People in Greensboro and the rest of the country’s economy rose from last year’s COVID-19 trough. At the end of this year, they added a tantalizing promise of future growth as a sign of things to come as a shout out.
Employment and retail sales all grew even though prices rose and there were a few shortages. People and homebuyers had a hard time getting what they wanted.
As more homes were sold quickly this year, the average price of existing homes in the Greensboro-High Point area went up.
Statistics from all parts of the economy show that Greensboro and North Carolina are doing just fine right now.
Brent Christensen, the CEO of the Greensboro Chamber of Commerce, says that the economy is going strong at the end of the year, and he thinks that momentum will continue into 2022 and beyond. He was a big part of getting a new battery plant for Toyota’s hybrid and electric cars to move to the Triad.
This is what he wrote in an email: “Now that we have seen how investing in the future can pay off, I hope that we will keep investing in the future, too.”
N.C. Department of Commerce figures show that more people were at work in October than they would have been if they had looked at October 2020.
October saw about 9,000 jobs added to payrolls in the Greensboro-High Point Metropolitan Area, which includes Guilford, Randolph, and Rockingham counties. There were 347,700 people working in the area last year.
A year ago, the jobless rate was 7.4%. It was 4.2% in October.
There was a big drop in unemployment in the Winston-Salem metro to the west. It dropped even more to 3.5%.
The region’s economic growth has made it hard for businesses to keep up with demand for products and a lack of workers.
“There is no doubt that finding good workers has become more difficult across the country, and our area is in the same situation as business has picked up in recent months,” Christensen said. Employers in Guilford County tell us that the job market there isn’t as tight as it is in other parts of the state and the country.
When wages go up because there aren’t enough people to work, Christensen doesn’t think that’s a bad thing at all.
“We keep seeing the average wage in Guilford County go up every year, which shows that we are getting more high-paying jobs,” he said.
For their custom metal retail displays and fabrication services, McIntyre Manufacturing Group of Thomasville is one of the businesses that has seen a big rise in business.
For the most part, orders from hardware stores like Home Depot and Lowe’s Home Improvement have kept its workforce of about 80 very busy, making them very busy.
Those stores are taking advantage of the fact that more people are choosing to do small and big projects on their own.
During the third quarter, median family income, which is one way the Federal Reserve Bank measures prosperity, was almost $67,000 a year in the Greensboro-High Point metro area. This was a little more than the same time last year, but it was still a small rise.
Families who are more financially secure are going into the real estate market more often.
Pressure is also being put on prices in the Greensboro market, according to a report from the National Association of Realtors, which says that prices there are rising.
Greensboro’s median home price now stands at $229,000. In the second quarter of this year, that figure was more than 16% higher than it was a year ago.
Even so, Greensboro’s housing costs are still less than the national average of $321,000.
There was a report from the Greensboro Regional Realtors Association that gave a quick look at the most recent Greensboro home sales.
304 homes were put on the market in November, which is 3.4% more than last year. 333 homes sold in November, which is almost 14% more than last year.
People are buying homes quickly because the average number of days on the market, 13, is down 53.6 percent from last year, when the same number of days was 13.
The average home price, which is different from the median, was $287,000 in November, up 14.2% from the same time last year.
One possible reason for the scarcity is the slow pace of new home construction.
The Federal Reserve’s report for December shows that there were 188 new permits for single-family homes in the Greensboro-High Point metro area in October, which is the same number as in September. That’s down about 2% from the same time last year.