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Quick Facts:
- Current Population(2011): 101,657
- City Limits: 30.15 sq miles
- Centrally located along I-15/I-215 freeway corridor just north of the San Diego County Line
- Annual Retail Sales Growth: 11.5%(42nd in CA)
- Sales Tax Per Capita: 79th in CA
- Median Age: 30.81
- # of Households: 27,148
- Higher Learning Facilities(within 1 hr): 22
- Average Household Income: $98,739
- Median Household Income: $94,044
- Average Daily Temperature: mid 70s
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LATEST NEWS: TEMECULA NOW PART OF SAN DIEGO'S FOREIGN TRADE ZONE AND INNOVATION HUB!
With its highly educated workforce and close proximity to San Diego’s technology cluster, the Twin Cities of Temecula and Murrieta are increasingly tied economically to San Diego’s diverse economy. Two recent announcements have solidified the Twin Cities’ role as an extension of Greater San Diego. These include the decision to include Murrieta and Temecula as part of the City of San Diego’s Foreign Trade Zone and the announcement by the state of California Governor’s Office of Economic Development (GoED) that the San Diego Innovation Hub (San Diego “iHub”) has been expanded to include the Twin Cities.
San Diego Foreign Trade Zone Expansion Includes Murrieta and Temecula
The decision by the Foreign Trade Board in Washington, DC marked a major success in the year long effort to establish a Foreign Trade Zone (FTZ) in Southwest Riverside County. The Cities of Temecula and Murrieta worked closely with the City of San Diego and the Riverside County Foreign Trade Commissioner, Tom Freeman, to include Southwest Riverside County in San Diego’s FTZ. The inclusion of Murrieta and Temecula in the zone will mean that local businesses will be able to save potentially millions of dollars in duty payments in their international trade-related activities. The Twin Cities have an active program to promote exports by local manufacturing and service companies. By growing their exporting operations, Temecula and Murrieta companies will be able to grow locally by being able to take advantage of expanding markets overseas. The FTZ expansion will provide a variety of incentives for our local companies.
FTZ ‘s were created in the United States to provide special customs procedures to US manufacturing. Manufacturers locating in FTZ’s do not have to pay import duties on goods brought into the zones unless they are exported to the United States and do not have to pay import taxes on the increased value of the goods added by labor in the U.S. which can potentially save companies millions of dollars annually due to the reduced fees, taxes and tariffs on goods brought into the US.
A large number of companies in the Twin Cities are already involved in international trade and the FTZ provides an ideal opportunity to encourage more companies to grow locally by becoming involved in trade. The Twin Cities recently hosted an Export University with the US Department of Commerce and Comerica Bank at the Temecula Civic Center, so as to encourage more such trade.
San Diego Innovation Hub Comes to the Twin Cities
The California Governor’s Office of Economic Development (GoED) recently announced the San Diego Innovation Hub or San Diego “iHub” has now been expanded to include Murrieta, Temecula, and Southwest Riverside, along with the City of Riverside and the University of California Riverside in this zone. This new partnership between the cities of Murrieta and Temecula, San Diego CONNECT, GoED, the University of California Riverside and the city of Riverside is designed to promote the expansion of San Diego’s dynamic innovation powerhouse to the Twin Cities and Southwest Riverside County. The partnership between San Diego and the Twin Cities and Riverside was solidified when the two regions joined forced to collaborate on a recent grant application submitted to the US Economic Development Administration for the i6 Green Challenge grant designed to promote Cleantech business expansion in San Diego and Southwest Riverside County.
The Twin Cities are primed for new growth industries that are a focus of the joint economic development efforts. The Twin Cities already host a number of technology companies including Walz Group in Temecula, which specializes in efficient certified mail service and cloud computing and Nimbus Water in Murrieta which specializes in solar energy and water filtration technology.
The new expanded San Diego iHub now creates a combined technology corridor which is anchored on the south by San Diego and on the north by the University of California Riverside – with the Twin Cities of Murrieta and Temecula acting as the central location or keystone for expanding tech companies.
This is the first time that the State of California has designated Southwest Riverside County as an official innovation corridor and it reflects the economic advantages of the Twin Cities, including the highly educated workforce, the area’s highly rated schools, the quality of life and the availability of affordable land and buildings along the freeways for new industrial growth. Our cities focus on creating a pro-business, pro-investment climate for business and offer fast-track permitting services to expedite the development process.
Launched in 2010, California iHub Initiative provides a platform for regional innovation clusters to flourish. The iHub initiative allows business, academia, government and venture capitalists to leverage such assets as research parks, technology incubators, universities, federal laboratories in an effort to foster innovation as a local economic development tool. The San Diego iHub was the seventh regional innovation cluster designated by the state in 2010 and is lead by San Diego CONNECT. CONNECT is a non-profit organization formed in San Diego with the mission of commercializing technology and promoting tech development in the San Diego region. Murrieta and Temecula have formed a strategic partnership with CONNECT to promote the mutual development of the San Diego and Twin Cities regions.
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