April 17, 2024
Amanda Wicker & Ashley Zaragoza
Economic Development Administrators
Economic Development Update
2 3
Corona Economy
89,200 Labor Force
Corona’s labor force comprises 7.7%
of Riverside County’s labor force
California Employment Development Department 2024
4.6% Unemployment
Compared to County and State’s
unemployment rate of 5.6% each 0
1 2
3 4
5 6
Corona Riverside County California
Unemployment Rate
4 Corona Economy
0 2
4 6
8 10
12 14
16 18
Thousands
Top Industries by Employee Count
88,547 Jobs
Q1 2023: Corona had 88,547 jobs,
which was a YOY growth of 2.5%
California Employment Development Department Q1 2023; Analysis by Beacon Economics
10.9% of County Jobs
Corona jobs encompass 10.9% of
all jobs in Riverside County
5 Corona Economy
Industry Average Annual
Wage
YOY Growth
City (%)
YOY Growth
County Balance (%)
Information $95,800 3.3 -2.4
Prof., Sci., Tech., and Mgmt. $92,900 3.5 0.2
Wholesale Trade $92,000 0.0 2.2
Fin. Svcs. & Real Estate $86,500 -1.1 -1.1
Government $86,500 2.3 3.1
Construction $78,400 2.7 3.9
Manufacturing $65,500 1.5 2.7
California Employment Development Department Q1 2023; Analysis by Beacon Economics 6 7
Economic Development Strategic Plan
Strategic Goals
Strategic Actions
Key Performance Indicators
Milestone Measurements
6 44
27 21
In Progress
25%
Complete
11%
Ongoing
46%
Upcoming
18%
82%
Of Strategic Actions are in
progress, complete, or ongoing
8 In partnership with our local and regional partners,
elevate and support entrepreneurs and small
businesses in Corona.
Elevate Entrepreneurs & Small Businesses
Facilitate the retention and expansion of existing
businesses and the attraction of new businesses in
Corona.
Facilitate Business Expansion & Retention
Provide our community with the skills resources,
and support they need to prepare for the jobs of
the future in Southern California.
Prepare & Support Our Residents for
Jobs of the Future
Facilitate a collaborative, responsive, efficient, and
business-friendly development review process to
ensure best in class service to our development
community.
Facilitate Planning & Development
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.
Encourage Placemaking & Community
Enhance communication and connection with
community by celebrating our successes and
ensuring all residents have equitable access to
City resources.
Enhance Communication & Connection
Economic Development Strategic Plan
9 Strategic Goal 1 Utilizing ARPA funding,
entered into new
agreements with Asociacion
de Emprendedor@s & SBDC
Provided 30 $10,000 grants
to Corona-based small
businesses and 60 $5,000
grants to Corona-based
entrepreneurs
In
Progress
2 Completed Ongoing Upcoming
3 6 1
Grew business promotion
from 38 businesses in 2022
to 54 businesses in 2023
10 Strategic Goal 1
Automotive
10%
Education
10%
Fitness
13%
Health Care
Leisure & Hospitality 17%
3%
Manufacturing
3%
Personal Services
7%
Professional Services
7%
Restaurant/Food Service
27%
Retail
3%
Small Business Grants by Industry
11 Strategic Goal 1
Automotive
3%
Construction
1% Education
2% Health Care
10%
Leisure & Hospitality
2%
Manufacturing
7%
Other
15%
Personal Services
15%
Professional Services
25%
Restaurant/Food
Service
7%
Retail
13%
Entrepreneur Grants by Industry
28 32
Home-Based
Commercial
12 Key Performance Indicator 2023 Update
# of Small Business Grant Applicants 183
% of ARPA Funds Distributed (Grants) 33%
% of Small Businesses that Remained Open One Year After Participating in Various Small Business Programs 100%
Increase in Promoted Activities for Small Businesses 54 (2023) vs. 38 (2022) % of Emprendedor@s Graduates that Successfully Launch
Their Business 100%
# of Entrepreneurs Utilizing Work and Meeting Spaces in Local Incubators and Colleges In Progress (FY 24-26)
Utilization of 300 Intern Hours Through Partnerships with Local Colleges In Progress (FY 24-27)
Strategic Goal 1
13 Milestone 2023 Update
Complete an annual survey of businesses visited to determine value of relationship with City In Progress (FY 24)
Hold two annual working meetings with Corona Chamber of Commerce & Greater Riverside Hispanic Chamber of Commerce Ongoing Complete “How to Do Business” Guide Complete
Survey New Business Reception participants to determine value of program Ongoing
Identify a focus area for initial phase of the façade program within one year Complete
Complete feasibility study and identify funding source for façade program, if feasible Complete
Hold Small Business Symposium Upcoming (FY 25)
Strategic Goal 1
14 Strategic Goal 2 Assisted 50 companies with
identifying sites for
relocation or expansion
Submitted market data and
marketing packets to 85
retailers, restaurants, and
entertainment concepts
Conducted business
outreach and visitations to
192 companies
In Progress
2 Completed Ongoing
1 4
15 Key Performance Indicator 2023 Update
# of Film Permits Issued 2
% of City Contracts Awarded to Corona-based Businesses 20.5% (FY 23) # of Businesses that Utilized LocateInCorona.com as part of their decision to locate in Corona 10
Strategic Goal 2
16 Milestone 2023 Update
Hold Initial Meetings with Partners and Identify Opportunities and Barriers to Facilitating Business Relocations to Corona Complete Complete Feasibility Analysis for Incentive Strategy In Progress (FY 24) Conduct a Survey of Manufacturing Assistance Program (MAP) Participants to Determine Value of Program Ongoing
