Economic Prosperity
Economic Prosperity
In today’s economy, highly skilled workers can perform their jobs almost anywhere, and these workers are seeking communities that provide a high quality of life. Desirable communities, such as Temecula, possess a wide range of housing opportunities, quality schools, efficient transportation networks, parks and accessible open space, a variety of shopping and entertainment opportunities, cultural arts, accessibility to high speed telecommunications, excellent healthcare, and institutions of higher learning.
Temecula’s residents have expressed a strong desire to be able to live and work in Temecula, and to have more diverse and well-paying jobs available. They also want their children to be able to find meaningful work and affordable housing so they too can live and work in Temecula as they become young adults. Echoing residents’ concern for their children’s future job opportunities, the Blue Ribbon Committee highlighted the need to foster the Career Technical Education (CTE) system in the community. Temecula was fortunate that Mt. San Jacinto College (MSJC) acquired the former Abbott office campus. The new MSJC Temecula campus has further expansion potential and opportunities to merge CTE curriculums at the high schools with MSJC programs to provide local students the opportunities to train for vocational jobs in Temecula. Further coordination with CSU San Marcos will also help to extend these workforce training and education opportunities to the four year degree level.
The City is especially interested in fostering entrepreneurial opportunities. The Temecula Valley Entrepreneur’s Exchange (TVE2) is a business incubator and regional resource center managed by the City’s Economic Development Division that fosters business growth and economic vitality for entrepreneurs and early stage companies by providing access to low cost commercial space, technology, high quality resources, and leveraging a strong network of community partners located at the TVE2, including the Small Business Development Center (SBDC), the Economic Development Coalition (EDC), and Riverside County Workforce Development. Residents closely associate the presence of independent, locally-owned businesses with the City’s cherished small town atmosphere and the TVE2 is actively supporting new start-up small businesses to succeed in Temecula.
Temecula features a number of strong business sectors that offer a wide range of job opportunities, as well as help to support City revenues and high quality services. The biomedical cluster employs thousands in healthcare and manufacturing of medical devices. The tourism industry attracts sales exceeding $1.1 billion annually, anchored by the Pechanga Resort Casino, Old Town Temecula, and Temecula Valley Wine Country with more than 45 wineries, marketed through Visit Temecula Valley. The retail sector is especially strong, ranking Temecula in the top 13% sales tax generators in the State. The City is committed to growing these and other economic opportunities to benefit its residents, workforce, and sales tax revenue funds that support enhanced infrastructure and public safety in Temecula.
Measuring Our Progress
| Indicator | Meets/Exceeds Goals | Progressing | Needs Improvement |
|---|---|---|---|
| 95%+ | 93-95% | <93% | |
| Annual Employment Rate: Goal: 95%+; “progressing” is 93-95%; “Needs Improvement” is <93% | 96% |
| Indicator | Meets/Exceeds Goals | Progressing | Needs Improvement |
|---|---|---|---|
| Increasing | Stable | Decreasing | |
| Household Income: Goal: Annual Increase; “Progressing” is stable; “Needs Improvement” is annual decrease | 1.5% increase |
| Indicator | Meets/Exceeds Goals | Progressing | Needs Improvement |
|---|---|---|---|
| Housing Affordability Index: Goal: More than 65% for Riverside County | 33.0% | ||
| Housing Options: Goal: 65% single family; “Progressing” is 66-75%; “Needs Improvement” is >75% | 78.5% | ||
| Residential Building Permits: Goal: Increase | 332% increase | ||
| Commercial Building Permits: Goal: Increase | 21.5% decrease | ||
| Vacancy Rates: Commercial Buildings (SW Riverside Region): Goal: 15% | 15.7% (Office) 19.2% (Retail) |
||
| Vacancy Rates: Industrial Buildings (SW Riverside Region): Goal: 5-7%; “Progressing” is 8-10%; “Needs Improvement” is >10%) | 18.4% |
| Indicator | Meets/Exceeds Goals | Progressing | Needs Improvement |
|---|---|---|---|
| Top 15% | Top 16-25% | Less than Top 25% | |
| Per Capita Sales Tax Goal: Be in the top 15% among State agencies; “Progressing” is in top 16-25%; “Needs Improvement” is > 25% of agencies | Ranking is 13% | 78.5% |
| Indicator | Meets/Exceeds Goals | Progressing | Needs Improvement |
|---|---|---|---|
