2023-24 Economic Development Year in Review

2024 YEAR IN REVIEW ECONOMIC DEVELOPMENT

GREENSBORO SEES OPPORTUNITY, INNOVATION AND GROWTH IN 2024

This report highlights the significant advancement of the City of Greensboro’s long-term vision for growing the City’s economic competitiveness as outlined in the GSO20 4 0 Comprehensive Plan. Greensboro continued to experience steady investment driven by a series of development endeavors in 2024. The City Council approved new awards for four economic development projects and ongoing construction on previously approved projects remains on track. The product of public and private partnerships, the new projects are poised to transform the local economy by generating more than $430 million in capital investment and creating over 500 new jobs.

The completion of the Highway 421 Land-Use Study and a new website (www.SelectGreensboro.com) will help the office chart new initiatives in 2025. We are working with the City’s Communications & Marketing Department to highlight local development projects and create short narratives to share with the community. We have also executed a contract with Retail Strategies, one of the nation’s top retail recruitment consultants, to improve shopping options in targeted areas of the city, beginning with the Randleman Road Corridor. We look forward to continued success in 2025.

IN THE NEWS

SYNGENTA COMPLETES $140 MILLION GREENSBORO EXPANSION

HIGHWAY 421 LAND-USE STUDY COMPLETE Funded in part by a $100,000 grant from the US Economic

Syngenta Crop Protection Inc., one of the world’s leading agriculture companies, celebrated the grand opening of its $140 million, state-of-the-art laboratory and office expansion at its North America Crop Protection Headquarters near I-40 in Greensboro. In October, the company dedicated the facilities on its 70-acre campus, which houses 700 employees who earn an average annual salary of $110,000. The project’s opening followed four years of collaboration among City, Guilford County, state, and company leaders after Syngenta’s 2020 decision to reassess the Swing Road property. Company leaders ultimately determined to remain in Greensboro in 2021 after the City authorized more than $1.7 million in incentives.

Development Administration, the City commissioned a study of the US Highway 421 corridor area, which was published in 2024. The effort examined how existing and future land use of properties located north of the Toyota battery plant at the Greensboro-Randolph Megasite could spur economic growth and create jobs. The project’s findings were released in July and will guide decisions related to the development and provision of services in the area.

photo by Mike Micciche

www.SelectGreensboro.com

NEW CITY AWARDS & OTHER ANNOUNCEMENTS

Clearly Clean Products to Create 80 New Jobs in Greensboro

JUNE 2024

The Pennsylvania maker of recyclable plastic trays used in the food industry plans to open a $26.94 million facility and add at least 80 jobs at an average annual wage of $58,876 in East Greensboro. The company makes a line of food-packaging trays made from the most widely recycled form of plastic, polyethylene terephthalate (PET), the same material used in most plastic beverage bottles. Greensboro’s City Council authorized $344,171 in economic development incentives for the project. Core Technology Molding Corporation Expands in Greensboro Greensboro-based, minority-owned Core Technology Molding Corporation announced an expansion of its Greensboro operation. The plastic-injection molding company serves some of the largest original equipment manufacturers

JUNE 2024

James M. Pleasants Company, Inc. to Expand and Create 40 New Jobs

Greensboro industrial equipment supplier James M. Pleasants Company will consolidate three Triad sites into a new facility, preserve its workforce, and add 40 jobs with a $30 million investment. The employee-owned company has been growing in North Carolina for more than 65 years and manufactures commercial heating, ventilation, air conditioning, and plumbing equipment. The average wage for the new full-time positions will be approximately $64,250. City Council awarded the company up to $536,252 in incentives.

JULY 2024

around the world in a variety of sectors. The development will yield an additional investment of $27.85 million and create 26 new positions at an

AUGUST 2024

PartnerHero to Invest in New Greensboro Operation PartnerHero, a leading business process

average wage of $58,885. Greensboro City Council approved an economic development incentive package for the company worth up to $520,407.

outsourcing organization that connects talented people worldwide with innovative companies, announced the hiring of 200 new employees and investment of nearly $7 million into a new operation at 7900 McCloud Rd.

SEPTEMBER 2024

Banknote Corporation of America to Grow in Northeast Greensboro Banknote Corporation of America will expand its operation at 6109 Corporate Park Dr. The US-based commercial security printer will build a modern, 20,000-square-foot facility, which will add 50 new jobs and bring a $28.5 million investment to the community.

