The Greensboro Economic Development Office recently released its annual report, “2021-2022 Year In Review.”
The Greensboro Economic Development Office reports directly to City Manager Tai Jaiyeoba.
The press release states, “The annual report illustrates why 2021-2022 was considered a banner year in economic development for Greensboro, with more than $4.4 billion in investments and 4,000+ jobs announced since December 2021.”
One of the most notable aspects of the report is the 2021-22 year the economic development office chose for its report. The city’s fiscal year 2021-2022 was from July 1, 2021 to June 30, 2022, but that is not the year this report covers. Nor does it cover the calendar year 2022. The report covers from Dec. 1, 2021 to November 30, 2022.
The calendar year 2022 is not quite as impressive since it does not include the announcement of the Toyota battery plan at the Greensboro Randolph Megasite, which was made on Dec. 6, 2021. Without the Toyota announcement of a $3 billion investment, that $4.4 billion for the year drops considerably.
As the report notes, Greensboro did well from January to November 2022. In January, Boom Supersonic announced a $500 million investment at Piedmont Triad International Airport that will create 1,761 jobs.
In February, RPM Wood Finishes Group announced an investment of $19.5 million and 53 jobs.
In March, Procter & Gamble announced a $110 million expansion and 46 new jobs.
In July, the City Council approved $500,000 worth of sewer improvements to allow Topgolf to build a new facility on Guilford College Road.
In September, Core Technology Molding Corporation was awarded $2.1 million from the US Economic Development Administration that, along with $750,000 from the City Council and other investments, will allow the company to create 33 new jobs.
In November, IQE Semiconductor announced it would spend $7.1 million on expansion and create 31 new jobs.
The report also notes that in June, the City Council allocated $2 million in American Rescue Plan funds to the Nussbaum Center for Entrepreneurship to begin redevelopment of the 220,000-square-foot former Carolina Steel building into a urban manufacturing and innovation center.
How much did that cost the taxpayers?
About $1.1 million for each potential job I think. I’m not great at balancing my checkbook so someone could do the math again if they wanted. It was a rough estimate based on this story. They fudged the numbers for the “year” to make them look good because no one’s year goes from Nov. 30 – Dec. 1 but theirs.