Data-Driven Financial Capability Study Highlights Strengths, Obstacles to Growth, and Potential Actions to Address Challenges Facing Greensboro and Guilford County | Business
Data-Driven Financial Capability Study Highlights Strengths, Obstacles to Growth, and Potential Steps to Address Challenges Facing Greensboro and Guilford County
(Greensboro, NC) September 14, 2021 – A complete, costed analysis of the financial conditions of Greensboro and Guilford County will be released to the public on Wednesday, September 15. The 2020/2021 Financial Capability Report details a myriad of community strengths, obstacles to economic growth challenges, and potential steps that can raise living standards and reduce poverty through the incubation of talent, workforce development and job growth.
Greensboro and Guilford County received high marks for their geographic location, interconnected transportation network, traffic flow, cutting-edge business lines such as aviation, distribution logistics and advanced manufacturing, a system strong secondary education from seven colleges and universities and a nationally recognized innovative system supporting early childhood development.
These strengths are limited by lower per capita income and slow growth in better-paying jobs compared to other major urban areas in North Carolina, as well as persistent racial disparities in an increasingly diverse community. Local economic conditions restrict the growth of the tax base and the ability of local government to meet the needs and aspirations of residents.
The 84-page report was developed by local civil society, business and education leaders, as well as local economic development researchers and city and county budget staff. Ed Kitchen, COO of the Joseph M. Bryan Foundation and former City Manager of Greensboro, and Cecelia Thompson, Executive Director of Action Greensboro, co-led the development of the report.
Additional highlights of the report include:
- The composition of jobs has a direct impact on wages and per capita income. Current salaries and per capita income do not meet the needs of all residents of the community, which creates obstacles to the growth of the tax base and places increased demand on county services such as public health and public health. social services.
- Local economic disparities have a significant impact on people of color and perpetuate the challenges of economic mobility.
- Greensboro and Guilford County enjoy AAA ratings from independent credit rating agencies, indicating prudent management of resources, general fiscal health, and the ability to borrow money at low interest rates .
- Greensboro and Guilford County’s service charges – taxes and fees – are halfway compared to other urban areas in North Carolina, while debt per capita is lower than comparison communities and well within tax guidelines from North Carolina.
- Enrollment in Guilford County schools has remained stable over the past decade, while charter school enrollment has increased significantly.
- The infrastructure needs and requirements for schools in Guilford County are significant and exceed current public funding support.
The Financial Capability Report will be released to the public on Wednesday September 15 at noon in a presentation and online discussion. Registration for the public event can be found here.