Corona City Council
August 17, 2022

CITY OF CORONA, CA
Economic
Development
Strategic Plan
Building on
Our Strengths
Economic Development
Strategic Plan
Building on Our Strengths

CITY OF CORONA, CA
CITY OF CORONA, CA – ECONOMIC DEVELOPMENT STRATEGIC PLAN | 2 | Corona City Council
Wes Speake Tony Daddario Jacque Casillas
Mayor Vice Mayor Councilmember
Tom Richins Jim Steiner Chad Willardson
Councilmember Councilmember City Treasurer
Corona City Staff
Jacob Ellis Jessica Gonzales Amanda Wicker
City Manager Economic Development Economic Development
Director Administrator
Ashley Zaragoza Donna Finch
Economic Development Assistant to the City Manager
Administrator
A Letter from the City Council 3
Strategic Direction 4
Community and Stakeholder Engagement 5
City of Corona Economic Development Strategic Plan Strategic Goals 6 City Profile and Demographics 7
Goal 1: Elevate Entrepreneurs & Support Small Businesses 8 Goal 2: Business Expansion and Retention 10
Goal 3: Prepare and Support Our Residents for Jobs of the Future 12 Goal 4: Facilitate Planning and Development 14
Goal 5: Placemaking & Encouraging Community 16
Goal 6: Enhance Communication and Connection 18
Funding Sources 20
Appendix: UCR Report 22
Table of Contents
CITY OF CORONA, CA – ECONOMIC DEVELOPMENT STRATEGIC PLAN | 2 | Acknowledgements
CITY OF CORONA, CA – ECONOMIC DEVELOPMENT STRATEGIC PLAN | 3 | A Letter from the City Council
Dear Corona Residents,
In February 2021, the City Council adopted a Citywide Strategic Plan that set a course of action for the next five years by establishing priority goals for the City, outlining actions to effectively achieve those goals, and creating a framework to report the City’s progress to the public. With robust community input, the Citywide Strategic Plan set forth a vision that the City of Corona will be a safe, vibrant, and family-friendly community.

The Citywide Strategic Plan established these six strategic goals for the City:
• Financial Stability • Safe Community
• Strong Economy • Sense of Place
• Sound Infrastructure • High Performing Government
This Economic Development Strategic Plan provides a roadmap for Corona to address the second of the six strategic goals in the Citywide Strategic Plan: “Strong Economy – Expand the local economy by supporting local businesses and ensuring there are ample opportunities for new businesses and job seekers.” We are proud of everything the City has accomplished to support our local economy, and we strive to continue to improve the quality of life across the entire community.

Like the Citywide Strategic Plan, businesses, residents, and stakeholders shaped the Economic Development Strategic Plan by participating in interviews, attending workshops, and providing feedback in surveys. More than 3,500 members of our community participated in the outreach process for the Economic Development Strategic Plan. Outreach included community meetings, one-on-ones with business owners, property managers, and commercial brokers, and community-wide surveys. We are grateful to have an engaged community that cares about the future of their city.

Economic Development in Corona is a collective effort. It thoughtfully involves multiple City departments, our valued local and regional partners, our workforce, and the broad and diverse businesses that support our community. Economic Development improves the quality of life for everyone. This EDSP supports our vision for a bright future for Corona and to create a community where everyone can thrive.

Sincerely,
Jacque Casillas, District 1
Tony Daddario, District 2
Tom Richins, District 3
Jim Steiner, District 4
Wes Speake, District 5
Chad Willardson, City Treasurer at Large
Our Vision
The City of Corona
will be a safe, vibrant,
and family-friendly
community.

CITY OF CORONA, CA – ECONOMIC DEVELOPMENT STRATEGIC PLAN | 4 | Strategic Direction
The Economic Development Strategic Plan is
a policy document that will guide the City’s
economic development activities for the next
five years. It comes at a critical time for the City
and the community. Given the pandemic, the
subsequent recovery, market pressures, and
international conflict, it is more important than
ever to identify our economic development
strategies and to prepare ourselves for future
challenges.

As part of the Economic Development Strategic
Plan development process, the City engaged the
University of California at Riverside School of
Business Center for Economic Forecasting and
Development to conduct a regional employment
profile. This analysis identified current market
conditions and trends in Corona and provided
detailed information on demographics,
employment, emerging industries, and retail,
office, and residential markets. The main findings
from the market analysis informed the proposed
strategies and can be found throughout the
Economic Development Strategic Plan as they
relate to each goal. The full report can be found
as an attachment to the Economic Development
Strategic Plan.

The goals for the Economic Development
Strategic Plan were established after
engagement with residents, business owners,
business support organizations, economic
development resource partners, City elected
officials, and City staff, in addition to the
market analysis conducted by UC Riverside.

The community outreach and market analysis
identified the economic needs and desires of
the community. After cross-referencing this
analysis with the existing economic development
programs, we developed the strategic goals
and actions that filled the gaps between the
identified needs and existing programs. These
strategic actions are collaborative, measurable,
and reasonable, and are intended to be
implemented over a five-year period. They
align with the goals and values of the Citywide
Strategic Plan.

The Economic Development Strategic Plan
is framed around six goals to strengthen
existing businesses, foster a healthy economy,
create a sense of community, and prepare our
workforce for jobs of the future. The Economic
Development Strategic Plan supports Corona’s
vision for a bright future for Corona and creating
a community where everyone can thrive.

Corona is committed to transparency and to
achieving the goals we have laid out in the
Economic Development Strategic Plan. The
strategies are intended to be implemented over
the next five years. The City Council and staff
will review progress towards each of these goals
on a quarterly basis, in conjunction with the
Citywide Strategic Plan.

CITY OF CORONA, CA – ECONOMIC DEVELOPMENT STRATEGIC PLAN | 5 | Community and Stakeholder Engagement
The City of Corona honors broad and expansive community outreach. We give voice to our community.

We trust the process of collaboration. We achieve more together.

In addition to the collaboration during the creation of the Economic Development Strategic Plan, we garnered input from other community engagement efforts including those related to the Citywide Strategic Plan and Downtown Revitalization Plan in the following meetings:
• Town Hall (in Spanish) at St. Edward’s: February 6, 2022 • Property manager interviews: August – September 2021
• Broker interviews: August – September 2021
• Traditionally under-represented business interviews: November 2021 – February 2022
• Catalytic business interviews: January – April 2022
• Town Hall: May 17, 2022
• Community-wide surveys: September 2021 – April 2022 (English and Spanish) • Shopping, Dining & Entertainment
• Starting / Owning a Business
• Workforce Needs & Wealth Building
• Survey distribution:
• Summer Concert
• Over 3,500 survey responses
• Surveys and updates shared via social media platforms • Facebook
• Twitter
• Instagram
• LinkedIn
• City Council Committee of the Whole: May 26, 2021
• City Council Committee of the Whole: November 10, 2021 • City Council Committee of the Whole: July 13, 2022
CITY OF CORONA, CA – ECONOMIC DEVELOPMENT STRATEGIC PLAN | 6 | City of Corona Economic Development
Strategic Plan Strategic Goals
GOAL 1: Elevate Entrepreneurs
& Support Small Businesses
In partnership with our local and regional
partners, elevate and support entrepreneurs and
small businesses in Corona.

GOAL 2: Facilitate Business
Retention & Expansion
Facilitate the retention and expansion of existing
businesses and the attraction of new businesses in
Corona.

GOAL 3: Prepare & Support Our
Residents for Jobs of the Future
Provide our community with the skills, resources,
and support they need to prepare for the jobs of
the future in Southern California.

GOAL 4: Facilitate Planning &
Development
Facilitate a collaborative, responsive, efficient, and
business-friendly development review process to
ensure best in class service to our development
community.

GOAL 5: Encourage Placemaking
& Community
Encourage the development of lively public
spaces by celebrating our heritage to promote
the local economy and our community’s health,
happiness, and well-being.

GOAL 6: Enhance Communication
& Connection
Enhance communication and connection with
community by celebrating our successes and
ensuring all residents have equitable access to
City resources.

CITY OF CORONA, CA – ECONOMIC DEVELOPMENT STRATEGIC PLAN | 7 | City Profile and Demographics
• Population: 168,164
• Total Jobs: 78,862
• Construction: 14,885
• Manufacturing: 12,742
• Health Care: 9,011
• Retail Trade: 8,148
• Leisure and Hospitality: 6,477
• Admin Support: 6,362
• Government: 4,805
• Professional, Science, Tech, Management: 4,497
• Financial Services and Real Estate: 2,062
• Other: 9,873
• Housing Units: 50,298
• Employees: 73,967
• Educational Attainment
• 18% have bachelor’s degree
• 9.9% have graduate or professional degree
• Number of Businesses Operating in Corona: 12,000
• Median Household Income: $86,790
• Homeownership Rate: 61.4%
• Average Commute Time: 38 minutes
• Vacancy Rates
• Rental Vacancy Rate: 3.7%
• Homeowner Vacancy Rate: 1.1%
• Retail Vacancy Rate: 8.8%
• Growing Industries in Corona
• Health Care
• Construction
• Professional, Scientific, and Technical Services and Management Sources: California Economic Development Department, US Census and 2020 American Community Survey, On the Map, Construction Industry Research Board, City of Corona CITY OF CORONA, CA – ECONOMIC DEVELOPMENT STRATEGIC PLAN | 8 | GOAL 1: Elevate Entrepreneurs & Support Small Businesses.

In partnership with our local and regional partners, celebrate and support entrepreneurs and small businesses in Corona.

Where We Excel
• Local businesses and entrepreneurs are deeply
rooted within the community and want to see
their businesses persevere in Corona. They are
proud to be a part of Corona’s success.
• The City celebrates and recognizes small
businesses on social media through concerted
efforts throughout the year.
• Many Hispanic/Latino business owners have a
deep-seated sense of pride and are committed
to providing services to residents that do not
speak English as their primary language.
• The City hosts entrepreneurship development
programs throughout the year in partnership
with the Asociación de Emprendedor@s and
SCORE Inland Empire.
• The City supports entrepreneurs by co-hosting
and coordinating events during Innovation Month
in Riverside County.

Challenges
• The rise of e-commerce has had a negative
impact on the demand for brick-and-mortar
businesses.
• Many small business owners, property managers,
and brokers have had limited interaction with
the City.

Opportunities
• Small business owners have expressed interest
in workshops emphasizing financial literacy,
business management, marketing, networking,
recruitment, and other trainings that will help
their businesses grow or be more profitable.
• The business community desires more frequent
communication with City staff.

Strategic Actions
• 1.1 Increase visitations and outreach to businesses to strengthen business partnerships and foster dialogue.