Survey Businesses Utilizing Team Corona Services to Determine Value of Program and Ways to Improve Customer Service Ongoing Strategic Goal 2
17 Strategic Goal 3 Grew # of Hire Local Pledge
companies to 23 and promoted
marketing campaign
Held a Job Fair featuring
over 30 hiring companies
and 150 job seekers
In
Progress
1 Ongoing Upcoming
2 2
Advanced development of
the future Innovation Center
and awarded $2.5M
18 Key Performance Indicator 2023 Update
# of Households Assisted Through Emergency Housing
Programs
47 Households (Rental Assistance –
35, Mortgage Assistance 10, RRP –
2)
% of Households That Do Not Default on Rental Payments
Within One Year of Receiving Assistance Data Unavailable # of New Internship Programs Created for Local Students Upcoming (FY 24-27) Strategic Goal 3
19 Milestone 2023 Update
Implement Job Fair and Survey Participants to Determine Value of Program Ongoing
Meet with Leaders in Healthcare Industry to Determine
Feasibility of Creating a Medical Field Workforce Development Program and Identify Partners
Upcoming (FY 25-27)
Strategic Goal 3
20 Strategic Goal 4 Conducted outreach to over
70 locally based commercial
brokers to establish dialogue
and offer support
Held a Team Corona
Commercial Development
event to connect with
brokerage community
Held more than 20 Team Corona
meetings to support business
expansion and relocation
In Progress
2 Ongoing
2 21
Key Performance Indicator 2023 Update
% of Team Corona meetings that result in Corona Business Expansion or Relocation 80%
# of Annual Permits Corresponding to Cluster Industries 294 # of Corona Mall Properties Redeveloped In Progress (FY 23-27) Strategic Goal 4
22 Milestone 2023 Update
Host Informational Seminar/Webinar on City’s Entitlement Process Complete
Launch City Permitting and Resources Awareness Campaign In Progress (FY 24-25) Strategic Goal 4
23 Strategic Goal 5 Launched grant program
applications in February
2024, applications currently
under review
34 of 45 strategic actions are
in progress, complete, or
ongoing
LAB continued to advance
construction on their
properties
2 Completed Ongoing Upcoming
1 3 3
In Progress
24 Key Performance Indicator 2023 Update
% of Residents Rating the Quality and # of Places to
Recreate, Socialize, Meet, and Connect as Good or Excellent 37% # of Events Held in Downtown 33
# of Events and Attendees at Open-Air Stage Events 2 Events 2,500 Attendees
# of New Trails and Bike Lanes Constructed 0
Strategic Goal 5
25 Milestone 2023 Update
Produce a Business Liaison Brochure and Distribute to
Downtown Businesses Ongoing
Survey Downtown Businesses on Interest and Feasibility of Forming a BID Upcoming (FY 24-27)
Completion of Beautification and Revitalization Projects In Progress (FY 24-27) Complete Evaluation of Public Financing Feasibility Complete Strategic Goal 5
26 Strategic Goal 6 Advanced effort to establish
sense of place in Downtown
through creation of unique
branding
Successfully launched a shop
local campaign, encouraging
residents to patronize local
businesses
Grew target audience through
dedicated outreach and
increased newsletter subscribers
and social media network
2 Upcoming
3 2
In Progress Ongoing
27 Key Performance Indicator 2023 Update
% of City’s Business Resources that are Accessible in
Spanish 60%
Growth in Followers Across Social Media Platforms LinkedIn: 221 followers (up from 58) Instagram: 279 followers (up from 32)
% of Residents Opting Into Text Messaging System
Program Upcoming (FY 25)
% of City Employees that Complete Economic
Development Program Upcoming (FY 25-27)
Increase in Rating in Customer Service Surveys 65% Rated Good or Excellent vs. 61% (2022)
% of Commercial Brokers Engaged With 78%
Strategic Goal 6
28 Milestone 2023 Update
Complete Rebranding Guidelines Complete
Update Economic Development Webpage and Marketing
Materials Complete
Strategic Goal 6
29 30
RETAIL RECRUITMENT HIGHLIGHTS
The Retail Coach has connected with and submitted
market data to over 100 retailers, restaurants,
entertainment concepts, brokers and developers.
Match List Process
1. TRC created targeted retailer list based on market demographics, psychographics, current retail trends, and industry expertise.
2. Real Estate Inventory
3. Collaboration and feedback from City Staff
4. City-wide survey responses (3,000+) of desired brands & concepts Focused list for Downtown and for the City of Corona as a whole Special emphasis on unique concepts vs. national chains
CORONA RETAIL TRADE AREA
POPULATION: 160,648 POPULATION: 580,054
CORONA RETAIL TRADE AREA
DOWNTOWN
TEMESCAL VILLAGE PLAZA
BEDFORD MARKETPLACE / CROSSINGS AT CORONA
LOS ARCOS PLAZA
RETAIL RECRUITMENT HIGHLIGHTS
Interested tenants that have requested site information to review with their brokers include:
- multiple national development firms
- national beverage/package retailers
- multiple coffee concepts
- major flag hotel
- entertainment concepts (trampoline, bowling, etc…)
Site visit for major tenant rep to Los Arcos (Feb 2024)
ICSC REPRESENTATION
43 FY 2024 FY 2025 FY 2026 FY 2027
Communication
Strategy – Streamlined
Development
Launch
Innovation Center
Incentive
Strategy
Small Business
Symposium
Expand
Partnerships with
Local Schools
Corona Mall
Redevelopment
44 45