NOVEMBER 2024

IQE Expands Greensboro Operation IQE, a leading global supplier of advanced semiconductor products and services, confirmed its commitment to expand its Greensboro operation. The Wales, United Kingdom-based company will invest $305 million to produce semiconductor materials for wireless devices. It will add at least 109 jobs at its Gallimore Dairy Road facility where it already employs about 70 people. The new positions will pay an average of $64,908 annually. City Council authorized an economic development incentive of $2,410,711.

NOVEMBER 2024

Gilero to Invest in Greensboro Manufacturing Facility

Gilero, a Sanner Group company specializing in contract design and manufacturing business for medical and drug delivery devices and pharmaceutical packaging, intends to extend its operations into Greensboro. The company will invest in a 60,500-square-foot facility at 486 Gallimore Dairy Rd. The project will create 37 new jobs and represent a $6.4 million investment.

NC A&T BREAKS GROUND ON RESURGENT PROJECT The N.C. A&T Real Estate Foundation and Cone Health started construction of a $32 million building near A&T’s campus in East Greensboro. The five-story office building will house urgent and primary care medical services on the first two floors. The remaining floors will provide local businesses with resources from the East Greensboro Entrepreneurial Hub and office space for the university. The facility will provide accessible and essential healthcare for residents and bridge the health disparities gap in underserved communities. The multi-phase project will eventually offer a residential component and is made possible through support from partners like the City of Greensboro. AIRPORT PROJECTS MAKE PROGRESS

photo by Tim French, American Aerial Photos

Marshall USA

Boom Supersonic completed construction of the factory building that will produce its first supersonic commercial jetliners. The factory’s June completion came a few months after the successful test of Boom’s XB-1 test aircraft, the world’s first non-military supersonic jet developed entirely by a private company. Boom plans to build 33 jets per year in its Greensboro facility. Two additional airport projects are also on track: Marshall USA plans to create 240 local jobs and make

Boom

a $50 million investment in a new C-130 maintenance, overhaul, and repair facility early in 2025. The Boom and Marshall USA projects, plus HondaJet’s $55.7 million, 280-job expansion, further cement PTI Airport as a regional economic powerhouse. TOPGOLF OPENS IN GREENSBORO Topgolf opened a new $10.5 million facility on a 30-acre site at 609 Guilford College Rd., near the intersection with Bridford Parkway. The facility is part of a larger commercial development that will include entertainment, restaurant, and hotel concepts. NEW WEBSITE

The Economic Development Office launched a new website (www.SelectGreensboro.com) to assist in recruiting investment and companies to Greensboro. The streamlined and informative pages also provide resources and guidance to entrepreneurs, businesses, and developers.

LAUNCHLAB CELEBRATES 10 YEARS The Greensboro Chamber of Commerce’s Launch Greensboro celebrated a decade of the LaunchLab accelerator program, which helps city entrepreneurs and small business owners start and grow their businesses. With financial support from the City, the program has served nearly 500 companies, more than 55% of which remain in business. The program boasts 71% minority and women representation among participants across its three educational experiences:

OUR PARTNERS

LaunchLab 101, LaunchLab Growth, and LaunchCamp.

Launch Greensboro also hosted its inaugural Startup Week of business seminars and special events such as an A.I. Hackathon, an E-Sports Tournament, and the annual Capital Connects pitch competition. To learn about or apply for a LaunchLab program visit: https://greensboro.org/launch. STEELHOUSE IN GREENSBORO TO BE REDEVELOPED

The Nussbaum Center for Entrepreneurship broke ground on the $40 million redevelopment of The Steelhouse in June. Once Carolina Steel’s main production plant, the site was donated to the Center in 2014. Plans call for a transformation of the building on Elm-Eugene Street that will provide a hub for innovative and scalable startup manufacturing, workspaces for artisans and food entrepreneurs, and community amenities like an indoor farmer’s market and healthcare clinic. The City designated $2 million to support the project, which could create 600 jobs. The funding will support the project’s first phase, which is a multi-tenant manufacturing space.

ECONOMIC DEVELOPMENT PROJECTS ANNOUNCED IN 2024

COMPANY

INVESTMENT JOBS CREATED

IQE*

$305M

109

James M. Pleasants Company, Inc.* Banknote Corporation of America Core Technology Molding Corporation*

$30M $28M

40 50 26 80

$27.85M $26.94M

Clearly Clean Products*

PartnerHero

$7M

200

Gilero Total

$6.4M

37

$431.19M 542

*incentivized by the City of Greensboro