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From Home Furnishing Business

HPMA Expected to Receive $9 Million Investment from State of NC

September 25, 2023  by HFBusiness Staff in Business Strategy, Industry   

The budget appropriation passed by the legislature indicates North Carolina’s ongoing commitment to the biannual High Point Market, which hosts 75,000 U.S. and international visitors each spring and fall. The trade show generates $6.7 billion in state and local economic impact annually, which includes $202 million in tax revenue.

The investment bid was led by Tammy Nagem, HPMA CEO and president, with support from the Guilford County Delegation. NC State Representative John Faircloth led the initiative in the House of Representatives with support from Senator Dave Craven in the Senate.

“On behalf of all High Point Market stakeholders in the community, we’re excited to champion the city’s unique platform as the world’s largest furnishings trade event,” says Doug Bassett, HPMA board member and past board chairman serving on the government affairs committee.

“The investment made by the State of North Carolina will strengthen our focus on attracting Market visitors with a world-class guest experience.”

Coordinated with the City of High Point, HPMA’s proposed improvements will be implemented over a two-year period, including substantial infrastructure updates within the Market District, transportation terminal upgrades, an integrated safety and security plan, and street-level lighting.

“The High Point Market is one of the cornerstones of our state’s economy,” says City of High Point Mayor Jay Wagner. “This investment in infrastructure represents our commitment to keep it thriving for years to come.”

HPMA will additionally implement Market District-wide beautification efforts, such as the installation of public art and other permanent decorative features to enrich the downtown area and improve walkability in the showroom district.

“The entire ecosystem surrounding High Point Market will benefit from these improvements,” says Fred Henjes, CEO, Riverside Furniture, which opened a 70,000 sf complex in the former YMCA building at 401 S. Main St. in 2021.  “As the Market District is further developed, it gives buyers even more reasons to attend, and that’s good for everyone.”

HPMA will also receive an incremental $500,000 from the NC Department of Commerce (NCDOC), adding to its recurring budget allocation, which includes funds from NC Department of Transportation (NCDOT) and NCDOC.

The increase was secured by HPMA to target and recruit new buyers and to further improve the guest experience with technology-based enhancements; as well as for student initiatives to develop and nurture emerging industry professionals.

An additional $250,000 was championed by NC State Representative Cecil Brockman to support the Diversity Advocacy Alliance (DAA), an initiative facilitated by HPMA in 2022.

“We appreciate the opportunity to further our objective of attracting a diverse audience of buyers to the biannual trade show,” says Nagem, whose staff is responsible for year-round marketing and operations affecting the seasonal events. 

The High Point Market Authority is a 501(c)(6) corporation which operates as a non-profit entity.