CAFR 2016

hospital in the State in 2016. The ranking identifies organizations that excel in patient satisfaction, safety, and low readmission and mortality rates for common conditions and procedures. The Greensboro area economy continued to rebound in several areas including building permit and housing activity. Home sales have improved, with 19.3% more homes sold in the Triad in Q2, 2016 compared to the same time prior year. Average home prices rose to $193,756 in June, 2016, up 8.7% from 2015 (National Association of Realtors). Residential building permits authorized in the Triad in Q2, 2016 were 12.4% above the 2015 estimate. At the national level, the number of residential building permits issued increased 10.2% for the same period (U.S Census Bureau). The employment mix remained relatively stable through FY 2016 with a seasonally adjusted unemployment rate of 5.3% for the Greensboro-High Point MSA in June 2016, somewhat higher than the national average but down from 6.3% in June 2015 (US Bureau of Labor Statistics). As of December 2015, 3.5 months of housing supply existed, down from 4.1 months in December 2014 (HUD PD&R, Housing Market Profile, Greensboro High Point, NC 1/1/16) Real estate foreclosures totaled 456 in May 2015, down 11.5% over the previous year. In the Triad region, the average apartment vacancy rate was 7.5% (Real Data April 2016) and improved at 8.1% and 13.2% in first quarter 2016 for vacant industrial and office spaces, respectively, according to CBRE Triad. Greensboro and North Carolina in general are transforming from the traditional manufacturing base noted in the late 80’s and early 90’s to a strong service sector and high-tech presence with significant business diversification in recent years. Service jobs continue to be the largest sector in the region, with financial services generating the highest wage rate of any major industry in the local economy ($66,244) and the largest relative wage gain (7.5%). The education and health service sectors remain dominant, accounting for approximately one in every four jobs in Greensboro. (2016 State of the City Report: Greensboro, NC, K. Debbage) There are currently 9,593 hotel/motel rooms throughout the City comprising 86 hotels. Receipts from the City’s 3% occupancy tax totaled $3,905,980 in FY 2015-16. The Tourism Authority receives 20% of the City’s 3% occupancy tax, with the balance dedicated to debt service related to War Memorial Coliseum complex improvements. A portion of the County’s 3% occupancy tax is remitted to the City for tourism development activities. Greensboro Aquatic Center (GAC ) a state-of-the-art, 78,323 square foot indoor swimming facility, with seating capacity of 1,850 and total capacity of 2,500 has been in operation since September 2011, featuring leading edge concepts in aquatic design. The GAC brings together all major aquatic sports - competitive swimming and diving, water polo, synchronized swimming and other unique sports all in one venue. The GAC has provided Greensboro the opportunity to host high school and collegiate events, USA swimming meets, Master’s swimming and U.S. Water Polo events as well as many local, regional, national and international competitions . In 2016, the GAC hosted both the Men’s and Women’s Atlantic Coast Conference (ACC) Swimming and Diving Championships. Following the success of these events, the GAC was selected as the host site for the ACC Men’s and Women’s Swimming & Diving Championships from 2017 through 2022. With this increase in demand, the GAC is planning to expand with an additional 50-meter, 5-lane training pool and an outdoor plaza, to be completed in 2018. This venue operates 15 hours per day and the estimated first year economic impact of GAC events exceeded $74 million.

In FY 2015, the Coliseum Complex completed $24 million in capital improvements financed by 2012 Limited Obligation Bonds and funded by Hotel/Motel occupancy tax collections. The venues renovated at the Coliseum Complex include the Arena, Special Events Center, GAC and an auxiliary building that houses the Greensboro Convention and Visitor’s Bureau. The projects consisted of replacing and realignment of arena seating, widening concourse areas and concessions, scoreboard

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