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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.
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.
Industries that Love Winston-Salem, and Why: Part 2
Advanced Manufacturing is building in W-S.
In economic development, individual regions tend to focus their efforts on specific industries. In this series of posts, we’ll examine why several individual industries have focused their expansion efforts, ultimately, in Winston-Salem, Forsyth County.
Advanced Manufacturing
Is it fair to say that manufacturing in the U.S. is making a huge comeback? Perhaps, especially when you look at the kinds of manufacturing facilities that are developing. The key word in all of this is “advanced.” And Winston-Salem, Forsyth County is drawing more attention lately from companies in this sector. What makes this area appealing to the Caterpillar’s of the world? Here are three ideas.
Access to Markets
Location almost always comes first. In advanced manufacturing, this is particularly important. The Southeast U.S. is experiencing a bit of a manufacturing Renaissance as companies realize the value of expanding in this region. Standing out within the Southeast can present a bit of a challenge. But here’s where Winston-Salem, Forsyth County scores high marks. It’s more than location. It’s the relatively easy access to other markets that puts the city on so many short lists. With excellent options for transportation and shipping, including a FedEx hub close by, much of the world’s markets are within reach. In fact, more than half the U.S. population lives within 600 miles of Winston-Salem.
Workforce Quality
Like much of the South, manufacturing runs deep in the area. The difference for many is the level of quality associated with our manufacturing tradition. Textiles and furniture industries may not be the staples they once were, but the skilled workforce that characterized those industries remains. Companies that choose Winston-Salem develop a quick appreciation for the dedication to craftsmanship that permeates the workforce.
Less Haste. More Speed.
Frenetic could never describe life in Winston-Salem. The easy-going nature of people here is disarming, to be sure, but make no mistake: business here moves with purpose and pace. As manufacturing processes continue to become more innovative and technical, company leaders continue to marvel at how quickly their operations can get up to speed in Winston-Salem. One executive visiting Forsyth Technical Community College (FTCC) was shocked (and delighted) to find that the framework for training their workers was mapped out before he had finished his campus tour.
Other qualities come into play, of course, for individual companies. But when you combine workforce quality with easy access to major markets, then get operations up and running to a high standard on time or ahead of schedule — you end up with a formula for attracting the attention of advanced manufacturing companies around the world.
What other industries are looking our way? We’ll continue in Part 3.
WSBI introduces free WS Business mobile app
Winston-Salem Business Inc. is pleased to announce the introduction of our new WS Business mobile app.
Developed specifically for WSBI, the WS Business mobile app serves as your gateway to important economic development news and events in Winston-Salem and Forsyth County, NC. The WSBI mobile App allows users 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 by Winston-Salem technology firm MobileClik, the WS Business App is available for download at the Apple AppStore.
For more information, please click here.
Industries that Love Winston-Salem, and Why: Part 1
Life Science and Biotech thrive in W-S. Here’s why
In economic development, individual regions tend to focus their efforts on specific industries. In this series of posts, we’ll examine why several individual industries have focused their expansion efforts, ultimately, in Winston-Salem, Forsyth County.
Life Sciences and Biotechnology
With the steady growth of life sciences and biotechnology-related businesses, one might assume that any community has a legitimate shot at being the location of choice for one of these forward-thinking companies. In reality, there are key elements that tend to make certain locations stand out over others.
In the case of Winston-Salem, some of those elements revolve around where and how innovation tends to happen. For instance…
Academic chops
It’s fun when the hometown college has a great football team. But real academic quality tends to be the main attraction for big brains, big ideas and big business. More importantly, quality of academics has to extend beyond ivy-covered walls to state institutions and community colleges. And it’s not something that happens over night. For generations Winston-Salem has nurtured its universities and colleges as they have grown into regionally, nationally and in some cases globally recognized academic and research institutions.
Dedicated environment
Any community can throw the words “research park” in front of an office park and claim they have the perfect place for science or tech-related businesses. In truth, the research parks that succeed are developed with purpose in mind. Particularly for life science and biotech, parks must be designed and created with innovation and collaboration in mind. Piedmont Triad Research Park in downtown Winston-Salem is an urban campus based on those exact objectives with a hearty technology backbone and community-wide support.