Provide targeted business outreach through
phone, email, in person visits, and social media.
• 1.2 Augment entrepreneurial pathways
through expanded and enhanced partnerships
with resource agencies (e.g., Asociación de
Emprendedor@s, SCORE, SBDC, etc.).
• 1.3 Continue targeted promotion of small
business resources through thematic outreach
(e.g., Small Business Week, Manufacturing Day/
Week, Hispanic/Latino business owners, women
business owners, etc.).
• 1.4 Evaluate ways to enhance participation in
Annual Riverside County Innovation Month by
promoting and coordinating events in Corona
that showcase innovative and entrepreneurial
businesses.

CITY OF CORONA, CA – ECONOMIC DEVELOPMENT STRATEGIC PLAN | 9 | • 1.5 Enhance the relationship with the Greater
Riverside Hispanic Chamber of Commerce
and Corona Chamber of Commerce to create
additional support for economic and workforce
development initiatives including the Live Work
Corona workforce development initiative and
business events that support entrepreneurial
development for small business owners.
• 1.6 Build upon the success of the inaugural New
Business Reception with the Corona Chamber of
Commerce and implement as an annual event to
celebrate new businesses locating in Corona.
• 1.7 Create a “How to do Business in Corona”
guide, in both English and Spanish, that
details the permitting process and business
ombudsman services. Include the guide in a
digital welcome packet for new businesses that
register for business licenses.
• 1.8 In partnership with either a local resource
partner, and/or third-party consultant, create
guidelines, implement, and administer a Small
Business Grant Program funded through
ARPA funds.
• 1.9 Explore the feasibility of a commercial façade
improvement program for small businesses.

Options may include grants or low-interest
loans. Consider combining with Small Business
Grant Program.
• 1.10 Identify and partner with regional business
incubators or colleges to connect entrepreneurs
with office and meeting spaces while the City
secures funding for the development of an
Innovation Center.
• 1.11 Expand partnerships to offer an in-person
Small Business Symposium on both basic and
critical issues for small business owners. Topics
could include marketing, social media, finance,
human resources, access to capital, technology,
and more.
• 1.12 Partner with technology programs at local
colleges, universities, and high schools to create
internship programs with businesses, such as
support in building websites and social media.

Key Performance Indicators:

Elevate Entrepreneurs & Support
Small Businesses
• Number of small business grant applicants
• Percentage of ARPA funds distributed
• Percentage of small businesses that remained
open one year after participating in various
small business programs
• Increase in promoted activities for promoted
businesses
• Percentage of Emprendedor@s graduates that
successfully launch their business
• Number of entrepreneurs utilizing work and
meeting spaces in local incubators and colleges
• Utilization of 300 intern hours each year
through partnerships with local colleges
Milestone Measurements
• Complete an annual survey of businesses visited
to determine value of relationship with City
• Hold two annual working meetings with Greater
Riverside Hispanic Chamber of Commerce and
Chamber of Commerce
• Completion of “How to Do Business” Guide
• Survey New Business Reception participants to
determine value of program
• Identify a focus area for initial phase of the
façade program within one year
• Complete feasibility study and identify source
of funding for façade program, if feasible
• Hold Small Business Symposium
CITY OF CORONA, CA – ECONOMIC DEVELOPMENT STRATEGIC PLAN | 10 | GOAL 2: Business Retention and Expansion
Facilitate the retention and expansion of existing businesses and the attraction of new businesses in Corona.

Where We Excel
• Businesses, brokers, and property managers
value relationships with the City and are
interested in enhancing those relationships.
• Major healthcare institutions located in the City,
such as Corona Regional Medical Center and
City of Hope, are seeking to expand.
• Team Corona offers exceptional customer
service to businesses looking to relocate or
expand by offering one-on-one assistance,
project facilitation, and guidance through the
entitlement process.
• Corona saw an additional 2.4 million square
feet of new industrial space opened in the last
year, a 6% increase in the available stock to the
region. The average rate is $6.54 per square
foot, more affordable than LA ($8.04), OC
($7.66), and San Diego ($9.31) Counties.
• Office rates in Corona are $25.08 per square
foot, which is more affordable than LA
($40.79), OC ($34.05) and San Diego ($34.47)
Counties.

Challenges
• Businesses are evaluating state regulations to
assess the possibility of relocating out of state,
making it challenging for the City to retain
some businesses based on the City’s policies
and incentives alone.
• Vacancy rates for industrial space are very
low, with close to 100% occupancy. Property
managers are pre-leasing new developments
before completion; however, tenants are
seeking shorter leases with greater flexibility
and other non-traditional amenities.

Opportunities
• The City has an opportunity to capitalize on its
largest industries – Construction, Health Care, and
Professional, Scientific, and Technical Services
and Management – by focusing its retention
efforts on these industries and preparing its
labor force for the jobs of the future.
• The City of Corona accounts for an outsized
share of the region’s workforce in the
Manufacturing sector, and job losses in this
sector may need to be offset with gains in other
industries. The City can continue leverage the
MAP program to support manufacturers.

We can leverage MAP to support manufacturers. The job loss is very low and may be within the statistical margin of error.

CITY OF CORONA, CA – ECONOMIC DEVELOPMENT STRATEGIC PLAN | 11 | Strategic Actions
• 2.1 Enhance promotion of Team Corona to
provide exceptional customer service to
businesses seeking to locate or expand in
Corona as well as resolve business concerns.
• 2.2 Continue promotion of LocateInCorona.com
for businesses and entrepreneurs to locate
available commercial space in Corona.
• 2.3 Build upon the Manufacturing Assistance
Program (MAP) and enhance the resource
partner network to support the manufacturing
and industrial clusters in the City.
• 2.4 Determine if an incentive strategy for
focused, desired businesses to locate in Corona
to augment existing industries and promote
growth of desired industries is feasible.

Incentives could include, but are not limited
to, additional City staff support, financial
assistance, and expedited permitting.
• 2.5 Complete Phase II of the review and update
to the City’s purchasing process to follow best
practices and provide better opportunities
for local vendors. Host a workshop for local
businesses to educate them about procurement
opportunities in the government.
• 2.6 Explore the feasibility of establishing a
program to assist long-time Corona restaurants
to open smaller scale operations in the
downtown area.
• 2.7 Continue Film Corona and continue to
streamline film permits.

Key Performance Indicators:

Business Retention and Expansion
• Number of film permits issued
• Percentage of City contracts awarded to
Corona-based businesses
• Number of businesses that utilized
LocateInCorona.com as part of their decision
to locate in Corona.

Milestone Measurements
• Hold initial meetings with partners and identify
opportunities and barriers to facilitating
business relocations to the City
• Complete Feasibility Analysis for incentive
strategy
• Conduct a survey of MAP participants to
determine the value of the program
• Survey businesses that have utilized Team
Corona services to determine value of the
program and ways to improve customer service
CITY OF CORONA, CA – ECONOMIC DEVELOPMENT STRATEGIC PLAN | 12 | GOAL 3: Prepare and Support Our Residents for Jobs of the Future Provide our community with the skills, resources, and support they need to prepare for the jobs of the future in Southern California.

Where We Excel
• Corona is home to healthcare institutions, an
expanding and high wage industry sector.
• The homeownership rate in Corona is high at

61.4%, far exceeding LA (45.4%), OC (57.1%),
and the State of California (54.9%).
• The median price of a house in Corona is
$646,000, more affordable compared to Los
Angeles ($800,000), Orange ($932,000), and
San Diego ($760,000) Counties.
• Average rents in Corona $1,678, $300 less than
Los Angeles and Orange Counties, but $200
more than the Inland Empire.
• There are well-established relationships with
regional educational institutions, such as
the local school district and places of higher
education.

Challenges
• Approximately 60% of renters are spending
30% or more of their monthly income on
rent, limiting their ability to participate in
the economy and challenging their quality
of life compared to other Corona residents.

Affordability issues will limit growth in the labor
force, particularly for lower wage industries.
• Asking residential rents in Corona increased

3.5% from 2021, and low vacancy rates persist
at about 3.7%.
• A relatively high percentage, 70%, of the local
workforce does not hold a bachelor’s degree.

This may limit growth opportunities for workers
in some growing industries, necessitating the
need for workforce development opportunities.
• The average commute time for Corona
residents is 38 minutes. Trends indicate this
number will continue to increase, as people
are moving further from job centers for more
affordable housing.

Opportunities
• Currently, only 277 apprenticeship programs
are offered in Riverside County, which is not
sufficient to meet the demand for workers
in growing occupations. The City has an
opportunity to expand partnerships with local
businesses to create additional apprenticeship
and workforce development programs.
• Enhance partnerships with businesses in
growing sectors to create opportunities in
these fields.

CITY OF CORONA, CA – ECONOMIC DEVELOPMENT STRATEGIC PLAN | 13 | Strategic Actions
• 3.1 Continue to strengthen the partnership
with the Corona Chamber of Commerce to
implement the Live Work Corona workforce
development initiative. Programming to
include a local Corona Job Fair to match
local businesses with local talent, internships,
externships, and workforce development.
• 3.2 Secure long-term funding for Emergency
Housing Needs Rental Assistance Program.
• 3.3 Expand partnership with Corona Regional
Medical Center, City of Hope, and other
medical facilities to create a workforce
development program for local high school
students interested in entering the medical
field.
• 3.4 Partner with local technical and trade
schools to determine the feasibility of creating
an internship program to introduce local
students and residents to opportunities in
the construction industry, a growing sector in
Corona.
• 3.5 Leverage assets in the community
college system and the Corona-Norco and
Alvord Unified School Districts that already
provide workforce development programs
for the growing industries in Corona. Connect
community colleges, CNUSD, and AUSD to
local businesses for workforce opportunities.

Key Performance Indicators:

Prepare and Support Our
Residents for Jobs of the Future
• Number of households assisted through
Emergency Housing Programs
• Percentage of households that do not default
on rental payments within a year after receiving
assistance
• Number of new internship programs created for
local students
Milestone Measurements
• Implement Job Fair and survey participants to
determine value of program
• Meet with leaders in the healthcare industry in
Corona to determine the feasibility of creating a
medical field workforce development program
and identify partners
CITY OF CORONA, CA – ECONOMIC DEVELOPMENT STRATEGIC PLAN | 14 | GOAL 4: Facilitate Planning and Development
Encourage a collaborative, responsive, efficient, and business-friendly development review process.

Where We Excel
• Through Team Corona, the City’s business
attraction team, multiple departments
collaborate to proactively identify and resolve
issues in the planning and entitlement phase for
companies looking to move to or expand
in Corona.
• The Downtown Revitalization Plan is expected
to be adopted by Summer 2022, leading the
way for the redevelopment and revitalization of
a major historical and commercial hub of
the City.
• The City website hosts LocateInCorona.com,
a business development tool for businesses
looking to locate commercial space, zoning
and land use information, and fundamental
demographic data.
• In accordance with SB 330, Corona has created
a streamlined application process for housing.
• City’s Planning and Development Department
recently completed a citywide parking study,
which determined the City is consistent with
other surrounding jurisdictions in parking retail,
commercial services, and office uses.
• City’s Planning and Development Department
participating in a Permitting Ad-Hoc Committee
to evaluate current practices, improve permitting
services, and streamline smaller plan reviews.

