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Join us for the
20th Annual Festival of Lights
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THIS WEEK:
How to Start Your Small Business
Thurs, 11/29
for more info)
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for more community events, seminars & meetings, go to the
Community Calendar
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Could your company benefit from being in the Foreign Trade Zone?
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Foreign Trade Zones (FTZs) confer clear financial benefits to manufacturers and retailers. Using an FTZ can expedite product flow to market or enable strategic product releases motivated by demand rather than dictated by overseas shipment timing or the need to recoup tariff costs. In addition, FTZs can provide a methodology for overcoming quota restrictions. Click here to read more about the ABC's of FTZ's by Industry Week. |
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Economic Development News
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City of Riverside, California
Office of Economic Development
November 27, 2012
Riverside is being recognized worldwide for its forward looking, cutting-edge approaches to economic development, education, sustainability and technology. Discover the possibilities within this City of Arts & Innovation.
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International Trade Spurs Economic Activity in Region
Riverside County Office of Foreign Trade recently reported that a new study from the Brookings Institution, a Washington, D.C. think tank, ranked the Riverside metropolitan statistical area 24th among the top 100 metropolitan areas for export performance. The following is an excerpt from the article published in Export Magazine:
 With $10.9 billion of export value, the Riverside MSA ranked just behind Pittsburgh and ahead of the Denver, Charlotte and Baltimore MSAs.
The report, entitled "Export Nation 2012: How U.S. Metropolitan Areas Are Driving National Growth," found that, even as the country was losing jobs overall, export-supported jobs rose almost 6 percent in 2010, the most recent year for which statistics were available.
Exports directly supported 39,400 jobs in the Riverside MSA, which ranked the area 23rd in the nation in 2010, the most recent year for which statistics are available. Exports supported 73,600 jobs overall, which ranked the area 24th in the U.S., Brookings found. (Read more...)
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K&N Filters Proves to Be High Performing Equipment in Riverside's Economic Engine
Since 1969, K&N Filters has been making a name for themselves in the automotive industry. Starting out as a family business, the Riverside-based company now employs 650 and maintains its position as the sales and brand leader for performance air filters.
With a stocking catalogue of over 3,500 part numbers, including an extensive line of both factory replacement drop-in filters, FIPK (Fuel Injection Performance Kit) applications, and its line of innovative Performance Gold oil filters, K&N firmly believes that "automotive performance does not have to have a shelf life, or stand at odds with the quality of life of the purchasing consumer or others." The K&N signature product, the washable and reusable air filter, is a prime example of this commitment to quality and value as it is meant to last for the life of the vehicle while increasing horsepower and acceleration.
Although 30% of K&N's business is outside of the US, the company continues to grow here in Riverside.
"Over the last seven years, K&N has invested more than $15 million in machine and automation tooling in the Riverside facility in order to improve efficiencies while maintaining a competitive cost structure in a global marketplace," explained vice president Tim Martin, stressing the significance of this as some of the company's highest-growth product lines are geared for international customers. (Read more...)
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Register Now for the College of Foreign Trade Workshop Series
The "College of Foreign Trade," the Riverside County Economic Development Agency's acclaimed educational series, is seeking participants for this free program that covers everything from business strategies to how to finance your exports.
All sessions are scheduled for 9 a.m. to noon each day. The existing schedule is:
- Session 1: Global Business Opportunities for Small Business
- Session 2: Exploring Market Entry Strategies
- Session 3: International Trade Finance and Methods of Payment
- Session 4: International Shipping, Logistics and Supply Chains
In western Riverside County, sessions will be held Jan. 16, Jan. 30, Feb. 13 and Feb. 27 (locations to be announced). (Read more...)
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We invite you to celebrate the achievements and continued progress of this City of Arts & Innovation. Please contact the Office of Economic Development for more information.
Sincerely,
Scott C. Barber
City Manager
City of Riverside
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