COMPETITIVE ANALYSIS
BENCHMARK COMPARISON
The benchmarking assessment compares Riverside County’s economic performance to 17 peer and aspirational counties nationwide, selected in collaboration with Office of Economic Development staff. The analysis provides data-driven insights into key indicators such as job growth, business formation, industry specialization, and workforce readiness. By focusing on sectors critical to Riverside County’s future, the assessment helps shape a strategic, evidence-based Economic Development Strategic Plan that aligns with the county’s long-term competitiveness and talent development goals. The full benchmark analysis is found in Appendix K.
KEY ECONOMIC PERFORMANCE
Highlights for Riverside County (2014-2024)
Riverside County has demonstrated strong private-sector momentum and post-pandemic resilience, with notable gains in job creation and business formation. While employment density and labor force participation remain areas for improvement, the county’s recovery and sustained growth position it as a rising economic force in the region.
√ Private Sector Job Growth
+38.4% total growth, 3.31% CAGR, 194,984 new jobs.
√ Employment Density
275.2 jobs per 1,000 residents, lowest among peers.
√ New Business Formation
+64% increase in establishments, 5.1% annualized growth.
√ Labor Force Participation
60.6%, second lowest among benchmark counties.
√ Economic Resilience
After a 5.0% employment drop in 2020 (the steepest among the benchmark counties), Riverside County not only regained pre‑pandemic job levels by 2022 but sustained above‑average growth through 2024, demonstrating economic resilience.
Benchmark County Comparisons
Riverside County is positioned as a “fast follower”. As a fast follower, Riverside County is demonstrating a rapidly growing and evolving economy and strong potential for catching up or surpassing peers by adopting successful strategies, targeted investments and building on innovation. Compared to peers:
√ Top Performers
(e.g., Collin, Maricopa, Mecklenburg) combine high job growth with high employment density and educational attainment.
√ Emerging Markets
(e.g., Fresno, San Bernardino) share Riverside County’s growth trajectory but face similar infrastructure and workforce challenges.
√ Mature Markets
(e.g., Los Angeles, Orange, Harris) show high density but slower growth.