Challenges
• With the rise in e-commerce, coupled with
the decline in demand for retail during the
pandemic, brick and mortar retail will continue
see a reduction in demand in the future,
changing the commercial footprint of the City.
• E-commerce increased 43% in Riverside County
from 2019 to 2020. Vacancy rates for retail
space are at a five-year high.

Opportunities
• Brokers and property managers were unaware
of City’s recent efforts to streamline and
support development (e.g., parking study,
Ad-Hoc committee, etc.).
• The office space vacancy rate in Corona and
the three surrounding communities hit 14.9%
in 2021.

CITY OF CORONA, CA – ECONOMIC DEVELOPMENT STRATEGIC PLAN | 15 | Strategic Actions
• 4.1 Support prompt location of desired industry
clusters or business types through Team
Corona assistance.
• 4.2 Upon the implementation of the Downtown
Revitalization Plan, support and facilitate
redevelopment of the Corona Mall properties
and support a cohesive vision for a prosperous
and diverse downtown.
• 4.3 Develop a robust communications strategy
highlighting City’s streamlined reviews and
Team Corona resources to facilitate prompt
business location and expansion.
• 4.4 Host Broker/Property Manager outreach/
education events to provide timely information
on City’s entitlement process.

Key Performance Indicators:

Facilitate Planning and
Development
• Percentage of Team Corona meetings that
result in Corona business expansion or
relocation.
• Number of annual permits and corresponding
to cluster industries
• Number of Corona Mall properties redeveloped
via the Downtown Revitalization Plan
Milestone Measurements
• Complete parking study
• Host informational seminar/webinar on
entitlement process
• Launch City Permitting and Resources
awareness campaign
CITY OF CORONA, CA – ECONOMIC DEVELOPMENT STRATEGIC PLAN | 16 | Where We Excel
• Home to culturally significant assets, such as
historic buildings and distinct street plans that
enhance the City’s character.
• A survey of residents indicates a strong interest
in staying local for entertainment.
• Residents value the City’s small-town
atmosphere and are invested in the City’s
growth.
• Residents appreciate connecting with the
community at large and seek opportunities to
connect with fellow residents.
• The City is committed to placemaking, as
demonstrated by the Community Placemaking
Pilot Program outlined in the recently adopted
Housing Element.

Challenges
• A significant portion of residents travel
outside of Corona to access entertainment and
activities, affecting the Corona’s sense of local
community.
• Residents perceive certain areas of Corona as
unsafe, such as Downtown, and as a result, do
not spend time there.

Opportunities
• Approximately 70% of those surveyed indicated
a desire for more music venues in Corona.

People want to feel like Corona is an exciting
place to be and spend their time.
• Residents want walkable, pedestrian friendly,
and safe neighborhoods. Residents indicate
they are interested in more public spaces
to gather.

Strategic Actions
• 5.1 Enhance awareness of the Police
Department’s Business Liaison Program to
build partnerships and strengthen trust with
local businesses and residents. Utilize data
to increase the officers’ presence and drive
enforcement operations in areas of concern.
• 5.2 Implement the Community Placemaking
Pilot Program to increase community
connection and economic development through
public activities.
• 5.3 Evaluate the formation of a Business
Improvement District (BID) in Downtown
Corona to assist businesses with costs such as
marketing, additional security, and events.

GOAL 5: Placemaking & Encouraging Community
Encourage the development of lively public spaces by celebrating our heritage to promote the local economy and our community’s health, happiness, and well-being.

CITY OF CORONA, CA – ECONOMIC DEVELOPMENT STRATEGIC PLAN | 17 | • 5.4 Evaluate the creation of a concert series
in Downtown Corona to engage residents
with the area and promote foot traffic for
local businesses. The City could partner with
businesses to ensure events are beneficial to
the area and not a hardship on business activity.
• 5.5 Continue to showcase local restaurants,
food, and beverage vendors at City-sponsored
events throughout the year to assist them in
promoting their products and generating new
customers.
• 5.6 Initiate and complete the Sixth Street
Beautification and Revitalization Project.
• 5.7 Utilizing ARPA funds, activate the open-air
stage to host community events and provide
additional entertainment activities.
• 5.8 As new Specific Plans and Master Plans are
adopted, encourage the development of bike
lanes and trails through developer agreements,
community benefit agreements, etc.
• 5.9 Promote and enhance micro-mobility
options.

Key Performance Indicators:

Encourage Placemaking &
Community
• Percentage of residents rating the quality and
number of places to recreate, socialize, meet,
and connect as good or excellent
Milestone Measurements
• Produce a Business Liaison brochure and
distribute to Downtown businesses
• Survey Downtown businesses on the interest
and feasibility of forming a BID
• Number of events held in the Downtown
• Completion of Beautification and Revitalization
Projects
• Complete evaluation of public financing
feasibility
• Number of events and attendees at open-air
stage events
• Number of new trails and bike lanes constructed
CITY OF CORONA, CA – ECONOMIC DEVELOPMENT STRATEGIC PLAN | 18 | Where We Excel
• Highly engaged residents, as demonstrated by
3,500+ resident survey responses for the EDSP.
• Strong social media presence across Facebook
(29k), Instagram (16.6k), and Twitter (10.6k),
with over 56,200 followers combined.
• Corona’s Office of Communications employs
the latest communication tools and produces
bilingual materials.

Challenges
• Technology is a significant barrier for some
segments of the population.

Opportunities
• Corona has a high population of Spanishspeakers, with approximately one third of its residents speaking Spanish at home.

These residents and businesses seek
additional accessible communication outlets
for information on Citywide, economic
development, or business events.
• Businesses, real estate brokers and property
managers desire more pro-active interaction
from the City.
• The website can be confusing and has outdated
information in some areas. Residents and
businesses owners found it difficult to navigate
or were unaware of some City resources. This
was particularly common with those that spoke
Spanish as their primary language. The City has
many resources, but it may not always be clear
on how to access them.

Strategic Actions
• 6.1 Continue coordination with the Office of
Communications on rebranding efforts. Update
the City website and marketing materials
and create a specific economic development
website with current information on available
programs and resources.
• 6.2 Enhance the successful and informative
monthly Economic Development newsletter
with business promotion of new businesses,
success stories, and locally made products.

Celebrate and elevate Corona’s local
businesses.
• 6.3 Increase utilization of the City’s social media
accounts to publicize City accomplishments
and updates related to economic development
activities and events.

GOAL 6: Enhance Communication and Connection
Encourage a sense of connection in our community by celebrating our successes and promoting access to resources and opportunities for all.

CITY OF CORONA, CA – ECONOMIC DEVELOPMENT STRATEGIC PLAN | 19 | • 6.4 Establish an opt-in citywide text messaging
system for residents and businesses that
provides updates on local events, programs,
and resources.
• 6.5 Develop a resource list with contact
information for Spanish-speaking staff that
can support Spanish-speaking residents and
business owners. Translate City documents into
Spanish.
• 6.6 Launch an internal training program to train
staff on their roles in Economic Development,
including a City tour for all new staff to
understand how they influence resident and
business satisfaction.
• 6.7 Establish regular broker appreciation
events, such as a broker breakfasts and sector
specific broker events, to foster relationships
with the broker and real estate community.

Key Performance Indicators:

Enhance Communication &
Connection
• Percentage of City resources that can be
accessed in Spanish.
• Growth in followers across social media
platforms
• Number of annual social media impressions.
• Percentage of residents opting into text
messaging system program.
• Percentage of City employees that have
completed economic development program
• Increase in rating in customer service surveys.
• Percentage of brokers engaged with and
completion of annual city satisfaction survey.

Milestone Measurements
• Complete rebranding guidelines
• Update economic development website and
marketing materials
CITY OF CORONA, CA – ECONOMIC DEVELOPMENT STRATEGIC PLAN | 20 | Funding Sources
The Economic Development Strategic Plan presumes that the City of Corona will be able to pursue additional funding sources to implement the strategic actions outlined in this document.

Significant federal and state financial resources are available to fund activities related to economic development, and there are opportunities to secure both permanent and temporary sources of funding as detailed below.

Source Description
American Rescue Plan Act (ARPA) Funding The City of Corona expects to receive $29.2 million in ARPA funding for pandemic relief.

Business Improvement District (BID) A BID is a program established by a city for the purpose of levying an assessment against businesses (tenants) or property owners to fund services and/or improvements that benefit the district.

California Competes Tax Credit (CCTC) Administered by the State of California’s Governor’s Office of Business and Economic Development (GO-Biz), CCTC is an income tax credit available to businesses that want to locate in California or stay and grow in California.

California Economic Resilience Funds (CERF) Based on funds appropriated in 2021 by SB 162, $600 million has been set aside for use in the CERF program, which is focused on assistance to regions on economic development efforts. The goal is to build an equitable and sustainable economy across California’s diverse regions and foster long-term economic resilience in the overall transition to a carbon neutral economy.

Guidelines are still under consideration by the State.

Capital Improvement Program (CIP) The City can utilize CIP funds for critical public infrastructure and improvements.

Community Development Block Grant (CDBG) The CDBG program supports community development activities to build stronger and more resilient communities. Activities may address needs such as infrastructure, economic development, public facilities, community centers, housing rehabilitation, microenterprise assistance, code enforcement, homeowner assistance, rental assistance and more. Assistance is geared towards low- and moderate-income residents.

Community Development Block Grant-CV Funded through the CARES Act, CDBG-CV provides grants to respond to the spread of COVID-19. At least 70% of every grant must be expended for activities that benefit low- and moderate-income persons by providing housing, a permanent job, a public service, or access to new or improved infrastructure.

Community Facilities Districts (CFDs) CFDs levy special taxes to finance community facilities and services. The special tax is assessed against the property and can be used to finance the acquisition, construction, expansion, improvement, or rehabilitation of a broad range of public facilities.

Community Revitalization and Investment
Authorities (CRIA)
Like Enhanced Infrastructure Financing Districts, CRIAs collect tax increment to fund a broad range of projects including affordable housing, sidewalks and roads, transit-oriented development, brownfield remediation, utilities, and more.

Congestion Mitigation Air Quality (CMAQ) The CMAQ program was developed under the Clean Air Act Amendments of 1990 with the goal of supporting “surface transportation projects and other related efforts that contribute to air quality improvements and provide congestion relief.”
CITY OF CORONA, CA – ECONOMIC DEVELOPMENT STRATEGIC PLAN | 21 | Source Description
Department of Transportation Federal Transit
Administration (DOT FTA) Capital Investment
Grants
DOT FTA Capital Investments Grants Program funds major transit capital investments including heavy rail, commuter retail, light rail, streetcars, and bus rapid transit.

