CORONA CHAMBER OF COMMERCE GOOD

MORNING CORONAEconomic UpdateFebruary 25, 2010

“The economy depends about as much on economists as the weather does on weather forecasters.”

Jean-Paul Kauffmann

“Economists are pessimists: they’ve predicted 8 of the last 3 depressions.”

Barry Asmus

Monday, March 8, 2010

KEY INDICATORS FOR ECONOMIC DEVELOPMENT

• Industrial Vacancy

• Retail Vacancy

•Office Vacancy

• Residential Inventory/Sales

• Redevelopment Activities

Monday, March 8, 2010

CORONA INDUSTRIAL TREND

• 2002 Stable Vacancy

• 5.50%

• 2005 Explosion

• 1.43%

• 2009 Current Vacancy

• 8.11%

VacancyRiverside Vs. Corona 16.5% 8.11%

Monday, March 8, 2010

INDUSTRIAL MANUFACTURING GROWTH Waggin’ Train- Pet food manufacturer and distributorFirst West Coast presence•230,000+ sf•100+ employees

Dunkel Motorsports- Aftermarket vehicle manufacturer and reality TV show•Expanded into 45,000+ sf•35+ employees

SMS Supercars- Manufacturer and R&D facility for legendary Saleen technology•Relocated from Irvine•40+ employees

Zumiez - Mall-based, specialty apparel store which currently caters to teens and young adults•168,450+ sf•180-200 employees

Monday, March 8, 2010

CORONA RETAIL 2010OVER 5,000,000 SQ FT OF SPACE

Riverside vs. CoronaVacancy

21.5% 7.4%

Monday, March 8, 2010

RETAIL IN CORONA REMAINS STRONG!

• Less than 8% retail vacancy rate•Median Household Income $84,168• Retailers still seeking Corona

New Retail:

Burlington Coat Factory - Spring at North MainDress Barn - March at The CrossingsTopsy Turvy Frozen Yogurt - April at The Crossings

New Restaurants:

Mantra Indian Cuisine - Now Open at North MainAustin’s Sports Grill - Now Open at Corona Pointe

Monday, March 8, 2010

NEW OFFICE TENANTS

ITT Tech- ITT Educational Services, Inc. is a leading private college system focused on technology-oriented programs of study. •19,000+ square feet•75 employees

Anchor Blue- A clothing retailer which has over 112 stores in the Western United States relocated their Corporate HQ•38,000 square feet•125+ employees

University of Phoenix- Institution of higher learning with the largest student population in Northern America.• Expanded into 4,000 square feet• 35 employees

Monday, March 8, 2010

HOME INVENTORY TRENDS

Home Inventory TrendJuly 2007-December 2009

0

500

1,000

1,500

2,000

2,500

3,000

Jul. 2007 Feb. 2008 Sept. 2008 Apr. 2009 Nov. 2009

2,407

1,989 1,931

907

600

City of Corona Inventory TrendingU

nits

Time Period

Monday, March 8, 2010

AVERAGE MONTHLY HOME SALES BY YEAR

Homes on Market as of December 31, 2009 = 628

Based on Sales Velocity: 53 Days of Inventory

0

80

160

240

320

400

Average homes by M

onth

121

326357

20072008

2009

Monday, March 8, 2010

AVERAGE HOME PRICE TRENDS

Peak = July 2007$555,435

Bottom = April 2009

$291,922Current = December 2009

$327,891

Jul. 07

Oct. 07

Jan. 08

Apr. 08

Jul. 08

Oct. 08

Jan. 09

Apr. 09

Jul. 09

Oct. 09

Dec. 09

$0 $200,000 $400,000 $600,000

$327,891

$305,153

$303,005

$291,922

$308,980

$337,586

$360,350

$378,413

$406,535

$457,039

$555,435

Monday, March 8, 2010

Home Owners Assistance Programs (HOAP Now)

HOAP Now I

Provided approximately $1 million in loansto 21 Low to Moderate Income HouseholdsNow Seeking New Applicants!

HOAP Now II

Provided approximately $400,000 in loans to 5 Low Income HouseholdsNow Seeking New Applicants!

HOUSING PROGRAMSwww.CoronaHOAPNOW.com

Monday, March 8, 2010

REDEVELOPMENT TRENDS• Downtown

• Entered into exclusive right to negotiate with a medical development company

• North Main

• Watermarke Development underway on mixed-use project: 830 condos, commercial, office, restaurants…• Grading starts April 2010

ULI Marketplace Study- $12,500+Caltrans Grant- $200,000

Compass Blueprint- $60,000

Agency Grants/TAP Awards (Downtown)

Monday, March 8, 2010

TOOLS TO FOSTER BUSINESS!!

FilmCorona.comTeamCorona.com

InnerCircleCorona.com ShopCorona.com

Monday, March 8, 2010