Schulze gives economic outlook for Banning | Community

On the morning of Dec. 1, Banning City Manager Doug Schulze gave the Rotary Club of San Gorgonio Pass an overview of the town’s future development, noting that despite limited land resources, the town is showing economic growth.

Schulze began by sharing that recent data reported by the city’s economic consultant demonstrated that in 2022, Banning, one of the smallest towns in Riverside County, had the largest growth in assessed value in the county. .

According to the Riverside County Assessor’s 2022 Annual Report, Banning saw its assessed value increase by 16.60% from 2021 to 2022. The second fastest growing county was Perris, which grew by 16. 19%. Overall, Riverside County’s assessed value increased 9.26% over the same period.

“We are catching up,” Schulze said. “It has a lot to do with home sales. Home values ​​have increased dramatically in Banning over the past three years. The other big piece was the $50 million warehouse near the airport.

“In 2020, when we really started to see home values ​​change, we started at a median sale price of around $250,000. At the end of 2020, we were at $300,000. It soared to around $340,000 and then over $400,000 in three years. Part of that is that we have new homes being built in Atwell that are much more expensive. »

Discussing strong industries within the state’s economy, Schulze noted that two of the most important are manufacturing and high-tech, industries that are concentrated along coastal metropolises.

Schulze added that inland and rural areas are less diverse in the industries they support.

Speaking about the ban in particular, Schulze said one of the city’s main challenges in attracting new industries is the lack of large tracts of land available for development.

Although people walking through the city can see many undeveloped properties, most of them are not available for purchase and development or are not of an appropriate size for an industrial development capable of being powerful economic drivers, said Schulze.

“We come here from people who want to bring a business to Banning all the time, who are looking for a property but they can’t find it, or they find it but it’s not available,” Schulze said. “So we’re probably not going to be a community with huge development and huge economic drivers, but we have some interesting things happening.”

Schulze noted that two film studios are developing 15 to 20 sound stages in the city.

“This could be a transformative economic driver for the Town of Banning as it will create thousands of jobs, high paying jobs. Most entry-level jobs in the film industry are six-figure jobs, technical jobs with a lot of innovation,” Schulze said. “That could be something that makes us a creative engine in the region.”

Supply chain issues and difficulty in finding subcontractors have hampered several new developments. New businesses working to set up shop in Banning include a Sketchers distribution center with a retail outlet, Boot Barn, an Arby’s restaurant and PetSmart, Schulze said.

In addition to these, Banning City Council is expected to consider two development proposals for the vacant property at 150 E. Ramsey St.

Schulze added that several traffic and infrastructure projects are underway to benefit residents and to help facilitate economic development.

Some of these current and upcoming projects include the Highland Springs Avenue-Interstate 10 interchange upgrade, Hargrave Street grade separation, Cottonwood Road interchange improvements, and level crossing improvements. of San Gorgonio, intended to improve pedestrian safety.

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