2022 Annual Comprehensive Financial Report

The Greensboro area economy remains stable. The Gross Metropolitan Product (GMP), measuring the total output of goods and services, ranked the Greensboro/High Point metro area 75 th nationally with total GMP of $42.0 billion and accounted for 0.2% of the U.S. metropolitan portion total. (U.S. Bureau of Economic Analysis). Greensboro experienced job growth of 2.9%, adding 6,778 jobs from 2021 compared to 2019 (2020 data was not available) representing total employment of 243,836 for 2021. (U.S. Census Bureau)

The Greensboro unemployment rate steadily decreased to 4.8% in June 2022 after peaking at 15.8% in May 2020 due to the coronavirus pandemic. Prior to the pandemic, the lowest unemployment rate for Greensboro since 2010 was 3.5% in December 2019. The unemployment rates in June 2022 for North Carolina and the United States were 3.4% and 3.6% respectively. (U.S. Bureau of Labor Statistics) The 2021 U.S. Census Bureau data shows the Median Household Income in Greensboro was $51,825, a 15.0% increase over the past five years from $45,064 in 2016. The 2021 median household income for North Carolina was $61,972 and United States was $69,717. (U.S. Census Bureau) In second quarter 2022, there were 971 single-family home closings in Greensboro, a 12.0% decrease compared to the same period last year. The second quarter 2022 median home sales price in Greensboro was $307,900, a 23.2% increase compared to the same period last year. (Greensboro Regional REALTORS® Association) There are currently 11,043 hotel/motel rooms throughout the City comprising 93 hotels. Receipts from the City’s 3% occupancy tax totaled $4,824,301 in FY 2021-22. 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 capital improvements for tourism development activities and for support of the Steven Tanger Center for the Performing Arts debt service. Guilford County has a robust and growing tourism industry, maximizing economic impact and vitality in the region. In 2021, Guildford County spent 52% more compared to 2020, representing $1.2 billion in spending with the lifting of pandemic restrictions being a big factor. Overall, the state of North Carolina saw a 45% increase in spending.

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