Innovation street cred
Businesses and institutions want to be where innovation tends to happen, perhaps because they see it as a sign that an area is conducive to creativity and collaboration. Successful breakthroughs in regenerative medicine, nanotechnology, along with innovative programs in biotechnology have earned Winston-Salem a well-deserved reputation for a culture of creativity.
Naturally, other attributes play significant roles in the decision to start-up, expand or relocated here. But it is the community’s understanding of and commitment to creativity and innovation that companies love.
What factors make other industries’ hearts beat faster? We’ll dive into another industry in Part 2.
So good to be so low
Low cost of living leads to high ranking for Winston-Salem
A recent blurb in the Winston-Salem Journal reported that our fair city ranks as one of the least expensive places to live in the world.
The Cost of Living Survey for 2011, conducted by Mercer LLC, ranked Winston-Salem 18th out of 214 cities after comparing cost related to things such as housing, food, clothing, transportation and entertainment. Winston-Salem made the list in 2010 at number 17 as well.
This underlines one of the factors that makes Winston-Salem, Forsyth County such an appealing place for businesses interested in expanding or relocating. What makes this ranking all the more significant is when you realize how much you can get for your money here. Winston-Salem manages to be remarkably affordable while still offering an exceptional quality of life.
Although cost of living is only one of several data points to consider when deciding on where to grow a business, the area’s combination of positive attributes (i.e. infrastructure, relatively easy access to major markets and available workforce) is what makes Winston-Salem a ideal choice.
To learn more about the survey, visit the Mercer website (a copy of the report is available for purchase).
Location. Location. Lo — you get the idea.
The economy makes it clear — location is more important than ever.
Everyone knows the old real estate adage. Now that gas prices have shot up and property values have plummeted, what used to be a tired cliché has made a monumental comeback as a fundamental truth. Location is absolutely critical. Efficient access to markets both domestically and internationally is a mandatory for any business wanting to grow. But, even to maintain position in the marketplace requires careful consideration of where to place manufacturing and distribution facilities. The flow of activity coming into North Carolina, and Winston-Salem, Forsyth County is a good indication of the importance of location. Relocation and expansion has continued, due, in part, to Winston-Salem’s ideal spot in the Southeast. Positioned midway up the Eastern Seaboard, the area combines many of the economic advantages associated with setting up shop in the Southeast, yet closer proximity to more consumers who are ready to buy.
”Located within 600 miles of more than half of the U.S. population, approximately 60% of the nation’s industrial and consumer base is within a two-day drive, or a two-hour flight of Winston-Salem.” — WSBI Executive Summary
Throw in the region’s robust transportation and infrastructure, and Winston-Salem’s location comes close to being perfect. Of course, the businesses that are here already know that.
The key to Winston-Salem’s success?
Try these 3 on for size.
People often ask us what is the key to Winston-Salem’s success in attracting businesses to our area of the Piedmont Triad. We always respond that there isn’t one factor. Sure, there are times when one thing pushes us over the top. But in truth, it’s the overall combination of qualities and attributes that gets us into the game.
With that in mind, here are three key reasons why Winston-Salem, Forsyth County is where businesses want to be.
1. Workforce quantity plus quality
This is a big one. The combination of available workforce and advanced education programs has put Winston-Salem on many companies’ short lists for expansion and relocation. In fact, the training programs being developed by Forsyth Technical Community College have even attracted the attention of the last two Presidents of the Unites States, with both dropping by for visits during their respective terms.
2. More bang for your buck
A low cost of living is one of those attributes that many communities in the Southeast can claim. However, Winston-Salem can take it a step further. Not only is Winston-Salem’s cost of living at 92% of the national average; the community manages to offer outstanding infrastructure, schools, and amenities normally associated with more “high-dollar” cities.
3. Innovation is contagious
Winston-Salem calls itself the “City of the Arts and Innovation” for good reason. After nurturing a diverse arts scene since the city’s humble Moravian beginnings, Winston-Salem’s culture of creativity has now spawned innovations in life sciences, nanotechnology and advanced manufacturing. The real difference here is collaboration, a vital part of transforming great ideas into real world applications.
Now, to be honest, these are three important reasons. But, they are not the only reasons. Although, in our experience, workforce and worker training has made a big difference in tipping the final decision in our favor, it truly becomes a matter of how all of the factors come together. In the big picture, Winston-Salem just about has it all.
Bob Leak, CEcD
WSBI Admin
