Find Out More About the Oak Ridge, Summerfield and Greensboro Area Economy & Job Market 

There is lots of great news while discussing the economy of Greensboro, North Carolina. The state’s commerce department sees this area as the one to grow the fastest over any other city in our state during the next 15 years. Why is that so? Well, we are in the midst of re-inventing ourselves.  

It hasn’t come without some growing pains as a couple of the nation’s largest textile companies closed its doors and laid off thousands of workers. Burlington Industries and Guilford Mills were mainstays of our area employing a large number of our neighbors, but the North America Fair Trade Agreement didn’t treat them very fairly and the companies couldn’t withstand the change.  

The furniture industry has changed as well, moving a lot of its manufacturing overseas forcing companies like Thomasville Furniture to close its large plants. While all that sounds grim, it has ignited our Chamber Of Commerce and its economic teams to revitalize this area into what it is becoming. FedEx is currently building its distribution hub at the Piedmont Triad International Airport with plans to open the facility in 2009. The buzz it’s caused has Greensboro’s, High Point’s and Winston Salem’s economic developers busier than they have been in more than a decade as companies look to move their offices and facilities to the triad. Honda Aircraft, Honda Jet and Lenovo have already committed.  

Over the last several years, Downtown Greensboro, Inc has been just as busy. Since 1999, builders have completed 275 residential units and 485 units are under construction. Leaders have worked to bring shops and restaurants downtown and have seen success. 175 million dollars of development is complete, 100 million dollars of new development is underway and a new property tax base of 2 million dollars is expected to double by 2009. A new gleaming baseball stadium and new nightlife has also brought great change to the sleepy sidewalks of yesterday’s downtown. CLICK HERE to check out all the areas economic news.  

So now begs the question, how about the areas real estate market? Forbes Magazine just named Greensboro’s housing market as 8th in the nation for getting the most for your money when buying a home. Over the years our housing has appreciated at an average of 2.5% annually, so we have not experienced the bubble that many cities in our country have experienced. It is currently a buyers market like many areas, but sellers are not experiencing the gross losses some are experiencing in the U.S. With the promise of so much growth Proehl & Partners is optimistic about the opportunities this area offers not only in business but in the investment of a new home.
 

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