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Category Archives: Economic Development

Insights from Chris Chung, CEO of the Economic Development Partnership of NC

Whenever North Carolinians receive the news that a company is expanding or moving into the state, there’s a good chance that discussions behind the scenes have included the Economic Development Partnership of North Carolina. The EDPNC is a nonprofit public-private partnership which operates under contract with the NC Department of Commerce. The organization serves as North Carolina’s statewide economic development organization, focusing on recruiting new business, expanding existing businesses, export assistance, small business development, and tourism promotion. The Winston-Salem Chamber recently welcomed CEO Chris Chung for a Leader’s Roundtable discussion.

Chris Chung and Mark Owens, President & CEO, Winston-Salem Chamber of Commerce

Chung says his organization manages approximately 200-300 leads annually to recruit companies to locate in North Carolina. About one in three of those leads will result in an economic expansion opportunity somewhere in the state.

On the retention side, the organization is also committed to taking care of companies who are already located in North Carolina, offering assistance to growing companies helping them to expand and add new jobs.

The organization assisted 600 companies last year with international trade deals, resulting in new sales revenue coming into North Carolina. The EDPNC also handles about 22,000 calls per year from people looking to start or grow a small business. The state’s $24 billion tourism industry is also managed by the EDPNC. 

Economic Development Trends in North Carolina

Chung says a major trend that the EDPNC has seen over the past 18 months is foreign companies looking to locate in North Carolina. The organization is currently handling about 260 projects in recruitment and expansion across the state, a number that’s up from last year. Chung attributes the interest from foreign companies to the current administration’s stance on trades and tariffs. The EDPNC has offices in Canada, the UK, China, Japan, Dubai, and Mexico to facilitate foreign business recruitment efforts.  

Chung’s insights on economic development opportunities in the Triad region specifically are positive. He says that companies are definitely noticing the advantages of the region when considering relocation and expansion opportunities. Because the Triad is located between a couple of the fastest-growing metro areas in the US in Charlotte and the Triangle, some companies may be swayed to those other locations believing there’s a more robust workforce. It’s the Triad’s job to tout our ideal location, lower facilities costs, and better cost-of-living in order to sway some of their decisions our way.

Locally, The Winston-Salem Chamber works closely with our businesses, local and state government entities, and other partners to find solutions for existing companies looking to expand. We help to promote our region as a great place to do business and make every effort to ensure that more and more of those companies seeking the ideal business environment will choose Winston-Salem/Forsyth County as their home. If you’re looking to expand locally, please contact the Chamber’s Jill Atherton. Your contact for relocation into Forsyth County is Winston-Salem Business Inc.

With North Carolina currently number one on the Forbes Best States for Business list, our economic opportunities here in the Triad and throughout the state are certainly promising.

For more information, visit the Economic Development Partnership of NC online.

Special thanks to Inmar and Winston-Salem Business Inc. for supporting the Leader’s Roundtable event.

Forsyth Tech Receives Grant to Support Economic and Workforce Development

The Bank of America Charitable Foundation has donated $10,000 to support scholarships for skills development at Forsyth Tech through the Economic and Workforce Development division. 

Bank of America is lending, investing and giving in local communities in order to advance local economies and create positive change.

“In order for our community to thrive, we must work together to fill jobs with skilled employees,” said Derek Ellington, Triad Market President at Bank of America. “Through job training and quality instruction, this program is giving underemployed or unemployed individuals an opportunity for a rewarding career. We’re excited to support this training and to drive economic mobility in our community.”

The grant will provide scholarships for students needing short-term skills development to move into work and careers. Through the CareersNOW program, students will develop competencies and confidence for high-demand fields.

“We are grateful to Bank of America for this support,” said Juanita Murphy, director, career advancement and support at Forsyth Tech. “Through this grant, we’re increasing economic opportunities and helping change lives.”

Bank of America visits Forsyth Tech to present check for scholarships grant. From left: Brent D. H. Morin, Bank of America, Gary Green, president of Forsyth Tech, Juanita Murphy, Forsyth Tech, Wes Huff, Bank of America and Alan Murdock, vice president, Economic Workforce Development, Forsyth Tech.    

