The Coachella Valley Economic Partnership announced that its Economic Report for 2023 has been released and is available for download on the organization's website. The report, packed with photos, tables, and graphs, provides an in-depth look at the region's business and socioeconomic conditions. It serves as a comprehensive guide to understanding the progress and future prospects of Coachella Valley.
The report was meticulously put together by various experts offering insightful data on diverse aspects of the region's economy. According to a Nov. 21 CVEP Facebook post, the 75-page report contains business and socioeconomic data; an overview of the local economy; and tables and graphs on demographics, employment, sales, education, transportation and crime rates. It also includes a "big picture" discussion by economist Dr. Manfred Keil and summarizes CVEP's programs and activities.
The report’s CEO brings to light some pivotal points of the regional economy in his message. According to the report's Message from the CEO, Joe J. Wallace said the theme of this year's Economic Report is "Choosing to Change." "With the daily disruptions of the pandemic behind us, this year will present the Coachella Valley with an opportunity to make deliberate choices that make this a more resilient region in which to work and live," Wallace wrote.
Wallace lays emphasis on certain trends that have emerged in recent years including changes in population dynamics. In his message, Wallace points to some key data, including a drop in Coachella Valley’s population, falling from 463,381 in 2019 to 452,819 in 2023. Along with the population, the workforce has shrunk from 187,217 in 2019 to 176,784 in 2023. The workforce decrease, Wallace wrote, is largely due to "non- essential workers leaving the region to survive and prosper."
The CEO also highlights some of the persistent challenges that need collective effort and strategic planning. "Forty-two months after the pandemic turned our lives upside down, our challenges remain the same. We have parts of the region that are without internet bandwidth. We still need a 4-year comprehensive university that offers degrees that lead to thriving wages. We still need a vibrant investment community. And we still need to work together to craft and realize a future befitting a region that could be the 41st largest city in the United States...if our internal borders were removed," Wallace wrote.