Greensboro Economy Is Bouncing Back From Recession
Greensboro's economy is recovering from the recession, according to the city's annual growth and development trends report.
Planning Department Director Sue Schwartz says the recession hit Greensboro early, when the local textile and furniture manufacturing jobs moved overseas. Schwartz says aviation manufacturing jobs are making a difference.
"We've seen smaller scale manufacturing coming back, but we've also seen growth in the financial sector and in health care. So we're a more diversified economy, but it takes a while to get to that point."
Schwartz says unemployment and poverty rates have dropped, and wages have increased.
"We've also seen a very good up-tick in the number of plans that we review for development... That means jobs, that means land values and property values coming into the city. So coming altogether, we're encouraged by these signs for the city."
Schwartz says now Greensboro needs to compete with the Triangle and Charlotte to attract and retain millennials.