The Benefits of Running a Business in the Inland Empire
The Inland Empire is a metropolitan region of Southern California that includes Riverside County, San Bernardino County and can include some eastern Los Angeles County cities and desert communities as well. It is known to be a community that is growing in population due to its affordable rents and housing which makes it a hub for industrial and commercial development. Read on to find out more about why this area is a great place to run a business.
When compared to Los Angeles and Orange Counties, land in the Inland Empire is relatively cheap. This contributes to lower rents and purchasing options that keep the price of doing business down allowing for higher profit margins.
Despite low prices on land, there are still plenty of vacant lots making the Inland Empire a major shipping hub. Because of this, large manufacturing companies, like Toyota and Whirlpool, have chosen the Inland Empire as a location for their distribution facilities. These large businesses, and their employees, count on other businesses for their supplies, goods and services, all of which present the ideal circumstances for businesses to thrive.
Although urbanization of the area can cut into agricultural lands, the agricultural industry continues to thrive. In fact, in 2006, the region managed to bring in more than $1.6 billion in agricultural revenues. Agriculture continues to be a growing industry in the area.
As the suburban population in the area continues to grow, the need for retailing in the area has increased. This is a trend that shows no chance of stopping any time soon.
Leading in Job Creation:
Recent statistics have shown California to be outperforming other states when it comes to job creation with the Inland Empire outpacing some of the heavy tech regions. The two countyregion posted a consistent job growth of 3.4% annually as compared to the Silicon Valley’s 2.2%. Because this inland region is growing faster then many coastal regions, it is projected that the area still has plenty of room to grow.
Unemployment is Going Down:
The unemployment rate in the Inland Empire is going down. It went down from 5.7% to 4.6% over the past year in 2018; a dramatic decrease considering it was at 7.7% five years ago. This ensures that the IE is a thriving community that is great for businesses.
The cost of doing business is rising, but the Inland Empire is an affordable community, making it a great place for entrepreneurs to invest and grow their businesses.