About Bank of America

Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 47 million consumer and small business clients with approximately 4,400 retail financial centers, approximately 16,100 ATMs, and award-winning digital banking with approximately 36 million active users, including 25 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

About Forsyth Tech

Forsyth Technical Community College provides students with guided educational pathways into a competitive workforce for the community and global economy. The college offers associate degrees, diplomas, and certificates in more than 200 programs of study, including programs that promote personal and professional development through non-credit courses and seminars, as well as customized training for business and industry. Forsyth Tech is the seventh largest community college in North Carolina and serves more than 35,000 students with approximately 1,500 full and part-time faculty and staff.  For additional information, please visit forsythtech.edu and follow Forsyth Tech on Facebook, Twitter and LinkedIn.

Company Expansion Creates 50 New Jobs

The Clearing House Payments Company, LLC, a financial payments company, will expand in Winston-Salem creating 50 new jobs, Governor Roy Cooper announced. The company will invest $24.6 million in this expansion.

“The financial services industry continues to thrive in North Carolina, and we have some of the top talent in the nation thanks to our strong colleges and universities,” said Governor Roy Cooper. “The Clearing House knows the quality of our workforce first hand, and I welcome the new opportunities this expansion will bring.”

The Clearing House Payments Company L.L.C. owns and operates core payments system infrastructure in the United States and is modernizing that infrastructure by launching a new, real-time payment system. The Clearing House is the only private-sector automated clearing house and wire operator in the United States, clearing and settling nearly $2 trillion in U.S. dollar payments each day. This amount represents half of all commercial automated clearing house and wire volume. 

“The Clearing House has been a member of the Winston-Salem community since we opened our North Carolina facility a decade ago. We are proud of our presence here, see the Piedmont Triad as a superb environment in which to operate and our employees find the area to be a great place to live and work,” said Jim Aramanda, TCH President and CEO. “We are also confident that North Carolina’s tremendous university system, the presence of a robust financial services industry and a pro-growth economic landscape create an environment well-suited for us to recruit the quality candidates that we need to succeed in our mission of payments system innovation and operation.”

The Clearing House currently employs more than 170 people in Forsyth County. These individuals have positions in technology, operations, sales, legal, human resources and other departments. Salaries for new positions will vary with an average salary of $95,560. The current average wage in Forsyth County is $51,131.

 

A performance-based grant of $150,000 from the One North Carolina Fund will help facilitate The Clearing House’s expansion in North Carolina. The One N.C. Fund provides financial assistance to local governments to help attract economic investment and to create jobs. Companies receive no money upfront and must meet job creation and capital investment targets to qualify for payment. All One NC grants require a matching grant from local governments and any award is contingent upon that condition being met.

“The Clearing House is a valued partner in Winston-Salem, and we are proud of the success they’ve had here,” said N.C. Representative Donny Lambeth. “These new well-paying jobs will provide opportunities for more people to grow their careers and raise their families in Forsyth County.”

In addition to North Carolina Commerce and the Economic Partnership of North Carolina, other key partners in the project include the North Carolina General Assembly, the North Carolina Community College System, the City of Winston-Salem, Forsyth County and the Greater Winston-Salem Chamber of Commerce. 

Economic Development Update: Hyatt Place coming to downtown Winston-Salem

New Hyatt Place hotel featuring modular construction coming to downtown Winston-Salem

Mayfair Partners plans to use a modular stacked method using cold-formed steel to construct a new Hyatt Place hotel (NYSE: H) on a lot adjacent to the Hotel Indigo it is developing in Winston-Salem’s historic Pepper Building, according to principal Simon Burgess.

Burgess said that modular construction would reduce the construction time from 15 to seven months. He said the stability of modular design was as good or better than in traditionally built structures.

To read Triad Business Journal’s full article, click here.


Exciting news is being announced about new development projects happening in or around Winston-Salem/Forsyth County. Click here to access an archive of local news articles, for your reference, regarding these announced projects.

Economic Development Update: New Residence Inn opens in the Triad

A new Residence Inn by Marriott opens in Winston-Salem

BPR Properties, the High Point-based hotel developer, is opening its new Residence Inn by Marriott in Winston-Salem, said Birju Patel, president of the company.

The 108-suite hotel, which is located at 3885 Oxford Station Way, was announced in 2014. It was originally reported that the project would cost $12 million. The hotel is located near Hanes Mall.

To read Triad Business Journal’s full article, click here.


Exciting news is being announced about new development projects happening in or around Winston-Salem/Forsyth County. Click here to access an archive of local news articles, for your reference, regarding these announced projects.

