From Home Furnishing Business
Furniture Market has $5.4B Impact on Economy
The High Point Market contributes $5.4 billion in economic impact to the overall local economy with more than 37,000 jobs and $198 million in N.C. local and state taxes and fees.
That's according to the results of an economic impact study the High Point Market Authority commissioned the Center on Globalization, Governance & Competitiveness at Duke University to conduct.
“This analysis focuses on the impact of all the economic activity generated through the Market itself,” said Lukas Brun, senior research analyst at Duke CGGC, who was the project manager for the study. “The logic used was the following, ‘what amount of economic activity would not have occurred ‘but-for’ the Market.’ The report analyzes the economic impact of five distinct categories that can be tied to the bi-annual High Point Market events.”
Doug Bassett, chairman of the High Point Market Authority, said the group is "delighted" with the results of the study. It "shows the tremendous economic impact that the High Point Market and the furniture industry have on our local and state economy," Bassett said. "Clearly, the investment we all make in conducting a first-rate Market here in High Point is paying great dividends for all of us."
The study area included 22 counties in North Carolina and eight in Virginia within a 75-mile radius of High Point.
Five types of economic activity were analyzed in the study: visitor spending; spending by the Market Authority for transit and ground transportation; vendor spending; furniture sales; and vendor rents.
“Beyond attracting a large number of visitors from outside the state, and the world, the High Point Market serves a critical function for the broader furnishings industry and is a key node in the overall furniture industry’s value chain,” Brun said. “The team used IMPLAN (Impact Analysis for Planners) software to estimate the economic impact as well as a survey of market attendees, data from the HPMA, and data from the North Carolina Department of Commerce."