Economic Development through Higher Education Downtown

<p>Bulldogs, Quakers, Titans, Lions, Spartans, Panthers, a Phoenix, even Belles. Guilford County is home to a menagerie of mascots representing various institutions of higher education, but only one, the aptly named Phoenix belonging to Elon University, has a physical presence in downtown Greensboro. When Elon University School of Law moved into the former public downtown library building in 2006, the city center saw an influx of 311 law students, 27 faculty members, and countless other visitors to the school. A critical mass of students can act as a driver for economic development in downtowns, injecting vibrancy into otherwise sparsely populated streets, patronizing retail and service businesses, and stimulating development in adjacent areas.</p> <p>The City of Greensboro, like many other North Carolina towns, has seen a decline in its textile and manufacturing industries, and is now moving towards a knowledge-based economy. According to Downtown Greensboro Incorporated, Greensboro’s colleges and universities employ 7% of the city’s population, paying a median salary that is 25% above the city’s average. Moreover, these colleges and universities collectively host over 40,000 students each year and are projecting more growth in the coming years. The city recognizes that this is an opportunity for economic growth that can benefit both institutes of higher education and downtown Greensboro. The city’s 2010 Downtown Greensboro Economic Investment Strategy seeks to build on Elon’s success by encouraging more colleges and universities to locate their operations downtown. The city has identified seven potential development sites in downtown and has formed a Higher Education Working Group, a multi-sector [...]</p>