| Hotel Occupancy Rates: Goal: 70%; “Progressing” is 50-69%; “Needs Improvement” is <50%) | 67.5% | ||
| Transient Occupancy Tax Revenues: Goal: >5% annual increase; “Progressing” is 1-5% increase; “Needs Improvement” is annual decrease | 24% increase |
| Indicator | Meets/Exceeds Goals | Progressing | Needs Improvement |
|---|---|---|---|
| 100% | 70-99% | <70% | |
| Broadband access for business: Goal: 100%; “Progressing” is 70-99%; “Needs Improvement” is <70% | 80.0% |
Our Accomplishments, Strategic Objectives, and Goals for 2040
- Uptown Temecula Specific Plan
- Opening of Mt. San Jacinto College Temecula Campus (MSJC), Cal State University San Marcos at Temecula, and the University of Redlands satellite campus
- Selected as the US Small Business Administration’s Community of Excellence recipient
- Created and implemented workforce programs, including the City’s intern program and an extern program that matches students with Temecula businesses
- Launched and expanded TVE2 as the City’s business resource center and business incubator for entrepreneurs and businesses to include the presence of the SBDC, EDC, and Riverside County Workforce providing tools and resources for a successful business
- Launched and continue to grow annual college and vocational fair hosted at Promenade Temecula, which also supports retail sales
- Produce new marketing materials and outreach campaigns each year to educate the community, promote existing Temecula businesses, and attract new companies to Temecula
- Pursue long-term economic diversification for job creation
- Support the retail sector’s adaptation to a changing marketplace
- Nurture small businesses and regionally unique commercial uses
- Encourage development and activities that attract visitors and conventioneers
- Cultivate an entrepreneurial and academic environment
- Promote and protect the City’s brand as “Southern California’s Wine Country”
- Continue implementation of Uptown Temecula for Jefferson Avenue area revitalization
- Attract luxury hotels and a convention center
- Support Old Town’s revitalization as it evolves to protect its charm and historic appeal
- Continue support of the Pechanga Tribe and their ongoing development of upscale luxury resort(s) and entertainment
- Foster Career Technical Education in support of high school and MSJC curricula
- Provide an entrepreneurial culture that offers a growing number of diverse high-paying jobs in innovative and global companies, including those in the bio-medical cluster and other sectors
- Encourage the broadening of higher education opportunities both public and private
- Foster an integrated Career Technical Education (CTE) system that builds on curricula offered through Temecula Valley Unified School District, Mt. San Jacinto College and the CSU San Marcos campus at Temecula
- Continue to protect the City’s special natural resources – air quality, open space and parklands, wine country, and clean water – that provide a special quality of place
Community Survey
The survey acts as the City’s report card from the community. The purpose of the study is to assess perceptions of quality of life in the City and identify important issues and services. The survey gathers opinions on topics and has the residents rate the topics by level of priority (high priority vs. lower priority). It also evaluates perceptions of local government and customer services by rating the expectation level (exceeds expectations vs. not satisfied).
Exceeds Expectations or is a High Priority (>85%)
Progressing or is a Medium Priority (70-84%)
Not Satisfied or is a Lower Priority (<70%)
Employment and Shopping
72.0%
Resident satisfaction with City's promotion of job development
88.1%
Resident satisfaction with City's efforts to satisfy residents' needs for shopping opportunities
Rating of Resident Spending Priorities (medium to high priority)
76.8%
Encourage the upkeep and rehabilitation of existing commercial centers
76.2%
Provide incentives to attract new employers and jobs to the City
65.9%
Attract or expand institutions of higher learning, such as a college or university
64.6%
Revitalize Jefferson Corridor and other outdated commercial areas of the City
51.3%
Encourage the development of affordable housing
The city’s overall economic goals are to create a high value, high growth and diversified economic base, increase access to higher education, expand CTE opportunities offered through Temecula valley unified school district and local colleges that are matched to the needs of local businesses and generate revenues to maintain important infrastructure and services like roads, parks and libraries. The city will also need to define and advance its goals for economic prosperity within the broader context of the regional economy.