DOT Pedestrian and Bicycle Funding The Department of Transportation has multiple programs for pedestrian and bicycle infrastructure opportunities such as access enhancements, ADA upgrades, bike lanes, bike shares, sidewalks, signals, and more.

DOT Transportation Investment Generating
Economic Recovery Program Grants
DOT TIGER is a competitive grants program that funds transit, planning, rail roads, and bicycle and pedestrian projects.

Enhanced Infrastructure Financing District (EIFD) EIFDs utilize tax increment to fund a broad range of projects including street projects, parking facilities, libraries, affordable housing, transit-oriented development, and more.

HOME Investment Partnerships Program (HOME) The HOME program provides grants to fund a wide range of activities including building, buying, or rehabilitating affordable housing for rent or homeownership to create affordable housing for low-income households.

Opportunity Zones Opportunity Zones are census tracts that are economically distressed communities where new investments may, under certain conditions, be eligible for preferential federal tax treatment or preferential consideration for federal grants and programs. The City of Corona contains two opportunity zones, Census tracts 414.10 and 417.03.

Public Private Partnerships Public-private partnerships involve collaboration between a government agency and a private-sector company that can be used to finance, build, and operate projects, such as public transportation networks, parks, housing, and other infrastructure.

Funding Sources

CITY OF CORONA

REGIONAL EMPLOYMENT PROFILE
March 2022

ABOUT THE CENTER FOR ECONOMIC FORECASTING
The UC Riverside School of Business Center for Economic Forecasting and Development opened its doors in October 2015 and represents a major economic research initiative in one of California’s most vital growth regions. The Center produces a wide variety of research both independently and in collaboration with academic, business, and government partners. Research products include monthly employment analyses, quarterly regional economic forecasts, a quarterly business activity index, a white paper series, and a major regional economic forecast conference, hosted annually.

TANER OSMAN, PHD
Manager, Regional and Sub-Regional Analysis

BRIAN VANDERPLAS
Senior Research Associate

SHERIF HANNA
Deputy Director
[email protected]

VICTORIA PIKE BOND
Director of Communications
[email protected]

PROJECT TEAM
For further information about this publication, or about the Center for Economic Forecasting, please contact:
3 KEY FINDINGS AND RECOMMENDATIONS

1. The City of Corona needs to leverage assets in the community college (CC) and greater workforce systems to deliver more benefits to the local workforce, including collaborating regionally on providing critical industry input into workforce and CC certificate programs. While a broader constituency is needed to enact systemic change, the city could explore bringing these assets into Corona (physically) so the local workforce has better access to training programs. The city could also create programs that allow and encourage local larger businesses and industries to provide input into who should be trained and what systems should be implemented.

2. The market for brick-and-mortar retail space will experience less demand in the future. City leaders should prepare for this by thinking about reuse and repositioning of existing commercial retail properties where appropriate, as well as addressing workforce implications due to the loss of jobs in this sector.

3. The City of Corona and the broader region need to do more to develop the local workforce. The California Department of Industrial Relations maintains a list of apprenticeship programs offering specialized training programs. However, experts at the UCR Center for Economic Forecasting and Development believe the list of programs offered (277 in Riverside County) is not sufficient to meet the region’s needs at the moment.

4. Meanwhile, data shows the City of Corona is attracting a different demographic lately — higher-wage jobs and better educated residents. This is a result of high housing costs in neighboring counties, as well as the access the city provides to job centers in Los Angeles County, Orange County, and the Inland Empire. 4 Payroll Employment
City of Corona (Q1-2008 - Q3-2020)
Employment (Thousands, SA)
90 50
70 30
10 80
40 60
20 0
Q1-08Q3-08Q1-09Q3-09Q1-10Q3-10Q1-11Q3-11Q1-12Q3-12Q1-13Q3-13Q1-14Q3-14Q1-15Q3-15Q1-16Q3-16Q1-17Q3-17Q1-18Q3-18Q1-19Q3-19Q1-20Q3-20 Source: California Employment Development Department (EDD); Analysis by UCR Center for Economic Forecasting and Development

EMPLOYMENT
While the COVID-19 pandemic continues, the vaccine is helping provide a light at the end of the tunnel and a hope that economic activity will start to resemble normality. In addition, as of June 15, restrictions are lifted at most businesses, and Californians who are fully vaccinated for COVID-19 can go without masks in most settings. Lifting these restrictions should help boost payrolls of the industries most impacted by these measures over the coming months, such as Leisure and Hospitality, Other Services, and Retail Trade. While many aspects of Corona’s economy are back on track, there are concerns surrounding the resurgence of COVID-19 cases. However, with a large portion of the region’s population now vaccinated, the spread of the virus will not have the same impact on the economy as it did in 2020.

While data is not yet available for the City of Corona, through July 2021 the Inland Empire has experienced one of the strongest recoveries in the state. However, the recovery in the Inland Empire has been driven by gains in Transportation, Warehousing and Utilities, which accounts for a smaller share of the City of Corona’s workforce relative to Riverside County.

As a result, the city is likely to take longer to reach pre-pandemic employment levels relative to the rest of the Inland Empire.

Most of the economic fallout related to COVID-19 has been concentrated in low-wage industries, which mirrors the state and nation. Similarly, higher-wage industries — such as Professional, Scientific and Technical Services, Management, Financial Services, and Real Estate — have largely been able to weather the storm and adapt to COVID-19 restrictions by shifting operations to a virtual office.

Perhaps most importantly going forward (with most businesses returning to normal operations), the industries most impacted by restrictions should experience significant job gains as companies ramp up production to meet surging consumer demand that started in 2021 and will continue in 2022. In addition, most industries have found ways to adapt their business practices to health guidelines. While the trajectory of the recovery will be different across industries, the Inland Empire and the City of Corona should reach pre-pandemic employment levels in 2022. However, some industries will take longer than others to return to pre-pandemic levels.
5 From third-quarter 2019 to third-quarter 2020, employment in the City of Corona declined -9%, a larger contraction relative to the -7.6% drop in the balance of Riverside County over the same period (city sectors were more susceptible to shutdown impacts than the county as a whole). In addition, Transportation, Warehousing and Utilities, which accounts for only a small share of the city’s workforce, has expanded rapidly during the pandemic in Riverside County overall. This robust growth has offset some of the job losses in other industries across Riverside County, which has contributed to Riverside County outpacing growth in the City of Corona.

More recently, the Inland Empire has already recovered a significant number of jobs lost since hitting recession lows in April 2020, recuperating roughly 70% of its employment decline as of May 2021. This compares favorably to 56% in Orange County, 40% in the Los Angeles (MD), and 52% in California.

While there is still significant ground to take back in recovering to pre-pandemic employment levels, it is important to remember that people stopped eating at restaurants and attending events and conventions in 2020 not because they could not afford it, but because they were not allowed to go. As a result, there is significant pent-up demand in the economy, which should drive growth in the industries most impacted by the pandemic in the coming months. In addition, as of June 15, restrictions are lifted at most businesses, and Californians who are fully vaccinated for COVID-19 can go without masks in most settings. With businesses returning to normal operations, these sectors should experience significant job gains as companies ramp up production to meet surging consumer demand. However, with job openings at record levels at the national level, many businesses are struggling to hire workers. It may take some time for some industries to return to prepandemic employment levels.

CITY OF CORONA VS. INLAND EMPIRE
Total Nonfarm Employment
City of Corona (Jan-2008 - May-2021)
Employment (Thousands, SA)
1,800
1,000
1,400
600
200
1,600
800
1,200
400
0 Jan-08
Sep-08
May-09
Jan-10
Sep-10
May-11
Jan-12
Sep-12
May-13
Jan-14
Sep-14
May-15
Jan-16
Sep-16
May-17
Jan-18
Sep-18
May-19
Jan-20
Sep-20
May-21
Source: California Employment Development Department (EDD); Analysis by UCR Center for Economic Forecasting and Development 6 Unemployment Rate (%, SA)
14 6
10 2
12 4
8 0
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Jul-17
Jan-18
Jul-18
Jan-19
Jul-19
Jan-20
Jul-20
Jan-21
Source: California Employment Development Department (EDD); Analysis by UCR Center for Economic Forecasting and Development Unemployment Rate
City of Corona (Jan-2010 - May-2021)
The City of Corona’s unemployment rate has also risen over the last year as a result of the pandemic. It was 5.6% in May 2021, 2.6 percentage points higher than February 2020. This unemployment rate is lower compared to the Inland Empire (7.4%), Orange County (5.8%), the Los Angeles (MD) (11.1%), and California’s (7.9%).

The economic downturn also impacted the local labor force (the pool of individuals willing and able to work at any given time). From February 2020 to May 2021, 294 workers left the City of Corona’s labor force, a -0.3% decline. This decrease is even more significant when compared to the 1.4% increase the Inland Empire experienced, but a less significant decline compared to -1.7% in Orange County, -1.3% in the Los Angeles (MD), and -2.7% in California overall.

Unsurprisingly, the industries most impacted by public health mandates have experienced the largest employment declines.

From third-quarter 2019 to third-quarter 2020, Leisure and Hospitality led payroll declines in the City of Corona, with payrolls falling 1,664 (-20.4%). Other sectors posting sizeable declines over the same period were Natural Resources and Construction (-1,069 jobs or -6.7%), Manufacturing (-1,064 jobs or -7.7%), Government (-933 jobs or -16.3%), Administrative Support (-711 jobs or -10.1%), Wholesale Trade (-662 jobs or -12.3%), and Other Services (-605 jobs or -22.4%).

CORONA’S LABOR MARKET
HARD-HIT INDUSTRIES VS. RESILIENT INDUSTRIES
7 It’s important to note that many of the initial declines in employment experienced during the second and third quarters of 2020 were temporary in nature. Moreover, with most businesses returning to normal operations, the industries most impacted by restrictions, such as Leisure and Hospitality, should experience significant job gains as companies ramp up production to meet surging consumer demand that started in 2021 and will continue in 2022. However, the trajectory of the recovery will differ across industries. This can be seen in the robust growth in Transportation, Warehousing and Utilities at the county level, which has offset some losses in other industries in Riverside County.

In addition, while there have been declines in overall payrolls in the City of Corona, its high-wage and technology industries have been remarkably resilient during the pandemic. This is largely a result of these businesses adapting to stay-at-home orders. Employees have been able to work from home, which has not been possible in many sectors of the economy. From third-quarter 2019 to third-quarter 2020, Professional, Scientific and Technical Services and Management increased payrolls by 137, a 3.1% rise. The city’s strength in this sector stands in stark contrast to the trends experienced in the balance of Riverside County overall, with payrolls in the sector falling -6.5% in the county during the same period.

