2024 Annual Comprehensive Report

The City created the South Elm Street Redevelopment District as part of an initial $11 million redevelopment project on 10 acres of abandoned property located on the south side of town. The plan includes a collaborative teaching facility with nearby universities, mixed-use commercial, retail and residential buildings complemented with generous pedestrian plazas, passageways and sidewalks linking area buildings creating a vibrant community. One of the first developments in the district was the Union Square Campus . The fully developed project is envisioned to involve seven educational institutions and to be funded with public, private, state and federal grant contributions. The estimated long-term economic impact of this

project is more than $500 million, according to a recent economic analysis study. Several of the area colleges and universities have recently experienced impactful capital projects . In 2016, North Carolina voters approved NC A&T State University (A&T) and UNC Greensboro (UNCG) for a combined $195 million in Connect NC Bond funding. Following the opening of its $90 million newly constructed 150,000 square-foot student center, A&T invested $90 million for construction of a new 130,000 square-foot, four-story Engineering Research and Innovation Complex (ERIC). The complex had its grand opening in February 2022. UNCG completed its new $105 million, five-story Nursing and Instructional building which opened for faculty and students in December 2020. The 180,000-square-foot facility serves as the new, state-of-the-art home of the School of Nursing which previously was spread across four buildings around campus. At Guilford Community Technical College (GTCC), $34 million in renovations for the new Center for Advanced Manufacturing have now been completed. The school’s transportation and welding programs are located in the 250,000 square-foot building and include a flex lab for use by companies for employee training. Overall, the Piedmont Triad region received $355 million in funding from the $2 billion state bond package, approved in March 2016. Since September 2014, A&T has ranked number one as the largest historically black college and university (HBCU) in the country. Fall 2024 enrollment numbers marked A&T’s eleventh consecutive year of record enrollment at 14,311 students. A&T also has the nation’s largest enrollment of black undergraduates in the fields of engineering and agriculture and has the largest number of master degree graduates in mathematics and statistics among HBCUs. A&T’s ongoing plans include an enrollment goal of 15,500 students by 2030. To accommodate housing demands and rising enrollment, A&T began construction on a new $60 million, five story, 450-bed dormitory in fall 2023 and plans to open the dorm by fall 2025. The Greensboro area economy remains stable. The Gross Metropolitan Product (GMP), measuring the total output of goods and services, was $49.0 million for the 2022 Greensboro-High Point Metropolitan Statistical Area (MSA) and accounted for 0.2% of the total U.S. metropolitan areas. (U.S. Bureau of Economic Analysis). Greensboro experienced an increase in job growth of 1.1%, representing 2,734 additional jobs compared to 2023. Total employment for 2023 was 245,720. (U.S. Census Bureau) The Greensboro unemployment rate increased to 5.0% in June 2024, compared to 4.1% in June 2023. The unemployment rates in June 2024 for North Carolina and the United States were 3.6% and 4.1% respectively. (U.S. Bureau of Labor Statistics) The 2023 U.S. Census Bureau data shows the Median Household Income in Greensboro was $61,747, a 34.9% increase over the past five years from $45,787 in 2018. The 2023 median household income for North Carolina was $70,804 and United States was $77,719. (U.S. Census Bureau)

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