Summary Background

ECONOMIC INDICATORS

Housing

Housing costs rising faster than wages, has placed a substantial strain on the availability of affordable housing options for working families and young professionals across the Piedmont Triad. According to the 2021 N.C. Housing Coalition study, 21-31% of Piedmont Triad residents are cost-burdened, meaning they spend more than 30% of their income on housing costs. Additionally, 34-47% of renters and 17-20% of homeowners have difficulty affording their housing due to the inverse nature between housing affordability and earnings. Exploring proactive steps and measures encouraging affordable housing stock for all generations is a regional initiative with sustained support. Promoting housing equity influences workforce and economic productivity and performance, keeping the notion of urgency with this topic.

Health Services

The Piedmont Triad’s superior healthcare services and facilities render renowned economic performance by being a top industry employing the region’s workforce and offering competitive wages. Investing in community health capital is critical for ensuring a robust and resilient workforce as it’s the foundation of an area being a desirable place to live, start a business, and prosper. Atrium Health Wake Forest Baptist Medical, Moses Cone Health Care System, and Novant Health are major healthcare networks maintaining regional attraction and supporting the region’s healthcare hub structure.

    Childcare Services

    Childcare is an essential social infrastructure need that affects economic stability and mobility. In the Piedmont Triad, nearly 19% of households are parent homes; with access to childcare services directly linked to workforce patriation and career advancement. The childcare industry faces local and state barriers that make it challenging to provide affordable, accessible, and reliable services across the region. Supporting initiatives that will drive an increase in the equitable availability of licensed facilities will spur workforce productivity, recruitment, and retention efforts. Regional collaboration with employers interested in providing on-site childcare services, creating partnerships with current providers to expand services to employees; are potential initiatives to consider. Recognizing childcare as a major economic driver and exploring strategic solutions to increase access and opportunity is a vital progression the region must collectively work towards.

      Arts, Culture & Education

      A generous array of expressive arts, entertainment, and recreational resources enhance the Piedmont Triad’s cultural capital and climate. Creativity thrives across the region with various arts festivals such as the National Black Theatre Festival, museums, galleries/studios, performing arts shows, concerts, and gardens displaying iconic pieces and award-winning performances. The region is also home to the astounding NC Zoological Park, which welcomed 1 million visitors during the 2021-2022 fiscal year. This destination gives individuals all across the nation the opportunity to interact with majestic animals and natural habits from around the globe. In addition, the outdoor recreation scene within the region is phenomenal with multiple recreation centers and greenways for biking and jogging throughout.

      Providing outstanding programs for people of all ages, venues including facilities for aquatics, team sports, fitness instruction, art classes, outdoor concerts, special events, summer camps, and after-school programs for the community. According to VisitNC, in 2021 outdoor recreation visitor spending accounted for generating over 100 million dollars in local taxes and supplied 21,519 jobs within the region. The Piedmont Triad’s cultural and recreational resources are economic factors that are unique and distinguish communities across all counties. Supporting creative thinking and expression will always flourish within the region.  

      The Piedmont Triad has an abundance of high performing public and private K-12, Community College, and Higher Educational Institutions with standards and opportunities aligned with workforce needs are a top priority for families relocating to the area. With 21 colleges and universities collaborating with our wide variety of excellent K-12 schools, the region is a hub for learning. The diverse range of higher-ed institutes build strong minds and inject energy into the community with numerous events and lectures. Whether you’re looking for the best environment for your child, want to brush up on new technical skills or earn a four-year degree in arts or sciences, the Piedmont Triad offers a recognized network of academic and training programs designed to not only meet, but exceed labor force skill requirements.

        Public Safety

        Public Safety continues to be a competitive advantage for the Piedmont Triad as the region is below the State and National average rate for violent crime and below the State average rate for property crime. Safety is major concern for most communities in the region and ensuring protection of all residents has been a key element within public safety. Occupations within Police and Sheriff Patrol Officers across the region experienced over a 3% growth from 2018-2022, while decreasing over 4% Statewide. Outperforming the State within Law Enforcement employment is a trend projected to continue, explaining why the Piedmont Triad has achieved and maintained lower crime rate averages than the state. Our established public safety standards portray a business and family-friendly image the region has and will continue to sustain, catalyzing our growth profile.