Economic Development Year in Review 2023

Year in Review for the City of Greensboro's Economic Development team for 2022-2023



2023 BRINGS CONTINUED ECONOMIC SUCCESS In 2023, the City of Greensboro continued to have significant success with several major economic development project announcements in our target industry sectors including aviation, life sciences, and innovative manufacturing. These wins align with the City’s GSO2040 comprehensive plan goals to grow economic competitiveness that creates equitable opportunities to succeed and generates employment for all segments of the community. The planned projects have been the result of the collaboration of the public and private sector and will generate more than $690 million in capital investment and create over 1,000 jobs in the next few years in the city. These are in addition to Toyota’s two economic development announcements this year at the Greensboro-Randolph Megasite in Liberty. We look forward to carrying this momentum into 2024.


TOYOTA EXPANDS INVESTMENT IN THE TRIAD Toyota’s two announcements this year will yield an additional $10.1 billion investment and create 3,000 jobs at Toyota Battery Manufacturing North Carolina in Liberty. This brings the company’s total planned investment in the region to $13.9 billion and more than 5,000 jobs. This new investment adds eight more battery electric and plug-in hybrid vehicle battery production lines. The plant will also have four battery lines for hybrid electric vehicles. The new plant is the company’s epicenter of lithium-ion battery production in North America. Local organizations are working to support the future Toyota workforce. This summer, community college students who are part of the North Carolina chapter of the Federation for Advanced Manufacturing (FAME) participated in a month long introductory to skilled manufacturing jobs at Forge Greensboro, a makerspace downtown that provides equipment, technology, and specialized training to members. Toyota worked closely with the makerspace so the skills being taught would align with the career opportunities at its future manufacturing facility.


APRIL 2023 TAT Piedmont Aviation , an aviation

APRIL 2023

MAY 2023 Toyota announced it is adding another $2 billion in investment to its vehicle battery plant under construction at the Greensboro Randolph Megasite in Liberty.

Marshall USA , a subsidiary of Marshall Aerospace, selected Greensboro to build its facility at PTIA. The UK-based company

maintenance, repair, and overhaul company, announced it will expand its operations near the Piedmont Triad International Airport (PTIA). It will invest $13.8 million in building improvements, new machinery, and equipment to increase the service capacity of its Greensboro facilities. The company has about 125 employees at its Cessna Drive location. The expansion will create 85 new jobs paying an average of $51,706. City Council authorized $126,423 in economic development incentives for the project.

specializes in maintaining, repairing and retrofitting Lockheed C-130 aircraft, a tactical workhorse primarily for the military airlift of the US and many other countries. City Council authorized up to $240,000 in economic development incentives for the company‘s investment of $50 million in the maintenance facility and hiring 240 new employees with an average wage of $73,250.

The GTCP131-9A engine is driving growth at TAT Piedmont.

The new HondaJet 2600 will be built in Greensboro.

MAY 2023 Phase Change Solutions , a manufacturer of material used in products for temperature management, announced it will create 51 new jobs with an average annual wage of $79,118 in Greensboro. The company’s investment in the new US headquarters and manufacturing operation is expected to be more than $4.1 million. City Council authorized an economic development incentive of $1,000 per job for the project.

JUNE 2023

JULY 2023

Toyota announced that it will invest an additional $8 billion at the Toyota Battery Manufacturing North Carolina that will add approximately 3,000 jobs. OCTOBER 2023

ProKidney announced it will set up its first biomanufacturing facility in Greensboro. It plans to invest $458 million and create 330 jobs paying an average annual wage of $74,636. ProKidney is a late clinical-stage regenerative medicine company headquartered in Winston-Salem. The company is developing a treatment that uses a patient’s own cells to restore lost kidney function. This significant announcement further proves the greater Greensboro region is a burgeoning hub for life sciences. City Council authorized $13.2 million in incentives for the company.

Honda announced the expansion of its manufacturing operations at PTIA. The company plans to commercialize and produce the HondaJet 2600, the first light business jet capable of transcontinental flight. It will have a capacity of up to 11 people including one or two pilots, a larger size than its present craft that seats up to four passengers and a pilot. The company will invest $55.7 million and create 280 new full time positions paying an average wage of $88,761. City Council authorized an incentive package worth up to $1,500 for each of the 280 jobs the company expects to create.

DREAM CENTER COMING TO EAST GREENSBORO In January, ImpactData announced at a project kickoff event that it will develop its flagship product, the Dream Center, in partnership with North Carolina A&T State University at Gateway Research Park South. The company, a minority-owned digital infrastructure firm, will build a 115,000-square foot facility, creating 28 new jobs paying an average wage of $60,714, and investing more than $108 million over the phases of the project. City Council authorized $530,359 in economic development incentives in 2022 for the new jobs and investment for this project. CHAMBER VP WINS STATE HONOR

CITY LEADERSHIP CONNECTING WITH BUSINESS LEADERS This year, the Greensboro Chamber of Commerce hosted several events for Mayor Nancy Vaughan and City Manager Taiwo Jaiyeoba to connect directly with the business and development community. In May, they met with developers about their vision for the community and discussed ways the City can make it easier to initiate projects and bring them to completion. Those recommendations ultimately culminated in a follow-up meeting where staff met with engineering firms to discuss improvements being made in the plan review process and to receive feedback on current practices. In August, the Triad Real Estate and Building Industry Coalition (TREBIC) hosted builders and construction firms to a networking breakfast with City staff and question-and answer session with Vaughan and Jaiyeoba (pictured above). The final meeting of the year was held in November. Tuggle Duggins Law Firm hosted executives from the community’s largest employers to a lunch with the Mayor and City Manager. The conversation covered a variety of ways to make Greensboro a community with endless economic opportunities and an exceptional quality of life.

The NC Economic Development Association named Marvin J. Price, Greensboro Chamber of Commerce executive vice president for economic development, as its Economic Developer of the Year. Price has a history of successful collaboration across public and private sectors that has spurred more than $4.7 billion in capital investment and more than 5,290 jobs

across Greensboro and Guilford County, including Toyota, Marshall Aerospace, Guerrilla RF, LT Apparel, Boom Supersonic and many more in recent years. TRIAD NAVIGATOR SUPPORTS MWBE ENTREPRENEURS The City is partnering with Launch Greensboro to support minority- and women-owned businesses and underconnected entrepreneurs. The City funds will be used to revamp the Triad Navigator website and design a new marketing strategy to connect entrepreneurs with resources and opportunities in our region. The program aims to build a pipeline of growing businesses. Learn more at PROGRAM CONNECTS STUDENTS WITH INDUSTRY Campus Greensboro continued to grow its competitive Fellows Program in 2023 with a 27 percent increase in student participation from seven local colleges and universities. The 10-week summer program provided 95 students from diverse cultural backgrounds with leadership training, mentoring, and connections to paid internships at 36 employers. The

program aims to attract and retain talent to meet the needs of Greensboro’s developing economy. Forty three percent of the 2022 graduates accepted full-time employment in the greater Greensboro area within 12 months. Learn more at

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