situated adjacent to the San Bernardino Mountains, the Inland Empire provides its residents with world-class attractions, entertainment venues, and unrivaled natural beauty. From fine dining and shopping to boating and hiking, the area is the ideal location for any type of adventure. Additionally, the area features some of California’s premier festivals and events including Coachella, the six-week Festival of Lights, and the Temecula Valley Balloon and Wine Festival, which attracts over 40,000 attendees annually.
Best Performing CityInland Empire ranked among the top 20 “Best Performing Large Cities” - Milken Institute
Family Friendly ParksRiverside’s California Citrus State Historic Park ranked No. 2 among the “Top 5 Family Friendly Parks in California”- California State Parks Foundation
Highest-Grossing Music FestivalCoachella is ranked as the No. 1 highest-grossing music festival in the world, generating more than $114 million in annual revenue- Pollstar
Fastest-Growing MetroInland Empire ranked among the top 100 “Metro Areas for Growth” - Brookings
ECONOMIC AND DEMOGRAPHIC OVERVIEWBERKADIA
(100,000)
(50,000)
0
50,000
100,000
0%
4%
8%
12%
16%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018* 2019*
Employment Trends
Unemployment Rate Jobs Added / Lost*Projected
INLAND EMPIRE | CA
METRO EMPLOYMENT TRENDS
the metro's monthly unemployment was down 50 bps annually
were created metrowide, a 1.9% Y-o-Y increase
3.9%
29,200 jobs
NOVEMBER 2018
DECEMBER 2018
INLAND EMPIRE, CA
LARGEST EMPLOYERSRiverside County 22,040
San Bernardino County 19,000
U.S. Army Fort Irwin Training Center 13,800
Loma Linda University 13,800
U.S. Marine Corps Combat Center 12,400
March Air Reserve Base 9,000
University of California - Riverside 8,690
United Parcel Service 8,500
Ontario International Airport 7,700
Amazon.com Inc. 7,500
Source: San Bernardino County CAFR 2017; Riverside County CAFR 2017
ECONOMIC AND DEMOGRAPHIC OVERVIEWBERKADIA
INLAND EMPIRE | CA
TOURISM / ATTRACTIONS
Filled with stylish hotels, fashionable restaurants, and fun entertainment venues, Palm Springs is one of the most exuberant destinations in the Inland Empire. At the western edge of Coachella Valley, Palm Springs boasts more than 350 days of sunshine. Approximately 1.6 million visitors stay overnight in Palm Springs annually, a majority of which are staying in nearby hotels. Some of the city’s best indulgences include the Uptown Design District, the Architecture and Design Center, and the Tahquitz Creek Golf Resort. Outdoor enthusiasts will find no shortage of beautiful scenery to explore. The Palm Springs Aerial Tramway is the world’s largest rotating tram car, taking visitors to the pristine wilderness of Mt. San Jacinto State Park.
PALM SPRINGS
1.6 million+Annual Overnight Visitors
180+Downtown Palm SpringsRestaurants and Shops
Known as the “City of Festivals,” Indio features some of the world’s most famous events and festivals year-round, each bringing thousands of attendees. The Empire Polo Club hosts the annual Coachella Music Festival, a two-weekend event. As the highest-grossing festival in the world, Coachella sells more than 250,000 tickets and generates over $114.6 million in annual revenue. California’s country music festival, Stagecoach, is also held in Indio. In 2018, the festival broke its own attendance record, welcoming more than 75,000 people to the multiday event. In nearby Indian Wells, the BNP Paribas Open hosts more than 439,260 tennis fans each year. The multiweek tournament helps generate an economic impact of $406.6 million on Coachella Valley.
