2020 Comprehensive Annual Financial Report

The Greensboro area economy remained stable. The Gross Metropolitan Product (GMP), measuring the total output of goods and services ranked the Greensboro/High Point metro in the top 20% nationally with total GMP of $43.2 billion, up 13.3% in the past five years (U.S. Bureau of Economic Analysis). The Greensboro/High Point metro area unemployment rate steadily decreased from 10.1% in 2000 to a low of 3.8% in February 2020. The national average unemployment rate in February 2020 was 3.5%. Beginning in March 2020, rates rapidly increased due to the coronavirus pandemic to a peak in April 2020 of 15.4% for Greensboro/High Point metro area and 14.7% nationally. The unemployment rates have decreased since April 2020 with August 2020 rates at 7.7% for Greensboro/High Point metro area and 8.4% nationally. (U.S. Bureau of Labor Statistics) The most recent Census Bureau data indicates that Median Household Income in Greensboro was $49,748, a 21.9% increase over the past five years from $40,827. (U.S. Census Bureau) In fourth quarter 2019, there were 900 single-family home closings in Greensboro, a 30.1% increase compared to the same period last year. The fourth quarter 2019 median home sales price in Greensboro was $234,535, a 5.6% increase compared to the same period last year. (Greensboro Regional REALTORS® Association) There are currently 10,945 hotel/motel rooms throughout the City comprising 92 hotels. Receipts from the City’s 3% occupancy tax totaled $3,601,730 in FY 2019-20. The Tourism Authority receives 20% of the City’s 3% occupancy tax, with the balance dedicated to debt service related to Coliseum complex improvements and maintenance on the facility. A portion of the County’s 3% occupancy tax is remitted to the City for tourism development activities. Guilford County has a robust and growing tourism industry, maximizing economic impact and vitality in the region. In 2018, Guildford County was the third in visitor spending at $1.49 billion among all North Carolina counties. From 2010 through 2019, the Greensboro Coliseum Complex substantially completed an estimated $85 million in capital improvements, financed by Limited Obligation Bonds and funded by Hotel/Motel occupancy tax collections and $8 million in grant funds. The venues renovated at the ColiseumComplex include the Arena, XIV