Employment Growth by Industry
City of Corona (Q3-2019 - Q3-2020)
Leisure and Hospitality
NR/Construction
Manufacturing
Government
Admin Support
Wholesale Trade
Other Svcs.

Health Care
Transport/Warehouse/Util
Retail Trade
Information
Education
Fin. Svcs. and Real Estate
Prof, Sci, Tech, and Mgmt
-1,800 -1,600 -1,400 -1,200 -1,000 -800 -600 -400 -200 0 200 400 Source: California Employment Development Department (EDD); Analysis by UCR Center for Economic Forecasting and Development 8 Industry Employment
(#)
Year-Over-Year
City (%)
County Balance
(%)
Of County
(%)
NR/Construction
Manufacturing
Health Care
Retail Trade
Leisure and Hospitality
Admin Support
Government
Wholesale Trade
Prof, Sci, Tech, and Mgmt
Other Svcs.

Fin. Svcs. and Real Estate
Transport/Warehouse/Util
Information
Education
Total
31,266
2,967
3,440
2,389
3,316
5,223
4,207
2,017
4,398
1,665
2,922
2,015
387
135
67,986
-6.7
-7.7
-6.2
-2.0
-20.4
-10.1
-16.3
-12.3

3.1 -22.4
-1.6
-14.3
-9.7
-12.4
-9.0
-5.5
-8.6
-1.9
-5.9
-27.1
-6.0
-11.4
-3.0
-6.5
-18.1
-4.3

23.4 -26.9
-13.4
-7.6

19.2 30.2

8.7 9.3

8.9 13.4

4.1 19.5

19.3 12.5

9.8 3.2

15.6 5.9

11.2 Source: California Employment Development Department (EDD); Analysis by UCR Center for Economic Forecasting and Development Employment by Industry
City of Corona (Q3-2020)
At the subsector level, Credit Intermediation and Related Activities (101 jobs and a 16.6% share) added the largest number of employees over the last year. Other subsectors adding a significant number of jobs over the past year were Building Material and Garden Supply stores (92 jobs or 13.3% share), General Merchandise stores (76 jobs or 4.2% share), Nonstore Retailers (69 jobs or 28% share), Professional and Technical Services (67 jobs or 2.2% share), and Management of Companies and Enterprises (64 jobs or 5.2% share). The City of Corona had stronger growth relative to California in the majority of these sectors. This was particularly true in larger subsectors such as General Merchandise Stores, Professional and Technical Services, and Management of Companies and Enterprises. Businesses in the city were better able to adapt to stay-at-home orders and capture increases in business activity from declines in other subsectors relative to the state in these sectors.
9 Subsector
Subsector
Employment
Employment
Year-Over-Year
Change (#)
Average Annual
Wage ($)
Year-Over-Year
Change (%)
Year-Over-Year
Change (%)
CA Year-Over-Year
Change (%)
LQ
Credit intermediation and related activities
Building material and garden supply stores
General merchandise stores
Nonstore retailers
Professional and technical services
Management of companies and enterprises
Chemical manufacturing
Food and beverage stores
Motion picture and sound recording industries
Furniture and home furnishings stores
Credit intermediation and related activities
Merchant wholesalers, nondurable goods
Electronic markets and agents and brokers
Clothing and clothing accessories stores
Amusements, gambling, and recreation
Social assistance
713
780
1,863
314
3,172
1,288
693
1,925
20 99
713
2,206
378
653
338
4,127
101
92 76
69 67
64 29
15 74,735
51,725
106,187
100,116
60,906
29,679
21,226
17,462

16.6 13.3

4.2 28.0

2.2 5.2

4.3 0.8
188.4

65.6 38.3

28.6 26.7

25.0 24.9

22.2 -0.7

7.9 -6.2
-8.0
-4.3
-6.0
-0.4

2.1 0.0

0.5 0.6

1.7 2.0

1.0 0.7

1.1 Source: California Employment Development Department (EDD); Analysis by UCR Center for Economic Forecasting and Development Source: California Employment Development Department (EDD); Analysis by UCR Center for Economic Forecasting and Development Fastest Growing Subsectors by Employment
City of Corona (Q3 2020)
Fastest Growing Subsectors by Average Annual Wages
City of Corona (Q3 2020)
Outside of sectors employing relatively few workers (and experiencing big swings in wages based on a few workers joining or dropping out of work), wage gains were led by Credit Intermediation and Related Activities (38.3%), Merchant Wholesalers and Non-durable Goods (28.6%), Electronic Markets and Agents and Brokers (26.7%), and Clothing and Clothing Accessories Stores (25%). While wages have risen for workers who are currently employed, the massive increase was largely driven by lower-wage workers dropping out of employment counts. As a result, as low-wage workers are added back onto payrolls, average annual wages in these sectors should adjust downward in the coming months. 10 The decline in employment levels in lower-wage industries such as Leisure and Hospitality, Other Services, and Retail Trade have given way to a substantial rise in the average annual wage across all industries among those employed in the City of Corona. From third-quarter 2019 to third-quarter 2020, average annual wages in the city increased 9.2%, trailing the 10.7% pace in the balance of Riverside County over the same period. With this strong year of growth, average annual wages in the city reached $55,900, 20.4% above average annual wages in the balance of Riverside County. However, this significant increase in average annual wages in the city oand Riverside County are largely a function of job variety.

While wages have risen for workers who are currently employed, the massive increase was driven in part by lower-wage workers dropping out of employment counts. These lower-wage workers are anticipated to return to the labor market, although this recovery may take some time. This does not mean high-wage earners are not seeing pay increases, just that the increases are more moderate compared to the top-level increases. As Corona businesses increase payrolls in the coming months, overall wage gains will appear lower as job gains will be concentrated in lower-paying industries. This will not be a result of wages falling in the city but rather the mix of jobs returning to its pre-pandemic state. In addition, the current labor shortage (particularly for lower-wage earners) should put upward pressure on wages in these industries over the coming months. School closures (leading some parents to drop out of the labor force), fears of contracting COVID-19, and enhanced unemployment benefits have taken a toll on labor force participation in the state.

CORONA WAGES
Average Annual Wage
City of Corona (Q1-2008 - Q3-2020)
Dollars (SA)
70,000
30,000
50,000
10,000
60,000
20,000
40,000
0 Q1-08Q3-08Q1-09Q3-09Q1-10Q3-10Q1-11Q3-11Q1-12Q3-12Q1-13Q3-13Q1-14Q3-14Q1-15Q3-15Q1-16Q3-16Q1-17Q3-17Q1-18Q3-18Q1-19Q3-19Q1-20Q3-20 Source: California Employment Development Department (EDD); Analysis by UCR Center for Economic Forecasting and Development 11 Industry Average Annual
Wage ($)
City
(%)
County
Balance (%)
Year-Over-Year Growth
City vs. County
Balance (%)*
Wholesale Trade
Transport/Warehouse/Util
Retail Trade
Prof, Sci, Tech, and Mgmt
Other Svcs.

NR/Construction
Manufacturing
Leisure and Hospitality
Information
Health Care
Government
Fin. Svcs. and Real Estate
Education
Admin Support
Total
100,880
55,547
38,789
76,495
40,201
71,648
57,860
21,502
97,570
36,527
85,455
88,569
24,334
43,097
57,696

20.4 12.5

12.9 7.1

7.7 5.6

0.8 5.9

11.3 8.6

20.3 19.8

18.1 7.2

9.9 4.5

5.6 13.3

11.2 9.4

7.3 7.6

6.2 18.1

8.5 13.9

12.4 11.2

8.0 11.1

64.4 13.2

3.0 6.5
-0.4

30.2 -1.3
-17.0

52.6 -26.3

18.3 33.0
-48.9

20.6 12.9
Source: California Employment Development Department (EDD); Analysis by UCR Center for Economic Forecasting and Development *Industry wage relative to the average annual wage for the industry in the County Balance Annual Average Wages by Industry
City of Corona (Q3 2020)
12 Declining employment levels were mirrored by a decrease in business establishments in the City of Corona over the last year. The number of establishments in the city fell by 44 from third-quarter 2018 to third-quarter 2019, a decline of -1.71%.

The hardest-hit sectors for establishment declines were also the industries most impacted by the public health mandates.

Other Services was impacted the most, with the number of establishments falling by 22, a -14.1% decline. Other industries with large declines were Leisure and Hospitality (-13 establishments or -4%), Manufacturing (-11 establishments or -3.8%), Retail Trade (-11 establishments or -3.6%), and Health Care (-4 establishments or -1.5%). Establishments did not decrease across the board, however. The number of Wholesale Trade establishments increased by 8 over the last year, a 4.2% increase.

Other industries with increases were Professional, Scientific and Technical Services, Administrative Support, and Natural Resources and Construction.

CORONA BUSINESS ESTABLISHMENTS
Employment Growth by Industry
City of Corona (Q3-2019 - Q3-2020)
Other Svcs.

Leisure and Hospitality
Manufacturing
Retail Trade
Health Care
Fin. Svcs. and Real Estate
Education
Government
Information
Transport/Warehouse/Util
NR/Construction
Admin Support
Prof, Sci, Tech, and Mgmt
Wholesale Trade
-25 -20 -15 -10 -5 0 5 10
Source: California Employment Development Department (EDD); Analysis by UCR Center for Economic Forecasting and Development.

Note: Only counts business establishments with three or more employees. 13 Establishment Size Total
Employment
Annual Growth
(%)
Less than 50 Employees
50 to 99 Employees
100 to 200 Employees
More than 200 Employees
35,795
14,126
12,650
18,013
-5.1
-6.3
-8.1
-10.3
Source: California Employment Development Department (EDD); Analysis by UCR Center for Economic Forecasting and Development Employment Growth in 2020 by Establishment Size
City of Corona
Employment levels are down across business establishment sizes in the City of Corona. Employment levels at establishments with less than 50 employees (-5.1%), 50 to 99 employees (-6.3%), 100 to 200 employees (-8.1%), and more than 200 employees (-10.3%) all experienced employments levels decline over the last year. The more significant decline in companies with more than 200 employees is being driven by government, which has some of the city’s largest business establishments. 14 LOCAL SPENDING
Continuing to contain COVID-19 cases will be essential to sustaining the economic recovery in Corona and the nation.

California’s cases have dropped considerably from record highs at the beginning of 2021, and these improvements have allowed state officials to lift restrictions for most businesses (Californians who are fully vaccinated for COVID-19 can go without masks in most settings). It is important to note that new variants of the virus may contain or limit the recovery.

Taxable sales in the City of Corona totaled just over $900 million in the fourth quarter of 2020, down -6.3% over the last year. This is a more modest decline relative to Los Angeles County (-8.9%) and Orange County (-7.4%), but it is in stark contrast to the growth in Riverside County (3.9%) and San Bernardino County (6.2%).

