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Economic Development in Greensboro

Business Retention and Recruitment

Action Greensboro has committed $1,000,000 to economic development in Greensboro in Phase I (2002-2004). Mac Holladay, principal economic development consultant of Market Street Services in Atlanta, assisted Action Greensboro and local economic development, university and governmental agencies in establishing a strong community-wide economic development focus with supporting strategies. Holladay worked with diverse economic development groups to:

  • Clarify Greensboro goals
  • Outline action items that can be measured
  • Assign responsibility for action items
  • Devise a system for long-term collaboration and accountability, and
  • Provide specific implementation timetables

The result is An Operational Economic Development Action Plan for Greensboro. Key to the proposal is an oversight body, the Greensboro Economic Council, which has responsibility for a system of five work groups. The Council members include the Mayor, the Chair of the Guilford County Commission, the Chair of the Greensboro Economic Development Partnership, the Greensboro Area Chamber of Commerce, the Convention and Visitors Bureau, Downtown Greensboro Inc. and the Greensboro Merchants Association. Also, Action Greensboro’s Economic Development Task Force provides a member. This is a voluntary consortium dedicated to the economic progress of Greensboro. It is served by the CEOs of the seven permanent member organizations. Five work groups report to the Council and address:

  • Existing Business and Business Recruitment
  • Entrepreneurship and Small/Minority Business Development
  • Downtown/Center City
  • Tourism, Culture, Arts and Recreation
  • Marketing Greensboro

For each action area, there are a variety of performance measures to help the Greensboro community benchmark progress made through it economic development efforts.

In addition to the performance measures outlined for each action step, there are additional benchmarks that can be used to evaluate long-term progress. A successful program will build personal wealth, prosperity and opportunity for all. Measurements are:

  • Real per capita income
  • Average wages
  • Economic diversity
  • Poverty rates
  • High school graduation rates
  • Post secondary education graduation rates
  • Teenage pregnancy rates
  • Infant mortality rates
  • Net population increase
  • Home ownership