Duke was engaged by the High Point Market Authority (HPMA) to conduct an economic and fiscal impact of the High Point Market in High Point, NC. The Market, conducted bi-annually, is the largest home furnishings market in the world and attracts over 75,000 visitors each session who descend on High Point and its environs to buy, sell and market a wide variety of furniture, accessories, and design services. Beyond attracting a large number of visitors from outside the state, the Market serves a critical function for the broader furnishings industry and is a key node in the overall furniture industry’s value chain. It is widely known by local stakeholders that a large portion of the sales contacts and transactions for local manufacturing companies are initiated and negotiated at the Market.
HPMA’s board of directors awarded a contract to study the trade show’s economic impact and measure it against domestic and international furniture shows, the Winston-Salem Journal reports. http://myfox8.com/2013/04/24/duke-to-study-economic-impact-of-furniture-market/
BedTimes article from October 11, 2013 and Duke Chronicle article October 29, 2013 linked below.
– How North Carolina’s bathroom law sparked a business backlash: April 28, 2016: PBS Newshour on the impact of HB2 on the furniture market in North Carolina.
-Casual Living, October 2, 2013: High Point Market contributes $5.4 billion in economic impact to the overall regional economy, more than 37,000 jobs and $198 million in NC local and state taxes and fees.
This research was sponsored by the High Point Market Authority (HPMA). The report provides an introduction to the furniture global value chain including an overview and map of the key segments with industrial classification codes and lead firms. The second half describes North Carolina’s footprint in this industry using industrial and trade statistics and provides key findings and strategic considerations for the future of the industry. Furniture Today article from November 25, 2013: High Point economic impact mostly from furniture sales.