A detailed breakdown of spending patterns for Corona is not available, but it is possible to get a sense of how consumption patterns have changed over the past year by looking at data for Riverside County. From first-quarter 2020 to first-quarter 2021, the pandemic led to a surge in spending in some categories. E-commerce skyrocketed, with spending up 43.4% yearover-year for the county and state pool (the category collecting taxes for e-commerce sales).

City of Corona Taxable Sales
Taxable Sales (SA, $Millions)
120
400
800
100
200
600
0 Q1-00Q4-00Q3-01Q2-02Q1-03Q4-03Q3-04Q2-05Q1-06Q4-06Q3-07Q2-08Q1-09Q4-09Q3-10Q2-11Q1-12Q4-12Q3-13Q2-14Q1-15Q4-15Q3-16Q2-17Q1-18Q4-18Q3-19Q2-20 Source: California Employment Development Department (EDD); Analysis by UCR Center for Economic Forecasting and Development 15 Riverside County’s Construction sector has also been aided by the pandemic. As people spend more time at home, many have started or finished home upgrades in recent months, with spending at Building and Construction stores growing 17.6% year-over-year. More people eating meals at home has also led to an increase in spending at Food and Drug Stores, which is up 13.8% over the last year.

Declines were most pronounced at Fuel and Service Stations, which fell -23.8% over the last year. This is due to less car travel during the pandemic. Declines were also pronounced at Restaurants and Hotels, which fell -18.9%. This shouldn’t come as a surprise given that these were sectors most impacted by stay-at-home orders and public health mandates. General Consumer Goods (-6.8%) also declined over this period.

Category Q1-21
($ Millions)
Year-Over-Year
Change (%)
County & State Pool
Building and Construction
Food and Drugs
Autos and Transportation
Business and Industry
General Consumer Goods
Restaurants and Hotels
Fuel and Service Stations
Total

21.0 13.8

6.1 19.1

14.7 18.7

9.7 7.0
109.9

43.4 17.6

13.8 8.3
-2.7
-6.8
-18.9
-23.8

4.3 Source: HdL Companies); Analysis by UCR Center for Economic Forecasting and Development Riverside County Tax Receipts
(Q1 2020 - Q1 2021
16 Local tourism has been impacted by restraints on travel. 2020 was a mixed year for Ontario International Airport. The airport saw just 2.5 million passengers in 2020, a -54.5% decrease from 2019 levels. 2021 was shaping up to be a better year for the airport, with passenger traffic up 1.8% compared to 2020 levels (through May 2021). However, passenger traffic in 2021 is still -42% below 2019 levels and -39% below 2018 levels. While passenger traffic through the airport took a hit in 2020, the airport’s cargo operations recorded a landmark year. Over 924,000 tons of freight and mail went through the airport in 2020, a 18.2% increase over 2019 levels. The airport is continuing to build on these gains in 2021, with cargo traffic up 3% over 2020 levels (through May 2021). Again, this is fueled in part by the strength in e-commerce over the past year.

Ontario International Airport Passenger Traffic
700,000
300,000
500,000
600,000
200,000
100,000
400,000
0 Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Jul-17
Jan-18
Jul-18
Jan-19
Jul-19
Jan-20
Jul-20
Jan-21
Source: Visit California; Analysis by UCR Center for Economic Forecasting and Development 17 As passenger air travel figures suggest, local hotels have been hit hard by the pandemic. This is seen by the substantial decline in transient occupancy taxes (TOT) collected in the City of Corona. This decline mirrors the decline experienced in sales tax collections at local restaurants and hotels, as well as declines in Leisure and Hospitality payrolls. In 2020 the city collected just $1.87 million in transient occupancy taxes, a -31.6% decline compared to 2019 levels.

City of Corona Transient Occupancy Tax (TOT)
3,000,000
1,000,000
2,000,000
2,500,000
500,000
2,000,000
0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Source: City of Corona; Analysis by UCR Center for Economic Forecasting and Development Dollars Q1 Q2 Q3 Q4
18 RESIDENTIAL REAL ESTATE
The housing market was by far the strongest aspect of Corona’s economy in 2020 and was booming in 2021. Strong performance is likely driven by three factors. First, typical homebuyers (higher-income earners) have been less affected by the labor market downturn. Second, mortgage rates experienced historically low levels, spurring purchase activity. Third, inventories remain near historic lows. These factors have pushed purchase offers far over the asking price even as buyers waive inspections and other contingencies in an attempt to get a leg-up on the competition.

With this backdrop, home prices in Corona continue to increase rapidly. From first-quarter 2020 to first-quarter 2021, the median single-family home price rose 18.5%. This was stronger growth than Los Angeles (17.8%), Orange (12.2%), San Bernardino (18.2%), and San Diego (15.4%) counties, but trailed growth in Riverside County overall (21.4%). However, the rapid price increases have pushed homeownership out of reach for many residents over the last year, which reinforces the need for the region to build additional housing to accommodate a growing workforce in the coming years.

Part of the reason Corona is seeing more rapid growth is because it is one of the last markets for relatively affordable housing in Southern California. At a median price of $646,000, its existing single-family homes are significantly more affordable than those in Los Angeles ($800,000), Orange ($932,000), and San Diego ($760,000) counties. However, buyers in Corona pay a premium relative to buyers in Riverside ($492,800) and San Bernardino ($406,300) counties. While this is a welcome sign for current homeowners, the price increases push down-payment requirements up and make home ownership more difficult for renter households.

City of Corona Home Prices and Sales
700,000 900
300,000
500
500,000
700
600,000 800
200,000
400
200
100,000
300
100
400,000
600
0 0 Q1-11 Q3-11 Q1-12 Q3-12 Q1-13 Q3-13 Q1-14 Q3-14 Q1-15 Q3-15 Q1-16 Q3-16 Q1-17 Q3-17 Q1-18 Q3-18 Q1-19 Q3-19 Q1-20 Q3-20 Q1-21 Source: CoreLogic; Analysis by UCR Center for Economic Forecasting and Development Median Price (SA, $) Sales (SA)
Median Price Sales
19 After home sales dropped during the second quarter of 2020 due to the pandemic, demand surged in the second half of 2020 and continued growing in 2021. With demand remaining strong, existing single-family home sales increased 22.4% in Corona from first-quarter 2020 to first-quarter 2021, outpacing growth in San Diego (13.4%) and Orange (22.0%) counties, but trailing growth in Los Angeles (22.6%), Riverside (25.5%), and San Bernardino (22.8%) counties.

Economic stimulus and low interest rates have increased demand for housing throughout California; however, supply has not increased to meet these demands. In May 2021, there were just 1.7 months of housing supply in Riverside County. For context, a balanced market typically equates to 6 - 7 months of supply. Moreover, a buyer’s market is seven months of supply and above, and a seller’s market is six months of supply and under. The strong fundamentals at the start of this hot market imply there is still some headroom for markets to grow. And with inventory so low, it will take years for builders to catch up as demand also remains high. If inflation begins to heat up consistently, mortgage rates will take a similar jump and the market could downshift rapidly. But these effects, if they occur, are unlikely within the next two years.

Riverside County Months of Supply
25 5
15 20
10 0
Jan-00
Oct-00
Jul-01
Apr-02
Jan-03
Oct-03
Jul-04
Apr-05
Jan-06
Oct-06
Jul-07
Apr-08
Jan-09
Oct-09
Jul-10
Apr-11
Jan-12
Oct-12
Jul-13
Apr-14
Jan-15
Oct-15
Jul-16
Apr-17
Jan-18
Oct-18
Jul-19
Apr-20
Jan-21
Source: California Association of Realtors; Analysis by UCR Center for Economic Forecasting and Development 20 The apartment market in the Corona submarket also experienced a solid year. The apartment vacancy rate held steady at

3.7%, unchanged from a year ago. Asking rents grew 3.5% to $1,678 per-unit per month, which marks a premium compared to the Inland Empire overall ($1,487) but is more affordable than Los Angeles ($1,974), Orange ($1,973), and San Diego ($1,859) counties.

Riverside County/Corona Apartment Market
1,800
800
7 1,000
3 1,400
400
5 1,600
600
6 2
1 1,200
200
4 0 0 Q1-99 Q4-99 Q3-00 Q2-01 Q1-02 Q4-02 Q3-03 Q2-04 Q1-05 Q4-05 Q3-06 Q2-07 Q1-08 Q4-08 Q3-09 Q2-10 Q1-11 Q4-11 Q3-12 Q2-13 Q1-14 Q4-14 Q3-15 Q2-16 Q1-17 Q4-17 Q3-18 Q2-10 Q1-20 Q4-20 Source: REIS; Analysis by UCR Center for Economic Forecasting and Development Cost of Rent ($) Vacancy Rate (%)
Cost of Rent Vacancy Rates
21 HOUSING STOCK
In 2021, there were 50,298 housing units in the City of Corona. The city’s housing stock has expanded 4.4% over the last five years, outpacing growth in Orange County (4%) and Riverside County (4.3%). Residential construction declined over the last year in Corona. The city issued 26 multi-family permits, a -93.5% decline compared to 2019 levels. Single-family permits totaled 228 in 2020, a 16.9% increase compared to 2019 levels. Even before this downturn, Southern California was in the middle of a housing shortage. As the shortage persists, it will create two primary effects. First, it will put upward pressure on housing prices, exacerbating affordability problems; second (relatedly), it will limit growth in the region’s labor force.

City of Corona Residential Permits
2500
500
1500
2000
1000
0 1996199719981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020 Source: Construction Industry Research Board (CIRB); Analysis by UCR Center for Economic Forecasting and Development Number of Units Multifamily Single-Family
22 Despite ongoing affordability issues, the City of Corona is one of the more affordable cities in Southern California. In 2019, the city’s homeownership rate was 61.4%, significantly higher than Los Angeles County (45.4%), Orange County (57.1%), and California (54.9%). With lower housing costs and proximity to job centers in Southern California, Corona is at the forefront of fast-growing suburban communities that have led the Inland Empire’s population growth.

The City of Corona and the Inland Empire lack the multi-family housing that coastal communities in Southern California have. In 2019, just 7.9% of Corona’s housing stock was found in buildings with 20 or more units, well below Los Angeles County (20%), Orange County (13.9%), and California (13%). The City of Corona also has less occupants per room, with

93.9% of housing units having 1.00 or less occupants per room, which is a higher share when compared to Los Angeles County (88.8%), Orange County (91.3%), and California (91.8%). A lack of density and sufficient multi-family housing in the region impacts affordability, ultimately affecting the city’s growth potential in the coming years.

