The Office of Economic Development presented an update on the Targeted Industry Business Recruitment Strategy to City Council on March 4. The update discussed the strategic effort of the Office of Economic Development to recruit businesses within the five targeted industries through marketing and promotion and industry networking.
Not only does the City of Riverside currently have a solid cluster of firms for each of these industries, but we also have competitive advantages that will help us recruit new firms in these industries and help our existing firms grow their business. These competitive advantages include a lower cost and reliable power and water supply, proximity to transportation corridors, high speed to market and a growing demand for services.
The Office of Economic Development has built on its strong partnership with Riverside Public Utilities to focus recruitment efforts on targeted prospects located within Los Angeles and Orange Counties by highlighting the City’s highly competitive economic development water and electric rates as well as other business incentive programs. Further more, the Office of Economic Development strives to inform existing businesses, our residents and prospective businesses about the positive stories that are happening in the City every day through our weekly electronic newsletter. Targeted marketing brochures are also being created to provide prospects with industry-specific data that highlights the City and its competitive advantages, including comparative workforce and demographic data.
The United States Department of Commerce – Economic Development Administration has announced a federal interagency competition to designate up to 12 communities as manufacturing communities (Manufacturing Communities) through the Investing in Manufacturing Communities Partnership (IMCP), for a period of two years. As part of the update, Dr. Imran Farooq, Director of Economic Development at the University of California, Riverside introduced the Council to the effort UC Riverside is coordinating to obtain one of these designations for the inland southern California region with a focus on Beverage Manufacturing.
As a region we have a significant presence of beverage manufacturing firms and the number is growing. The City’s low cost electricity and stable water supply gives us a competitive advantage in this industry. The successful designation of the inland southern California region will provide the City with priority access to future federal grant funding that could expand access to investment opportunities that leads to increased employment and a stronger more diverse local economy.
To learn more about the Office of Economic Development’s recruitment strategy read our 2013-14 Action plan, here.