City of Ontario Regains All Jobs Lost During Recession
The City of Ontario has regained all the jobs lost during the recession of 2008 and has begun to pass its pre-recession highs, according to a recent economic report prepared for the City of Ontario by Beacon Economics.Total nonfarm employment in the City of Ontario rose 4.4% year over year to 106,425 jobs, and saw unemployment fall in the Inland Empire to 6%.Key reasons for the economic recovery is that consumer spending is better than ever, and that the Inland Empire is integral to supporting this consumption, according to the November 2015 Regional Intelligence Report.“Inland Southern California is the logistics and distribution center of the West Coast, if not the entire United States,” the report reads. “Ontario is crucial to the American supply chain because of the relatively low rents, vast amounts of available land, business friendly environment and ideal and convenient location nearby major sea ports, rail systems and interstate highways.”Growth in LogisticsTransportation/Warehousing and Wholesale Trade showed the largest growth in September 2015. Transportation/Warehousing grew 9.5% and accounts for 15,300 or 14.3% of all jobs in Ontario. Wholesale trade increased 7.9% to 11,050, and accounts for 10.3% of all jobs.Another bright spot in the local economy is the positive impact logistics has across the supply chain, including its impact on the Professional, Scientific, and Technical and Management jobs. This sector grew 7.2% compared to last year, and comprises about 6% of the total jobs in Ontario. This sector is a great and well-known source of highly skilled, high wage jobs. Employees in this sector make on average $65,800 per year, compared to an average of $44,700 per year for industries in Ontario as a whole.Beacon Economics attributes this increase directly to its link to the Trade, Transportation and Utilities super sector.“As more industrial buildings are built out or enlarged, for example, more managers and supervisors are needed to oversee them and more science, technology, and development firms are hired to plan and outfit them with the latest logistics equipment, environmentally friendly features, and sophisticated software and hardware,” the report states. “Another reason for the subsector’s gains is that more new businesses have been moving in and more existing businesses have been adding locations in the region in order to participate in an economy that is beginning to resemble the bustling economics of coastal metropolitan areas but without the same high retail rent prices.”Other HighlightsThis trend will continue to increase with the addition of such employers as QVC, whose West Coast Distribution Center is currently being constructed in Ontario. This will be 1 million square feet and will eventually employ 1,000 people.Other highlights in the report includes:
- In the second quarter of 2015, taxable sales in Ontario continued to reach new highs, growing 8.9% year over year to $1.7 billion.
- Ontario commercial real estate continues to maintain its affordability. In the second quarter of 2015, retail rent increased 2% year over year to $22.94 per square foot, office increased 1.7% to $22.57 and industrial rent increased 1.96% to $4.68.
- Rental and housing markets continued to heat up in Ontario. Apartment rents rose, and median home process increased 7.6% to $347,160.
To read the complete report, visit http://www.ontariothinksbusiness.com/site-selection/data-demographics.Construction is underway of QVC’s West Coast Distribution Center in Ontario at I-10 and Vineyard Avenue. This will serve as a fulfilment center and administrative offices.