City of Corona Housing Stock
60,000
20,000
10,000
40,000
50,000
30,000
0 199119921993199419951996199719981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020 Source: California Department of Finance; Analysis by UCR Center for Economic Forecasting and Development Number of Units 23 COMMERCIAL REAL ESTATE
Non-residential permitting in Corona has fallen considerably over the last year due to the effects of the pandemic. Permit values in 2020 totaled just $29.5 million, a -54.5% decline from 2019 levels. The largest declines were in Office permitting, with no office permits issued in 2020. Permitting for Retail properties, totaling just $950,000, was -85% lower than 2019.

Permits were not down across the board, however. Permit values for Industrial properties grew 223%, totaling $7.5 million.

In addition, non-residential alterations and additions totaled $21 million in 2020, up 24.6% from 2019 levels.

City of Corona Non-Residential Permits
180
100
80 140
40 160
60 120
20 0
1996199719981999200020012002200320042005200620072008200920102011201220132014201520162017201820192020 Source: Construction Industry Research Board (CIRB); Analysis by UCR Center for Economic Forecasting and Development Permit Values ($) 24 City of Corona Warehouse Market
7 14
3 6
2 4
5 10
6 12
1 2
4 8
0 0 Q1-10 Q3-10 Q1-11 Q3-11 Q1-12 Q3-12 Q1-13 Q3-13 Q1-14 Q3-14 Q1-15 Q3-15 Q1-16 Q3-16 Q1-17 Q3-17 Q1-18 Q3-18 Q1-19 Q3-19 Q1-20 Q3-20 Q1-21 Source: REIS; Analysis by UCR Center for Economic Forecasting and Development Cost of Rent ($) Vacancy Rate (%)
The vacancy rate for Industrial warehouse properties in the Corona submarket fell to 8.4% in the first quarter of 2021, a -0.4 percentage-point decrease from a year earlier. This vacancy decline came as 2.4 million square feet of new space opened over the last year, a 6% increase to the available stock in the region. In addition, asking rents grew a modest 3.3% over the last year to an average annual rate of $6.54 per square foot, which marks a premium compared to the Inland Empire overall ($5.87) but keeps warehouse space more affordable than Los Angeles ($8.04), Orange ($7.66), and San Diego ($9.31) counties.

Corona/Riverside/Moreno Valley Office Market
30 25
10 5 5
20 15
25 20
15 10
0 0 Q1-99 Q4-99 Q3-00 Q2-01 Q1-02 Q4-02 Q3-03 Q2-04 Q1-05 Q4-05 Q3-06 Q2-07 Q1-08 Q4-08 Q3-09 Q2-10 Q1-11 Q4-11 Q3-12 Q2-13 Q1-14 Q4-14 Q3-15 Q2-16 Q1-17 Q4-17 Q3-18 Q2-19 Q1-20 Q4-20 Source: REIS; Analysis by UCR Center for Economic Forecasting and Development Cost of Rent ($) Vacancy Rate (%)
Cost of Rent Vacancy Rates
Cost of Rent Vacancy Rates
25 In contrast, demand for Office properties has fallen over the last year in the Corona/Riverside/Moreno Valley submarket.

The Office vacancy rate hit 14.9% in the first quarter of 2021, up 2.9 percentage-points from a year earlier. This vacancy increase was driven by a -0.8% decrease in occupied stock over the last year (less users). Still, asking rents grew a modest 3% over the last year to an annual rate of $25.08 per square foot, which marks a premium compared to the Inland Empire overall ($23.69) but keeps Office space more affordable than Los Angeles ($40.79), Orange ($34.05), and San Diego ($34.47) counties.

The vacancy rate for Flex/Research and Development (R&D) properties in the Corona submarket fell to 4.9% in the first quarter of 2021, a 1.5 percentage-point decrease from a year earlier. Asking rents grew 3.3% over the last year to an annual rate of $8.18 per square foot, keeping Flex/R&D space in the Corona submarket more affordable than the Inland Empire ($8.95), Los Angeles ($13.29), Orange ($12.27), and San Diego ($14.67) counties.

City of Corona Flex/R&D Market
9 20
5 1
12 4
2 4
7 3
16 8
8 18
10 6
2 14
6 0 0 Q1-10 Q3-10 Q1-11 Q3-11 Q1-12 Q3-12 Q1-13 Q3-13 Q1-14 Q3-14 Q1-15 Q3-15 Q1-16 Q3-16 Q1-17 Q3-17 Q1-18 Q3-18 Q1-19 Q3-19 Q1-20 Q3-20 Q1-21 Source: REIS; Analysis by UCR Center for Economic Forecasting and Development Cost of Rent ($) Vacancy Rate (%)
Cost of Rent Vacancy Rates
26 Demand for Retail space in the Moreno Valley/Riverside/Corona submarket has fallen over the last year as a result of government health mandates and consumer reservations amid the COVID-19 pandemic. The vacancy rate increased to

8.8% in the first quarter of 2021, a 0.2 percentage-point increase from a year earlier. Asking rents fell -3% to an annual rate of $21.74 per square foot, which marks a premium compared to the Inland Empire overall ($22.56) but keeps Retail space more affordable than Los Angeles ($33.47), Orange ($34.21), and San Diego ($32.29) counties.

Moreno Valley/Riverside/Corona Retail Market
25 5
12 4
2 15
8 20
10 10
6 0 0 Q1-00 Q1-01 Q1-02 Q1-03 Q1-04 Q1-05 Q1-06 Q1-07 Q1-08 Q1-09 Q1-10 Q1-11 Q1-12 Q1-13 Q1-14 Q1-15 Q1-16 Q1-17 Q1-18 Q1-19 Q1-20 Q1-21 Source: REIS; Analysis by UCR Center for Economic Forecasting and Development Cost of Rent ($) Vacancy Rate (%)
Cost of Rent Vacancy Rates
27 DEMOGRAPHICS
Cities like Corona have been at the center of the Inland Empire’s ongoing demographic changes. With lower housing costs, proximity to job centers in Southern California, and growing local industries such as Manufacturing and Logistics, Corona exemplifies the fast-growing suburban communities leading the Inland Empire’s population growth. The number of Corona residents who reported moving into the city in 2019 was 18,646, or -6.8% less than the previous year according to the 2019 American Community Survey. Currently, inbound migrants to Corona make up 11.3% of the city’s population.

Corona’s new resident population primarily comprises working-age adults and Millennials. Over half (55.8%) of new residents in Corona are between the ages of 25 and 54. Additionally, 30% of new residents are younger than 24. As Orange County and Los Angeles become increasingly unaffordable, young families are among the most likely to move further inland for affordable housing options.

Annual incomes for new residents moving to Corona in 2018 were slightly higher than the city’s existing residents overall.

To visualize this, the share of incomes below $50,000 was only 57.4% for inbound migrants compared to 61.5% for the city overall. Even more interesting, a higher proportion of inbound migrants to Corona earn between $50,000 and $75,000 (and over $75,000) compared to existing Riverside County residents overall. These differences reflect Corona’s relative proximity to job centers in Orange County and Los Angeles that support higher incomes compared to the rest of the Inland Empire.

Age 2019 Share of Inbound Migrants (%)
1 to 4 years
5 to 17 years
18 to 24 years
25 to 34 years
35 to 44 years
45 to 54 years
55 to 64 years
65 to 74 years
75 years and over

5.4 16.2

8.3 26.3

15.3 14.3

9.0 3.6

1.6 Source: U.S. Census Bureau (American Community Survey); Analysis by UCR Center for Economic Forecasting and Development City of Corona Inbound Migration by Age
28 Income
Educational Attainment
2019 Share of Inbound Migrants (%)
2019 Share of Inbound Migrants (%)
$1 to $9,999 or less
$10,000 to $14,999
$15,000 to $24,999
$25,000 to $34,999
$35,000 to $49,999
$50,000 to $64,999
$65,000 to $74,999
$75,000 or more
Less than high school graduate
High school graduate (includes equivalency)
Some college or associate’s degree
Bachelor’s degree
Graduate or professional degree

9.6 4.7

15.6 13.9

13.6 16.8

6.7 19.1

17.3 23.3

30.6 18.0

11.6 Source: U.S. Census Bureau (American Community Survey); Analysis by UCR Center for Economic Forecasting and Development Source: U.S. Census Bureau (American Community Survey); Analysis by UCR Center for Economic Forecasting and Development City of Corona Inbound Migration by Income
City of Corona Inbound Migration by Educational Attainment Inbound migrants to the City of Corona are slightly more educated than the city’s population overall. In 2019, 29.3% of inbound migrants held a bachelor’s degree or higher, slightly more than the 27.8% with a bachelor’s degree or higher in the city overall. This corresponds to the age and income numbers looked at previously, which also indicate the City of Corona is attracting young professionals to the region. The shifting demographics and rising costs of housing also suggest low-income households are being priced-out of the city.
29 Education/Health is the industry employing the highest share of the city’s residents (about 18.8% of Corona’s population), followed by Manufacturing (17%), Professional and Business Services (12.7%), Retail Trade (10.2%), and Construction (8.4%). Education/Health continues to be one of the largest sectors in the U.S. economy and will continue expanding as the population ages. On the other hand, the large share of employment in Manufacturing is a unique feature of Corona’s economy. In 2019, 17% of Corona residents were employed in Manufacturing while at the state level only 8.7% of California residents were employed in this sector. Compared to other areas in the Inland Empire, Corona’s economy is less dependent on Warehousing, which employed 4.9% of Corona residents in 2019.

In terms of occupations, the largest share (34.6%) of city residents work in management, business, and financial occupations, followed by sales and office occupations (25.2%), service occupations (18%), and production, transportation, and materialmoving occupations (14.4%). Corona has a smaller share of employment in management, business, and financial occupations compared to California overall, with management, business, and financial occupations accounting for 40.7% of total occupations.

Industry 2019 City Share (%) County Share (%)
Total
Natural Resources and Mining
Construction
Manufacturing
Wholesale trade
Retail trade
Transportation, warehousing, and utilities:

Information
Financial Activities
Professional and Business Services
Educational services
Health care and social assistance
Leisure and Hospitality
Other services, except public administration
Public administration
66,356
125
5,543
11,304
2,030
6,740
3,228
1,305
5,465
8,457
4,972
7,514
3,559
1,261
4,853
100.0

0.2 8.4

17.0 3.1

10.2 4.9

2.0 8.2

12.7 7.5

11.3 5.4

1.9 7.3
100.0

1.0 9.7

8.9 2.7

12.0 6.7

1.3 5.0

9.9 8.7

12.8 10.5

5.3 5.3
Source: U.S. Census Bureau (American Community Survey); Analysis by UCR Center for Economic Forecasting and Development City of Corona Resident Employment by Industry
30 The City of Corona has a higher labor force participation rate (the percentage of all people of working age who are employed or actively seeking work), 66.8%, compared to Riverside County (59.5%) and California (64%).

