Duke study finds High Point Market worth $5.4 billion to region
Home Accents Today Staff -- Home Accents Today, 10/2/2013 10:14:22 AM
The High Point 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, according to a Duke University study released today.
The High Point Market Authority engaged the Center on Globalization, Governance & Competitiveness (CGGC) at Duke University to conduct a comprehensive study on the economic and fiscal impact of the market.
According to the report, the market's $5.4 billion output is equivalent to about 1.3% of the total gross state product of North Carolina.
"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 and the project manager for the High Point Market 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."
"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," said Doug Bassett, chairman of the High Point Market Authority 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."
The study defines the study area as the 30 counties (22 in North Carolina and eight in Virginia) within a 75-mile radius from downtown High Point. It used the data from an original survey pulled from 199 exhibitors at market over the period July 3-16, 2013.
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