Economic Development Year in Review 2025

2025 YEAR IN REVIEW ECONOMIC DEVELOPMENT

GREENSBORO ADVANCES ECONOMIC COMPETITIVENESS IN 2025

Greensboro continued to build momentum as a competitive and reliable market for business investment throughout 2025. The scale and diversity of projects announced and advanced during the year reflect growing confidence among employers, developers, and institutional partners in the City’s economic fundamentals and operating environment.

This report summarizes a year marked by major employer commitments, expanding supplier networks, and sustained progress across priority industries. Together, these efforts underscore Greensboro’s standing as an attractive location for both transformational projects and steady, long-term economic growth.

IN THE NEWS

JETZERO CHOOSES GREENSBORO FOR FIRST COMMERCIAL AIRCRAFT PLANT

JetZero, Inc., a breakthrough aviation company, announced a historic investment of more than $4.7 billion to build its first commercial airplane manufacturing facility at Greensboro’s Piedmont Triad International Airport. The project is expected to create more than 14,560 jobs with an average wage of $89,341 by 2036, making it the largest jobs-based economic development project in North Carolina history. In June, Greensboro’s City Council authorized an incentive of $1,000 per created job. Founded in 2020, JetZero is a startup redefining aviation design with the Z4 blended-wing body jet, which merges the wings and fuselage so the entire wingspan generates lift. This innovative design helps reduce carbon emissions, burn less fuel, and improve the passenger experience. The California-based company is moving its headquarters to Greensboro and has already partnered with major industry leaders, including NASA, Siemens, United Airlines, Alaska Airlines, RTX, and BAE Systems. This transformational project

further cements Greensboro and PTIA as the center of North Carolina’s aviation industry and a leading US location for this sector. JetZero joins the likes of Boom Supersonic, HondaJet, and FedEx Air in the area’s growing aviation community.

GUILFORD COUNTY ECONOMIC DEVELOPMENT ALLIANCE CELEBRATES 10TH ANNIVERSARY As it marks its 10th anniversary, the Guilford County Economic Development Alliance (GCEDA) reflects a decade of regional collaboration that has transformed expansion efforts in Greensboro, High Point, and Guilford County. The coalition was established by the three government entities, as well as the Greensboro Chamber of Commerce and the High Point Economic Development Corp., to end counterproductive competition among local governments. The alliance has inspired announced job growth from about 1,200 in 2015 to roughly 16,000 in 2025. GCEDA fosters broader regional cooperation, citing major projects such as the Toyota battery plant, The Fresh Market, Amada, and cross-county efforts to retain and attract employers.

NEW CITY AWARDS & OTHER NOTABLE ECONOMIC DEVELOPMENT WINS FOR GUILFORD

JANUARY 2025

APRIL 2025

JULY 2025

Contec IAS Selects Greensboro for North American Sales & Engineering Office Contec Industrial Automation Solutions (IAS), a Belgian engineering firm specializing in industrial automation, selected Greensboro for a new sales and engineering office, bringing 24 high-skilled jobs. Contec serves major sectors, including food and beverage, petrochemicals, tank terminals, and consumer goods, by designing and integrating automated systems, upgrading equipment, and optimizing plant performance. The company is investing $250,000 in its Greensboro office at 200 Centreport Dr. Founded in 1986, Contec employs about 250 people and operates in Belgium, France, Romania, Poland, the United Kingdom, and the US.

Allegacy Federal Credit Union Expands Greensboro Operations Allegacy Federal Credit Union, one of North Carolina’s largest credit unions, with 178,000 members and $2.3 billion in assets, is expanding its operations with a new member care center in Greensboro. Located at 7900 McCloud Rd., the leased 62,000-square-foot facility will create 50 new jobs. Founded in 1967 to serve R.J. Reynolds employees, Allegacy now partners with more than 700 companies and offers a full range of financial services, including consumer banking, business banking, insurance, and financial planning.

Integrated Power Services Opens Business Development Center in Greensboro Integrated Power Services (IPS), a leading provider of service, engineering, and remanufacturing for electrical, mechanical, and power management systems, announced the opening of a new business development center at Revolution Mill in Greensboro. The center will serve as a sales-focused extension of IPS’s Greenville, SC, headquarters and is funded for 60 new positions over three years with average starting salaries of $60,000 annually, plus commission. IPS supports critical infrastructure across industries such as manufacturing, agriculture, mining, health care, power generation, renewable energy, and defense.

ROAD TO 10,000: GREENSBORO ADVANCES AMBITIOUS HOUSING STRATEGY

CITY ECONOMIC DEVELOPMENT PROJECTS ANNOUNCED IN 2025

City Manager Nathaniel ‘Trey’ Davis launched the Road to 10,000 initiative to address rapid growth and housing demand by creating 10,000 new homes for all income levels over the next five years. The effort aligns with the City’s restructured Housing & Neighborhood Development Department, which focuses on attainable housing and community engagement. Key actions include financing affordable rental units, assessing property and development opportunities, and improving transportation and transit-oriented development. The initiative reached nearly 25% of the goal after nine months.

