The High Point Market is worth $6.73 billion annually to a 30-county region of North Carolina and south central Virginia, according to a recent economic study.
According to a study commissioned last year by the High Point Market Authority, the show’s economic impact today comes in more than a billion dollars over the $5.39 billion calculated as part of similar research in 2013.
The study focused only on economic effects directly connected to High Point Market, not the home furnishings industry in general. The defined study area included all counties within the 75-mile radius from downtown High Point, NC, which included 22 counties in North Carolina and eight counties in Virginia.
The market generates 42,427 jobs, and $616 million in tax revenue across all levels of government in the region, HPMA stated, including $202 million of that at the state and local levels.
The study examined five different types of economic activity resulting from the presence of the market: spending by market visitors; spending by the HPMA; spending by exhibitors; furniture sales generated at the market; and rents paid by exhibitors to building owners.
“These results show the tremendous impact High Point Market has on our local area as well as the state as a whole. For 110 years now, High Point Market has been fueling the economy, and we’re all benefitting,” said Tom Conley, HPMA president and CEO.