The High Point Market Authority (HPMA) released the overall findings of a Duke University Center on Globalization, Governance & Competitiveness (CGGC) study on the economic impact of the High Point Market.
Results indicate that the Market contributes $5.4 billion in economic impact to the overall regional economy, more than 37,000 jobs and $198 million in North Carolina local and state taxes and fees. To put this figure in perspective, the total output of $5.4 billion is equivalent to approximately 1.3 percent of the total gross state product of North Carolina.
“We are delighted that this study shows the tremendous economic impact that the High Point Market and the furniture industry have on our local and state economy,” says Doug Bassett, HPMA Chairman and President of Vaughan-Bassett Furniture. “Clearly, the investment we all make in conducting a first-rate Market here in High Point is paying great dividends for all of us,” Bassett says.
Specifically, the study found that Market is responsible for the creation of 37,616 jobs. Economic activity associated with the bi-annual Market resulted in 11,000 jobs in support areas such as food service/catering, lodging, maintenance/repair construction services and transit and ground passenger transportation. Another 26,000 jobs come from the furniture sales generated at Market that flow to workers within the 30-county area in manufacturing positions.
The fiscal impact of the High Point Market on the State of North Carolina and the 22 affected counties is $197.9 million in tax revenue. Guilford County/City of High Point receives an estimated $25.5 million in tax revenue out of the $197.9 million in total revenue.
The study also provided data on visitor numbers to the High Point Market. Approximately 76,000 attendees come to Market bi-annually and 623,000 visitor-days per year are generated by the 58,000 visitors coming to the Market in High Point, bi-annually, from outside a 75-mile radius.