Occupation 2019 Share (%)
Total
Management, business, and financial occupations:

Computer, engineering, and science occupations:

Education, legal, community service, arts, and media occupations:

Healthcare practitioners and technical occupations:

Service occupations:

Sales and office occupations:

Natural resources, construction, and maintenance occupations:

Production, transportation, and material moving occupations:
83,998
11,571
4,008
9,569
3,949
15,135
21,180
6,503
12,083
100.0

13.8 4.8

11.4 4.7

18.0 25.2

7.7 14.4
Source: U.S. Census Bureau (American Community Survey); Analysis by UCR Center for Economic Forecasting and Development Source: U.S. Census Bureau (American Community Survey); Analysis by UCR Center for Economic Forecasting and Development City of Corona Resident Employment by Occupation
Labor Force Participation Rate
80 60
70 50
75 55
65 Participation Rate (%)
200520062007200820092010201120122013201420152016201720182019 City of Corona Riverside County California
31 In 2019, median household income in Corona was $86,790, considerably higher than Riverside County’s $73,260 and California’s $80,440. Median household income in the city has grown 21.7%. Rising incomes have also given way to lower poverty rates in Corona. In 2019, the poverty rate in Corona was 7.5%, lower than Riverside County’s 8.6%.

The City of Corona has a lower percentage of residents with a college degree or higher compared to educational attainment levels in California. While 21.9% of Californians have a bachelor’s degree, only 18% of Corona residents have one. Similarly, only 9.9% of Corona residents have reached the Graduate/Professional level compared to 13.1% of all Californians.

Source: U.S. Census Bureau (American Community Survey); Analysis by UCR Center for Economic Forecasting and Development Median Household Income
100,000
60,000
80,000
40,000
90,000
50,000
70,000
Median Household Income ($)
200520062007200820092010201120122013201420152016201720182019 City of Corona Riverside County
Educational Attainment 2014 (%) 2019 (%)
Less than High School
High School Diploma
Some College or Associate’s Degree
Bachelor’s Degree
Graduate/Professional Degree

14.6 25.6

32.0 17.7

10.0 12.9

26.0 33.2

18.0 9.9
Source: U.S. Census Bureau (American Community Survey); Analysis by UCR Center for Economic Forecasting and Development City of Corona Educational Attainment
32 The college degrees of Corona residents span a wide range of disciplines. Business degrees account for the largest share of degrees held in the city (21.6%). Other prominent degree fields were Arts, Humanities, and Other (18.2%), Science and Engineering Related Fields (9.6%), Social Sciences (9.1%), Psychology (8.6%), and Engineering (8.5%).

Population growth and a strong local economy have increased traffic in the area. The average commute time in Corona rose to 38.0 minutes in 2019 from 36.9 minutes in 2018. Heavy congestion has raised concerns among Corona residents, especially regarding the 91 Freeway which connects commuters in the Inland Empire to jobs by the coast.

Type of Degree 2019 Share (%)
Total Degree Holders
Computers, Mathematics and Statistics
Biological, Agricultural, and Environmental Sciences
Physical and Related Sciences
Psychology
Social Sciences
Engineering
Multidisciplinary Studies
Science and Engineering Related Fields
Business
Education
Arts, Humanities, and Other
32,563
1,253
1,572
1,375
2,789
2,955
2,762
736
3,142
7,023
3,020
5,936
100.0

3.8 4.8

4.2 8.6

9.1 8.5

2.3 9.6

21.6 9.3

18.2 Source: U.S. Census Bureau (American Community Survey); Analysis by UCR Center for Economic Forecasting and Development City of Corona College Degrees by Type
Source: U.S. Census Bureau (American Community Survey); Analysis by UCR Center for Economic Forecasting and Development Average Commute Time
39 31
35 27
25 37
29 33
Minutes
200520062007200820092010201120122013201420152016201720182019 City of Corona Riverside County California
33 Due to its proximity to job centers in Los Angeles and Orange County, Corona has traditionally been seen as a bedroom community for commuters to the coast. In part this is still the case: in 2019, 6.9% of residents worked in Los Angeles County and 22.7% worked in Orange County. But the Inland Empire’s growing economy means an increasing number of Corona residents are working locally. Between 2015 and 2019, the share of Corona residents commuting to work within Riverside County grew from 48.9% to 55.2%. This is being driven by the Inland Empire adding jobs at a more significant pace over this period.

Commuting varies significantly across occupations for the City of Corona. The industry with the largest share of Corona residents working in Riverside County is Natural Resources and Construction (67%), which is followed by Retail Trade (66.9%), Leisure and Hospitality (62.5%), Transportation, Warehousing and Utilities (61.6%), Information (61.1%), and Manufacturing (56%). The industries with the lowest share of workers working in Riverside County are Wholesale Trade (29.5%), Government (30.8%), and Financial Activities (31.5%).

County
Industry
2015 (%)
Riverside
County (%)
San Bernardino
County (%)
Orange
County (%)
Los Angeles
County (%)
Other
(%)
Total
(%)
2016 (%) 2017 (%) 2018 (%) 2019 (%)
Riverside
Orange
San Bernardino
Los Angeles
Other
NR/Construction
Retail Trade
Leisure and Hospitality
Transportation, Warehousing, and Utilities
Information
Manufacturing
Education and Health Care
Professional and Business Services
Other Services
Financial Activities
Government
Wholesale Trade

48.9 28.1

10.2 9.3

3.5 67.0

66.9 62.5

61.6 61.1

56.0 55.2

53.2 51.8

31.5 30.8

29.5 13.0

10.1 12.2

13.8 0.0

12.1 10.4

4.9 12.8

12.6 15.9

32.5 14.2

12.7 20.3

7.9 12.9

18.4 26.0

23.8 28.6

51.8 34.7

31.0 3.1

3.9 4.9

13.2 26.0

6.0 5.2

12.1 6.8

4.1 14.6

7.0 2.7

6.4 0.0

3.5 0.0

7.6 3.2

6.0 0.0

0.0 4.0

0.0 100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

53.0 22.2

12.2 7.7

4.9 49.1

28.5 11.8

8.0 2.7

56.3 22.0

10.5 8.7

2.5 55.2

22.7 11.4

6.9 3.9
Source: U.S. Census Bureau (American Community Survey); Analysis by UCR Center for Economic Forecasting and Development Source: U.S. Census Bureau (American Community Survey); Analysis by UCR Center for Economic Forecasting and Development City of Corona Residents by County of Work
City of Corona County of Work by Industry
34 There is also significant variation in commuting across income levels. In 2019, just over 70% of workers earning under $25,000 per year living in the City of Corona worked in Riverside County. Workers living in Corona and working in Riverside County earning between $25,000 and $49,999 also accounted for a larger share of the workforce compared to the city overall. Corona sees a smaller share of its higher-earning workforce work in Riverside County, with most of these highincome earners commuting or telecommuting to Los Angeles County or Orange County.

Wages Riverside
County (%)
San Bernardino
County (%)
Orange
County (%)
Los Angeles
County (%)
Other
(%)
Total
(%)
$24,999 and Under
$25,000 to $49,999
$50,000 to $74,999
$75,000 to $99,999
$100,000 to $149,999
$150,000 to $199,999
$200,000 to $250,000
Over $250,000

70.3 57.3

50.1 22.2

47.5 27.0

48.1 36.5

10.9 9.5

8.2 25.9

11.3 13.3

0.0 0.0

13.8 24.0

27.8 38.3

26.2 29.6

0.0 0.0

1.2 5.5

9.1 9.8

13.7 24.4

51.9 23.6

3.8 3.7

4.7 3.8

1.3 5.8

0.0 39.9
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
Source: U.S. Census Bureau (American Community Survey); Analysis by UCR Center for Economic Forecasting and Development City of Corona County of Work by Wages
35 EMPLOYMENT PROJECTIONS
From 2018 to 2028, total non-farm payrolls in the Inland Empire are expected to grow by 142,000 jobs, or 10.2%. However, these increases are not the same across all industries, which has implications for the City of Corona.

For example, Transportation, Warehousing and Utilities is projected to be the fastest growing sector in the region from 2018 to 2028. But the city only has a small portion of the region’s workforce in this industry, and with current land-use decisions it is unlikely to be a significant source of new jobs over this period.

While missing out on some of the growth related to Logistics, the City of Corona’s industrial make-up still has bright spots.

In the Inland Empire, Construction employment, the City of Corona’s largest industry, is projected to grow by 13,800 jobs from 2018 to 2028 (13.1%). These new jobs will be essential to build the new housing and infrastructure needed to sustain the economic growth the Inland Empire has enjoyed in recent years. Health Care is also projected to expand by a significant margin in the Inland Empire in the coming years, with payrolls rising by 36,100 jobs (16.4%) from 2018 to 2028. While only accounting for a small share of the region’s total jobs in the industry, Health Care is the third-largest industry in the city and will continue to be a major source of jobslocally.

In addition to the increases in Construction and Health Care payrolls, high-wage sectors such as Professional, Scientific and Technical Services is also projected to grow significantly in the coming years. From 2018 to 2028, employment in Professional, Scientific and Technical Services is projected to grow by 5,100 jobs (12.1%) in the Inland Empire. More importantly for the City of Corona, Professional, Scientific and Technical Services has a strong presence in the city.

Payrolls are not expected to increase across the board, however. Manufacturing employment in the Inland Empire is projected to decline by -2,700 jobs (-2.7%) from 2018 to 2028. The City of Corona accounts for an outsized share of the region’s workforce in this sector, and these job losses will need to be offset with gains in other industries if the city wants to match growth in the broader region in the coming years. 36 Industry Emp. 2018 Numeric
Change 2018
to 2028
Projected
Emp. 2028
Percentage
Change 2018
to 2028
Total Nonfarm
Transport/Warehouse/Util
Health Care
Leisure and Hospitality
Construction
Government
Admin Support
Prof, Sci, and Tech
Wholesale Trade
Other Services
Educational Services
Retail Trade
Financial Activities
Information
Management
Mining and Logging
Manufacturing
1,506,700
132,900
220,100
170,600
105,200
257,200
101,000
42,000
65,500
45,800
19,400
181,200
43,800
11,400
8,300
1,200
101,100
154,000
49,300
36,100
20,600
13,800
9,500
9,400
5,100
3,700
2,500
2,300
2,200
1,500
700
100
-100
-2,700
1,660,700
182,200
256,200
191,200
119,000
266,700
110,400
47,100
69,200
48,300
21,700
183,400
45,300
12,100
8,400
1,100
98,400

10.2 37.1

16.4 12.1

13.1 3.7

9.3 12.1

5.6 5.5

11.9 1.2

3.4 6.1

1.2 -8.3
-2.7
Source: California Employment Development Department (EDD); Analysis by UCR Center for Economic Forecasting and Development Employment Projections by Industry: Inland Empire (2018 to 2028)