Company JetZero* Contec IAS

Investment New Jobs $4.724B 14,560

$0.25M 24 — 60 — 50 $13.5M 131

Integrated Power Services Allegacy Federal Credit Union

Hoffman & Hoffman*

$4.738B 14,825 *incentivized by the City of Greensboro

Total

COUNTY

SEPTEMBER 2025

OCTOBER 2025

DECEMBER 2025

Regional Partnership Secures $860 Million Distribution Center A collaboration between the Greensboro Chamber of Commerce, the City of Burlington, and Guilford County sparked one of the region’s most significant economic development wins: Ahold Delhaize’s $860-million Food Lion distribution center in eastern Guilford County. While not a Greensboro project, this transformational project is the largest industrial investment in Burlington’s history. It reflects years of coordinated planning, infrastructure investment, and regional partnership. Food Lion’s Netherlands-based parent company plans to begin construction in 2026, with operations expected to start in 2029. The facility will initially employ 120 workers, with long-term plans to grow to approximately 500 jobs by 2033.

Hoffman & Hoffman Announces Expansion in Greensboro Hoffman & Hoffman, a prominent leader in HVAC, plumbing, and pumping equipment solutions, will consolidate its existing Greensboro area facilities at Triad Center Drive. Founded in 1947, the employee owned company operates primarily in the Southeast and employs over 350 people in Greensboro. The expansion will add 131 jobs with a $13,500,000 investment. The Hoffman Companies operate as manufacturers’ representatives, and sell commercial HVAC and hydronics pumping equipment and filtration systems. They also service and maintain HVAC systems. The average annual wage for the new full-time positions will be approximately $77,137. The Greensboro City Council authorized an incentive of $1,500 per created job.

Lenovo’s Operation Expands at the Whitsett Facility Lenovo will expand its operations in southeastern Guilford County by investing $77 million and adding at least 420 new jobs with an average annual wage of $66,770 at its facility near Whitsett. While not a Greensboro project, it enhances the site’s manufacturing capabilities to better serve U.S. customers. Lenovo employs about 380 people at Rock Creek, where it performs product fulfillment, light manufacturing, server assembly, testing, packaging, and rack solution integration.

TOYOTA PLANT STARTS PRODUCTION AND DRAWS SUPPLIERS TO THE REGION Toyota’s battery manufacturing facility in Liberty, NC, started production in 2025, marking a significant milestone for the Triad economy. The largest industrial investment in state history, the $14-billion project

is expected to support approximately 5,100 jobs by the early 2030s. After four years of planning and construction, production ramped up and the first battery modules shipped in June. The plant’s impact extends well beyond its footprint, catalyzing a growing ecosystem of suppliers and vendors across the region and providing new opportunities for existing companies. Several major supplier investments were announced. Fujihatsu &

Toyotsu Battery Components North Carolina, LLC, plans to invest $60 million and create 133 jobs to manufacture aluminum battery cell cases and covers. Green Metals Inc. is investing nearly $20 million and adding 47 jobs in Greensboro to process battery-related manufacturing waste.

ECONOMIC DEVELOPMENT PARTNER UPDATES

STEELHOUSE STRENGTHENS LOCAL MANUFACTURING The Nussbaum Center for Entrepreneurship is transforming the historic Carolina Steel building in south Greensboro into The Steelhouse, a hub for urban manufacturing and community services. Supported by the City of Greensboro, the first construction phase renovated and reconditioned 32,000 square feet of shell space, and upgraded walls and windows, roofing, water and sewer systems, and electrical service.

OUR PARTNERS

The dedicated manufacturing center lists American Building Services, Inc., USA Insulation of the Triad, and KOGI Environmental Solutions among its initial tenants, who together will occupy approximately 40 percent of the available space. The project expands opportunities for businesses and strengthens the community by providing more than 220,000 square feet of manufacturing, food, health care, and community space.

INDUSTRY COUNCILS STRENGTHEN GREENSBORO’S BUSINESS BASE For more than 15 years, the Greensboro Chamber of Commerce’s industry councils have supported employers and strengthened Greensboro’s business community. Serving the manufacturing, supply chain and logistics, and aerospace/aviation sectors, the councils convene local businesses to address shared challenges and explore opportunities that impact the city’s business climate. Hosted by major regional employers such as Amazon, Honda Aircraft Company, Gilbarco, Parker Hannifin, Syngenta, Procter & Gamble, and the Harris Teeter Distribution Center, the meetings foster connections and exposure to local operations. Led by the Chamber’s Economic Development team, the industry councils ensure Greensboro remains responsive to employers and is positioned for long-term economic growth. www.SelectGreensboro.com