COACHELLA MUSIC FESTIVAL
325,000+ Annual Music Festival Attendees
$406.6 millionBNP Paribas OpenEconomic Impact
ECONOMIC AND DEMOGRAPHIC OVERVIEWBERKADIA
INLAND EMPIRE | CA
TOURISM / ATTRACTIONS
As the cultural and urban hub of the Inland Empire, Downtown Riverside offers the best in nightlife and entertainment. Overall, Downtown Riverside is anchored by two historic performing arts centers, over 15 bars, 50 restaurants, and 11 art galleries. At the epicenter, the Riverside Convention Center is a leading-edge facility suited to host a variety of meetings and events throughout the year. The center boasts 22 meeting rooms that encompass 65,000 square feet of flexible meeting and exhibit space as well as an outdoor, 20,000-square-foot open-air plaza. The convention center can hold up to 3,000 people. Additionally, Riverside features numerous annual festivals such as the six-week Festival of Lights, which brings 750,000 visitors annually.
RIVERSIDE CONVENTION CENTER
85,000SF of Convention Exhibit and Meeting Space
65+Downtown Riverside Bars and Restaurants
Beyond the bustling cityscape, outdoor enthusiasts can find a pine-scented escape in the San Bernardino Mountains. Situated at an altitude of 6,759 feet, Big Bear Lake spans 22 miles of shoreline surrounded by a mountainous terrain, providing travelers with a variety of opportunities to bike, boat, camp, and hike. During the winter season, Snow Summit and Bear Mountain become the ultimate destinations for snowboarding and skiing. For those who want to explore the countryside, Temecula Valley features Inland Empire’s best vineyards. More than 30 vineyards make up the area, attracting visitors from all over who want to indulge in local cuisine and fine wine. The Temecula Valley Balloon and Wine Festival attracts 40,000 attendees annually.
BIG BEAR LAKE
800,000+Snow SummitAnnual Skier Visits
30+Vineyards inTemecula Valley
ECONOMIC AND DEMOGRAPHIC OVERVIEWBERKADIA
INLAND EMPIRE | CA
Inland Empire is home to a variety of health care companies, making the health care industry one of the area’s leading sectors. As of December of 2018, approximately 216,000 jobs in the Inland Empire were in the health care and social assistance industry, expanding 2.7% or by 5,600 jobs year over year. More than 40,400 people are employed by hospitals in the area. Major health care facilities in the region include Kaiser Permanente Riverside Medical Center, Loma Linda University Medical Center, and the St. Bernardine Medical Center.
St. Bernardine Medical Center is among the largest hospitals in the Inland Empire, featuring a 342-bed acute care hospital equipped with the latest technology and advanced services. The center offers a variety of specialties from family care to cardiac surgery. Riverside Community Hospital is a top-performing facility, boasting the largest emergency department and trauma center in the Inland Empire. Their newly constructed patient tower has allowed the hospital to accommodate 478 licensed beds, serving more patients annually. Loma Linda University Medical Center is an academic medical center that treats more than 1.5 million outpatients every year. Throughout the inland empire, the health system operates over 1,000 licensed beds across four facilities.
total jobs in the Inland Empire
216.0k+HEALTH SERVICES
throughout the Inland Empire
2,090+HOSPITAL BEDS
HEALTH CARE
LOMA LINDA UNIVERSITY MEDICAL CENTER
ECONOMIC AND DEMOGRAPHIC OVERVIEWBERKADIA
INLAND EMPIRE | CA
The Inland Empire boasts a sophisticated transportation network, including Interstates 10, 15, and 40. Interstates 10 and 40 connect the region to the Southwestern United States, while Interstate 15 provides access to the Intermountain West Region and San Diego. Highways serving the county include California Routes 60, 74, 86, 91, 111, and 371.
Metrolink commuter trains connect with San Bernardino, Riverside, Los Angeles, and Orange Counties. As of January 2018, the system operated 53 light and commuter rail stations and nearly 300 miles of track throughout the Inland Empire.
Numerous airports, such as the Los Angeles International (LAX), Ontario International (ONT), and Palm Springs International (PSP) airports are located in and around the Inland Empire. ONT served over 4.5 million passengers in 2017, equating to a 7.1% annual increase.
passengers served in 2017
4.5mONT
AIRPORTInland Empire rail stations operated
53METROLINK
TRANSPORTATION
ONTARIO INTERNATIONAL AIRPORT
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