Economic Development Year in Review 2021-22
Year in Review for the City of Greensboro's Economic Development team for 2021-2022
YEAR IN REVIEW ECONOMIC DEVELOPMENT
IN THE NEWS
TRIAD ON LEADING EDGE OF AUTO ELECTRIFICATION In December 2021, Toyota announced plans to invest $1.29 billion in constructing an electric vehicle battery plant at the Greensboro-Randolph Megasite and create 1,750 jobs. In August 2022, Toyota announced an additional investment of $2.5 billion and 350 jobs. In 2015, the City of Greensboro committed to extend water and sewer service 12 miles south to the megasite, enabling this development. The company plans to start battery production in 2025. CITY STUDIES FUTURE DEVELOPMENT NEAR MEGASITE The US Economic Development Administration awarded the City a $100,000 matching grant for a land-use study and industrial site analysis along US Highway 421 south of Greensboro to the Greensboro-Randolph Megasite. The study will identify infrastructure, public services, and other resources needed to support the development spurred by the Toyota battery plant and identify potential sites for future industrial development. The final report is intended to guide decision-makers to maximize the economic impact of the megasite development in years to come.
A BANNER YEAR IN ECONOMIC DEVELOPMENT The City of Greensboro has had tremendous economic development success with over $4.4 billion in investment and 4,000+ jobs announced since December 2021. To commemorate the “Banner Year” in economic development, pole banners were installed downtown welcoming and recognizing those companies locating and growing in Greensboro. The banners also directed job seekers to Guilford Works Career Centers to learn about the new employment opportunities in the community.
OTHER PROJECT ANNOUNCEMENTS
FEBRUARY 2022 RPMWood Finishes Group selected Greensboro for a new center for research and development. RPM plans to create about 53 jobs paying an average annual wage of $75,047 and invest more than $19.5 million in a building formerly occupied by Qorvo. City Council authorized incentives of $160,729. RPM creates wood finishes and leather and vinyl touch up for furniture, cabinetry and decorative wood coatings. The company will collaborate with NC A&T State University to build research capabilities and offer internships.
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DECEMBER 2021 LT Apparel Group , a New York City based designer, manufacturer and marketer of children’s apparel, selected Greensboro for a new distribution center. The company plans to invest $57.3 million and create 116 new jobs at an average wage of $46,021. City Council approved $1.6 million in incentives.
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Procter & Gamble announced a $110 million expansion that will add 46 jobs and 86,288-square feet at its Swing Road plant. City Council authorized $1.8 million in incentives. Procter & Gamble is one of the world’s largest manufacturers of consumer brands. It employs 250 at its Swing Road facility (one of two in Greensboro), where Vicks, NyQuil, DayQuil, ZzQuil, Pepto Bismol and Align products are made.
Colorado-based Boom Supersonic plans to build a manufacturing facility at Piedmont Triad International Airport (PTI). City Council approved incentives of $1,500 per job. Boom expects to hire 1,761 at an average wage of $69,000 and invest $500 million by 2030. The company is developing a high-speed aircraft that will fly from New York to London in half the time of a traditional jet. Its PTI space will be a final assembly line test facility and customer delivery center. The remaining airport acreage is one of the few airport sites of its size in the country, making future expansion at PTI possible.
SEPTEMBER 2022 Core Technology Molding
NOVEMBER 2022 The United Kingdom-based IQE Semiconductor announced it would expand its Greensboro operation with 31 new jobs by the end of 2026. In July, City Council approved incentives up to $37,755 to assist the company with improvements at its 494 Gallimore Dairy Road site and new machinery and equipment purchases for a total investment of $7.1 million. IQE makes wafers for applications for the wireless, optoelectronic, electronic, and solar device industries. Most new employees will be technicians and engineers earning an average salary of $65,968.
Corporation was awarded a $2.1 million US Economic Development Administration grant to expand its facility at Gateway Research Park on Gate City Boulevard in east Greensboro. In January, City Council authorized matching funds of $750,000. These funds and Core Tech’s private investment will enable the minority-owned injection molding company to create 33 new jobs, and retain 35 jobs to meet demand from clients in new industry sectors. The expansion is expected to start in the first quarter of 2023, with production later in the year.
City Council approved an agreement to reimburse up to $500,000 worth of sewer improvements for a new Topgolf location off Guilford College Road. Topgolf is a sports entertainment complex with locations worldwide.
PTI available space Blue area is available for future development.
ACADEMY EXPLORES RETAIL OPPORTUNITIES In September 2022, the City of Greensboro, East Greensboro Now and the Greensboro Chamber of Commerce hosted a Retail Academy, a day-long program on retail recruitment in east Greensboro. Participants included East Greensboro Now board members, community members, and elected officials. Led by the national consulting firm Retail Strategies, participants learned about east Greensboro retail opportunities and how to promote and market the area.
CITY REVISES IMPACT ZONES In December 2021, City Council added new northeast and southeast Greensboro Census tracts to its Impact Zones, areas where growth is encouraged with enhanced economic development incentives. The areas are chosen based on the scale of economic distress determined through analysis of demographic data reported in the US Census Bureau’s American Community Survey. Eligible projects may receive an additional $250 per job filled by an individual who resides in an Impact Zone. AMBASSADORS IMPROVE SAFETY AND FRIENDLINESS In partnership with the city, Downtown Greensboro Inc. provides “ambassadors” throughout downtown to create a friendly and inviting presence. The ambassadors assist businesses, residents, and visitors with services such as wayfinding, safety escorts, event support, and outreach to those with quality of life needs. The COVID-19 relief funds will jumpstart plans to turn the facility into an urban manufacturing and innovation center called The Steelhouse – a $38 million, four-phase project that could create up to 600 jobs. The space will also become home to a NC A&T State University Machine Operator Training Facility and Forge Greensboro, a nonprofit makerspace with 250 members. In June 2022, City Council designated $2 million in federal American Rescue Plan funds to the Nussbaum Center for Entrepreneurship to begin redevelopment of the 220,000 square-foot former Carolina Steel facility at 1431 S. Elm Eugene Street. COVID FUNDS SUPPORT THE STEELHOUSE REDEVELOPMENT
CITY WINS NATIONAL PLANNING AWARD As this report shows, Greensboro is growing its economic competitiveness, which is one of the City’s main focuses in the GSO2040 comprehensive plan. In October 2022, the City was awarded the national Daniel Burnham Award for a Comprehensive Plan by the American
Planning Association. The plan was called an example of how planning and planners work to make our communities better, stronger, and more resilient.
ECONOMIC DEVELOPMENT DIVISION UPDATES At the start of the 2022-2023 Fiscal Year, the Office of Economic Development moved under the management of the City of Greensboro Executive Department and a new programs analyst, Agnes Szarka, was added to the team. In the fall, Economic Development moved to a new location in city hall with space for staff offices and collaborative meetings with clients.
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