Industries that Love Winston-Salem, and Why: Part 4
In economic development, individual regions tend to focus their efforts on specific industries. In this series of posts, we’re examining why several individual industries have focused their expansion efforts, ultimately, in Winston-Salem, Forsyth County.
Financial Services
Mention the financial services industry in some circles and the reaction could be quite strong. Even in Winston-Salem we have endured the uncertainty associated with the struggles of a major banking institution. However, that uncertainty has only served to demonstrate the area’s steadfast presence in the industry. As the dust clears and optimism slowly gains, a quick look around the banking landscape reveals a thriving array of financial organizations.
How is this possible? What makes W-S such a positive environment for banking? Here are few possible reasons.
Wealthy history
Look around Winston-Salem and you will see the hallmarks of our booming manufacturing past. Unlike other areas, though, Winston-Salem seems to have taken great care to ensure that the wealth generated by our early-to-mid 20th century industries seeded new areas of economic growth. This long-term view is embedded in the culture here, contributing to its laid-back lifestyle, and more importantly, its preference for conservative financial practices. A thought not lost on the successful banks in the area, leading to…
Healthy competition
With the rise of multiple banks in the area, Winston-Salem became a bit of a financial center. Home to several major players in different segments of the banking industry, the area typically attracted the institutions that were more focused on substance than style. The result is not just an array of banks, credit unions and savings and loans that are models of strength, service and steady performance; but a backbone of financial services infrastructure and support expertise that makes other financial centers drool.
Happy customers
This last one seems a bit obvious, but there’s an important point here. After all, why do banks enter a new market? Because there are potential customers already in that market in the form of consumers and businesses that need banking and financial services. Banks go where they see growth. And, for the most part, financial institutions see Winston-Salem as a place where families and businesses want to be.
Who’s next?
As I wrap up this series of articles on industries that love Winston-Salem, I have to acknowledge that there are other industries that are attracted to the Twin City. I think the four that I’ve discussed in this series represent the most significant, especially in recent years.
Who is next? I have a few ideas. What do you think?
This is Part 4 in a series of posts on why specific industries find W-S so appealing for expansion or relocation. Links to Part 1 and Part 2 in our series.
The WS Business App is now available for Android
We are pleased to announce that the WS Business App is now available for Android devices.
Designed for site consultants, economic development and real estate professionals, the FREE WS Business mobile app puts Winston-Salem and Forsyth County NC in the palm of your hand.
Download it here for FREE
The WS Business app is your mobile resource for news and information about doing business in Winston-Salem and Forsyth County, NC. The WSBI mobile app allows you to:
- Get updates on economic development news and events in Winston-Salem and Forsyth County
- View available buildings and sites for your business along with maps and an overview of each site
- Get an inside look at Life in Winston-Salem and Forsyth County
- Stay connected with WSBI via Twitter and other social media platforms
Developed on the MobileClik app creation platform of Winston-Salem-based technology firm VerticalCurve, WS Business is also available for iOS devices on the App Store.
Union Cross Business Park: A video overview available
Winston-Salem Business Inc. (WSBI) has added 4 new videos about Union Cross Business Park to our YouTube Channel.
The videos provide an overview of the 403-acre business park located in Winston-Salem. We encourage you to share these videos with anyone interested in economic development in Winston-Salem and Forsyth County. Click image below to view:
Union Cross Business Park overview available. Click image.
Searching for a site for your business?
TRIAD TECH CENTER: Winston-Salem, North Carolina
Start here.
Winston-Salem Business, Inc. (WSBI) offers many tools to help businesses find the right location in Winston-Salem and Forsyth County. A perfect place to start is by searching our database of available sites. Updated regularly, the database provides details on hundreds of sites throughout Forsyth County, North Carolina.
Take a look here: Available Sites
Also, WSBI offers a free mobile app to help you find your new site when you are on the road. Download it here: WS Business App
Click for free app.
WSBI Annual Meeting speaker Mike Randle video interview available
Mike Randle, publisher of Southern Business and Development magazine, recently spoke at the Winston-Salem Business Inc. Annual Meeting. His perspective on economic development in the South was well-received by those in attendance and we were fortunate to be able to interview him for our blog.
We have made several video clips of our interview with Mike Randle available for viewing on our YouTube channel. You can see all of them here.
In the segment below, Mike Randle discusses the growth in manufacturing jobs in the South:
For more of our interview with Mike Randle, click this link.
Industries that Love Winston-Salem, and Why: Part 3
Upon further analysis, the data suggests Winston-Salem.
In economic development, individual regions tend to focus their efforts on specific industries. In this series of posts, we’re examining why several individual industries have focused their expansion efforts, ultimately, in Winston-Salem, Forsyth County.
Data Centers
Back in 2010, a somewhat surprising accolade was bestowed upon Winston-Salem in a specific, highly competitive industry—data management. The city earned the number four spot out of 45 metropolitan areas nationwide for cost-effective operation of data centers in a survey by Boyd Co. of Princeton, NJ. But if you dig into the details a little, you find that Winston-Salem’s allure for the data industry actually makes perfect sense.
Solid foundation
Data management is one of those crossover industries that touch virtually every other sector. However, there are specific industries where data has been a vital part of daily business for quite some time. Two of those industries are financial services and healthcare. Think of the sophistication it takes to manage, process and protect individual banking transactions and patient medical data. When you consider Winston-Salem’s enduring history and thriving relationships with these industries, the data story seems like a natural fit for the area.
Smart workers
Companies across a wide range of industries have entered the area and ended up being overwhelmed by the quality of the workforce in Winston-Salem and the surrounding Triad. In many ways, the more technologically advanced their business is, the more impressed these company leaders are by the ability of area workers to get up to speed in a hurry. That’s a big deal for data centers where companies cannot afford any slip in performance or security.
Smart institutions
Naturally, the availability of a quality workforce suggests there is either something in the water that enhances the minds of area workers, or that there are institutions in place here that do an excellent job of training and retraining people. We’ve gone on elsewhere in this blog about the success of Forsyth Technical Community College, Wake Forest University, Winston-Salem Sate University and other area institutions at developing area talent. So, we’ll just say that having these high-end institutions adds to the attraction for companies looking for new data center locations.
The ultimate proof of Winston-Salem’s value to the data management industry is in the companies that have established data centers here. Lowe’s Cos., Data Chambers LLC, Wells Fargo and other institutions have chosen to establish data centers in Winston-Salem. And more could be on the way.
As they say, the data doesn’t lie.
What other industries find Winston-Salem irresistible? More to come in Part 4.
Links to Part 1 and Part 2 in our series.
Is American Manufacturing on Track for a Comeback?
We recently came across this article from Rich Smith of the Motley Fool posted at DailyFinance.com and wanted to share it with our readers.
The article points out that “there are signs far up the supply chain that suggest an emerging renaissance in U.S. manufacturing.” Give it a read when you can.
Winston-Salem is Proud to the Host RiverRun International Film Festival
The RiverRun International Film Festival is a regional event based in Winston-Salem, NC and is one of the premier film festivals in the southeastern United States. The 14th annual RiverRun will be held April 13–22, 2012. This video provides a wonderful overview of the event:
Enjoy!
Bob Leak, CEcD
WSBI Admin
