From Home Furnishing Business
High Point Market’s Economic Impact at $6.73 Billion Annually
Commissioned as an update to a similar study done in 2013, which calculated Market’s economic impact at $5.39 billion annually, the 2018 report updates that number to $6.73 billion annually. These findings solidify High Point Market’s standing as still the largest economic event in the state of North Carolina.
In broad strokes, the report concludes that High Point Market contributes $6.73 billion in economic impact annually, 42,427 jobs, and $616 million in tax revenue across all levels of government - $202 million of that at the state and local levels. The study was conducted by the Global Value Chains Center at Duke University and the University of North Carolina at Chapel Hill, the same group who compiled the 2013 report using the same methodology.
"These results show the tremendous impact High Point Market has on our local area as well as the state as a whole. For 110 years now, High Point Market has been fueling the economy, and we’re all benefitting,” said Tom Conley, president and CEO of the High Point Market Authority. "From small businesses and working families in the Triad to large furniture manufacturers around the state, we’re thankful Market is here to provide stability and generate growth for all these businesses, families and communities that depend on this industry."
The study focused only on economic impactors directly connected to High Point Market, not the home furnishings industry as a whole. The study area is defined as all counties within the 75-mile radius from downtown High Point, which included 22 counties in N.C. and 8 counties in Virginia.
The analysis examined five different types of economic activity resulting from the presence of Market – spending by Market visitors, spending by the HPMA, spending by exhibitors, furniture sales generated at the Market, and rents paid by exhibitors to building owners. To compute the direct economic impacts of each activity, the team used a survey of exhibitors, a survey of attendees, data from the HPMA, and data from the NC Department of Commerce. The direct, indirect, and induced impacts were then calculated using the IMPLAN 3.1 (IMpact Analysis for PLANners) software.
The study was conducted by and the report prepared by T. William Lester, the same analyst who compiled the 2013 report. The findings were announced yesterday at a press conference held at the North Carolina Legislative Building, with Conley and Doug Bassett, chairman of the government relations committee for the HPMA board of directors, vice chairman of the HPMA board of directors, and president of Vaughan Bassett Furniture, both making remarks.
"Keeping High Point Market competitive and strong is an important priority in North Carolina," noted Bassett. "This economic engine must continue to grow, prosper, and thrive for the success of our state.”
The full economic impact report can be found at https://www.dropbox.com/sh/plghvyqp9rawo1y/AADigLLBV6ME3uXEqc3y6lFEa?dl=0.