Strong and Diverse Economy

Downtown Increased Residential Development

Downtown

Metric Definition

The percent increase of market-rate residential units in the Downtown Municipal Service District (MSD) over a three-year period.

Target Definition

The "Target" is an increase greater than 30% or a total of 82 units; "Close to Target" is an increase greater than 15% or a total of 68 units; anything less "Needs Improvement."

Organizational Effect

The Downtown Development Department (DDD) has marketed available properties that are suited for residential development, which has resulted in the addition of 73 new apartments in the last three years, increasing our market-rate units by 46%. Working with existing property owners and prospective investors, our goal is to continue to position suitable vacant properties for successful transition and redevelopment. DDD is also working to recruit thoughtful and contextual infill development to grow our economy.

Target Data

The DDD defines the targets and captures residential property information each Fiscal Year (Jul - Jun) as part of a North Carolina Main Street requirement.

Significance

The City of Goldsboro strives to attract a healthy balance of development, as downtown residents have the capacity to stimulate the local economy. The estimated economic impact of downtown residents is $9,000 per person, annually, in the commercial business district. This provides a stronger economic environment, reducing risk for investors and businesses. The growth in market rate residential units over the past three years should result in a minimum of $657,000 economic impact on the downtown economy.

Metric Definition

Target Definition

Organizational Effect

Target Data

Significance

Strategic Chart