Economic Development Update: Study says North Carolina is best state for starting a business

North Carolina is top-ranked for new businesses

Entrepreneurs and business owners need look no further than the Tar Heel state to set up shop — North Carolina came out on top in a new study of the best states to start a business.

The study, conducted by Fit Small Business, cited the state’s labor market and taxes as driving an ideal environment for business owners. Fit Small Business, out of New York City, says it provides research to help small business owners make wiser decisions.

To read Triad Business Journal’s article, click here.

To read Fit Small Business’ full article, click here.


Exciting news is being announced about new development projects happening in or around Winston-Salem/Forsyth County. Click here to access an archive of local news articles, for your reference, regarding these announced projects.

Economic Development Update: Winston-Salem is 3rd best city for young IT professionals

Winston-Salem top-ranked for IT Professionals

Winston-Salem is one of the top cities for young professionals in the IT industry, according to a new ranking by Right Click, an online newsletter of Verizon focusing on technology news and guides.

Winston-Salem is ranked 3rd on the list of the best cities in the U.S. for young IT professionals, which noted the city’s business and arts scene, along with the presence of Wake Forest University.

To read the Triad Business Journal’s full article, click here.


Exciting news is being announced about new development projects happening in or around Winston-Salem/Forsyth County. Click here to access an archive of local news articles, for your reference, regarding these announced projects.

Economic Development Update: Duke Eye Center, Whitaker Park, West End Station Apartments

Construction starts on new Duke Eye Center location in Triad

The new center will allow for an expansion of glaucoma-related treatment services and pediatric ophthalmology. To read the Triad Business Journal’s full article, click here.

With Reynolds donation complete, here’s what’s next for Whitaker Park

Reynolds has donated 120 acres of prime commercial and industrial land, along with buildings totaling about 1.7 million square feet. To read the Triad Business Journal’s full article, click here.

Work begins on $35 million, new downtown luxury apartments in Triad

The 229-unit building will include enclosed parking, saltwater swimming pool, fitness center, and elevated and landscaped courtyards. To read the Triad Business Journal’s full article, click here.


Exciting news is being announced about new development projects happening in or around Winston-Salem/Forsyth County. Click here to access an archive of local news articles, for your reference, regarding these announced projects.

Chamber Assists Company with Creating 100 New Jobs

With the approval of local incentives from the City of Winston-Salem and Forsyth County, the Winston-Salem Chamber of Commerce is confirming that Corning Optical Communications LLC is expanding operations in Forsyth County.  The company plans to create 100 new jobs and invest at least $30 million to expand its optical cable production plant in Winston-Salem.

“Corning’s confidence in our community shows once again that manufacturing is a viable industry in the Triad and the State,” said Gayle Anderson, President of the Chamber. “The financial investment from local government and the State of North Carolina was a critical component, along with Forsyth Tech’s assistance with training. The incentives enable the company to create 100 new, good jobs and that the taxes generated will provide much needed revenue for essential government services.”

“Corning is in its 45th year of delivering high-performance fiber optic solutions to global network operators, and our Winston-Salem cabling facility has played a key role for over 20 of those years,” said Clark S. Kinlin, executive vice president, Corning Optical Communications. “This expansion, which positions us to better meet short-term demand and expected future growth in our key markets, would not be possible without the ongoing support of local, county, and state government entities. We greatly appreciate their partnership in creating a win for Corning, for the Winston-Salem community, and for our highly-skilled, dedicated employees who work and live here.”

Corning Optical Communications is a $3 billion segment of Corning Incorporated that employs more than 3,000 people throughout North Carolina across multiple operations and ventures.

The local effort was led by the Winston-Salem Chamber’s economic development team and received assistance from  N.C. Commerce, EDPNC,  the North Carolina General Assembly, the North Carolina Community College System, Forsyth County, and the City of Winston-Salem,

For more information on job opportunities with Corning, visit www.corning.com/careers and search for job number 180312.

Economic Development Update: Restaurant chain opens new location in Winston-Salem

Red Robin is coming to Winston-Salem

A $724,000 building permit has been issued for the restaurant, to be built at 188 Hanes Mall Circle. To read the Triad Business Journal’s full article, click here.


Exciting news is being announced about new development projects happening in or around Winston-Salem/Forsyth County. Click here to access an archive of local news articles, for your reference, regarding these announced projects.