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Balanced Economic Development: A Strategic Plan for East Greensboro

Author: kayla-slack

Post on 28-Mar-2015




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Slide 2 2 Greensboro Market Area East Greensboro Study Area Slide 3 3 Market Overview East Greensboro Nowhere in the City are these three areas more important than in East Greensboro. East Greensboro has experienced a considerably sharper economic decline than any other part of the City. 1. The highest population density 2. Lowest projected population growth (1.6%) 3. Highest poverty rates 4. Median HH Incomes of $21,617 versus $42,927 5. Largest decrease in home ownership 6. Lowest residential rental rates 7. 11 of 16 public schools are in the process of working to improve their overall performance Slide 4 Discussion of Parity Slide 5 5 Greensboro Market Area Average Household Income Map Slide 6 6 Greensboro Market Area Projected Retail Demand Map Slide 7 7 Greensboro Market Area Actual Retail Sales Map Slide 8 8 Parity Discussion East Greensboro The research is simply wrong. The residents of East Greensboro spend much more money in their community than researchers believe. They spend a disproportionate portion of their income than their counterparts in other areas. Many expenditures are often fixed costs, and cannot be valued down due to a lack of income. Examples of this are gas, basic clothing and food. There are many more residents in the trade area than researchers account for. This can include undocumented renters and service related income generated, but not reported, such as tips, side work, child care, etc... Transportation from the study area to other trade areas is very difficult, meaning more dollars stay in the trade area due to the residents inability to exit the trade area. Slide 9 Recommendations Slide 10 10 Our recommendations for improving parity in the study area are based upon the ability to address four major points: 1. The number of households in the study area 2. The household median incomes in the study area 3. Road access in the study area 4. Increased support for the public schools in the study area Ultimately, the goal is to see household incomes in the area grow to the point that there begins to be an increase in the projected Consumer Expenditures. To accomplish this goal, we addressed the study area in four separate opportunity gateways. Recommendations East Greensboro Study Area