Grow Together Q4 2019 Economic Update

Grow Together Q4 2019 ECONOMIC UPDATE

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TABLE OF CONTENTS NEW NAME IN 2020

02

STARTUP TIER

03

NATIONAL ACCOLADES

04

LOCAL INVESTMENTS

05

CAROLINA CORE

06

WINSTON UNDER 40

07

TECH BRIEFING

08

ACHIEVING GREATER IMPACT COMBINED ECONOMIC DEVELOPMENT ORGANIZATION WILL BE CALLED GREATER WINSTON-SALEM, INC. As the Winston-Salem Chamber of Commerce and Winston-Salem Business Inc. (WSBI) work toward a combination that was approved unanimously by their two boards in October, a new name and executive leadership for the unified economic development organization is being announced.

The unified organization will be called Greater Winston-Salem Inc. and it will be led by Mark Owens, who will serve as its President and CEO. Owens, who has been the President and CEO of the Chamber since December 2017, will take on an expanded role of spearheading business attraction for Forsyth County.

“These announcements signal an exciting new day for economic development in WinstonSalem and surrounding communities,” said Jeff Lindsay, Executive Vice President and Chief Operating Officer of Novant Health and Chairman of the Chamber’s board. “Our new name speaks in the language of innovative business and to the organization’s broader mandate of marketing all that the Greater Winston-Salem area offers for companies big and small.”

“In Mark Owens, we have a dynamic leader at the helm who brings years of experience and a fresh perspective to Winston-Salem,” said Cantey Alexander, Triad Regional President at BB&T, now Truist, and board Chair of WSBI. “He has been highly engaged in our community and we are confident that he will inject new energy into our economic development efforts both for existing companies and those we are working to attract.”

A special committee formed to oversee the integration of the two organizations aims for the unified enterprise to be operational in 2020. Both the Chamber and WSBI continue regular operations in the interim.

“Our new name speaks in the language of innovative business and to the organization’s broader mandate of marketing all that the Greater Winston-Salem area offers for companies big and small.”

JEFF LINDSAY Executive Vice President & Chief Operating Officer, Novant Health Board Chair, Winston Salem Chamber

ACCELERATING STARTUP GROWTH NEW MEMBERSHIP TIER OFFERS SERVICES TO HELP COMPANIES SCALE The Winston Salem Chamber has launched a new membership tier aimed at providing resources for startup companies. Through a partnership with WellQ, these companies can also have access to healthcare services.

The Startup Tier is an option for entrepreneurs that are formally engaged with any one of the ecosystem business accelerator programs listed below.

As Winston-Salem gains recognition as one of the best cities to start and grow a business nationwide, it is critical that our community continue to leverage entrepreneurial success and continually strive to improve the business environment for local companies of all sizes.

WELLQ BENEFITS • • • • • •

THE CLINIC @ WELLQ FREE WELLNESS EXAMS VIRTUAL VISITS NO-WAIT PHARMACY FINANCIAL WELLNESS RESOURCES ALLEGACY FEDERAL CREDIT UNION MEMBERSHIP

SUPPORTING THE ENTREPRENEURIAL ECOSYSTEM At the Winston Salem Chamber’s Annual Meeting on November 19, Inmar Chairman & CEO David Mounts presented community efforts to create a standout small business climate in Winston-Salem: why it’s important and what you can do to help it thrive.

Click here to view the presentation.

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STARTUP TIER • WINSTON STARTS • CENTER FOR CREATIVE ECONOMYVELOCITY • CENTER FOR CREATIVE ECONOMYKINETIC • 100 WATT • FLYWHEEL NEW VENTURES

A TOP 10 CITY IN 2020 WINSTON-SALEM RECEIVES NATIONAL ACCOLADES FOR A STRONG ECONOMIC OUTLOOK IN THE NEW YEAR On the heels of notable national rankings in 2019 including factors like growth of business startups and downtown affordability, two new rankings give Winston-Salem a top-10 outlook for economic indicators in 2020.

#6

Q1 JOB GROWTH

-FORBES.COM

With a net employment outlook of 27% in the first quarter of 2020, Winston-Salem ties with San Antonio, Madison, and Pittsburgh as the sixth-highest metro for job growth nationwide. Chattanooga tops the list with a rate of 34%.

#8

REAL ESTATE MARKET

-REALTOR.COM

Winston-Salem’s median home price of $169,000 and anticipated sales increase of 3.6% make it one of the nation’s prime real estate markets in 2020. Nationally, home sales are expected to slow by nearly 2 percent.

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CORPORATE INVESTMENTS IN 2019 LOWE’S HARDWARE An additional 80 jobs will be shifted to the company’s $100 million Winston-Salem data center at Madison Park. Lowe’s received about $3.8 million in local and state incentives for the Madison Park project.

80 JOBS EXISTING FACILITY

TRULIANT FEDERAL CREDIT UNION Winston-Salem-based Truliant Federal Credit Union is moving forward with a $40 million dollar expansion of its headquarters on Hanes Mall Blvd., providing for up to 450 additional jobs to be added over time to its current local workforce of 700.

450 JOBS $40M FACILITY INVESTMENTS

BETHANY MEDICAL CENTER In October, Bethany Medical Center opened a 5,600 sq. ft. primary care clinic as part of its aquisition of Northchase Shopping Center on University Parkway.

REGIONAL SPOTLIGHT: Bethany Medical founder Dr. Lenny Peters announced in December that his company Peters Development has launched a mixed-use development project in High Point. The 100,000 sq. ft. Peters Crest project is expected to break ground in Q1 2020.

$2.9M FACILITY INVESTMENTS

CAROLINA CORE 7,500 ACRES

2M WORKERS

30 COLLEGES & UNIVERSITIES

COLLEGES & UNIVERSITIES

REGIONAL INITIATIVE MAKES GAINS TOWARDS GOAL OF ADDING 50,000 JOBS BY 2038.

Since its launch in August 2018, the Carolina Core has collectively announced more than 10,000 new jobs across the region - well on track towards the initiative’s overall goal of gaining 50,000 regional jobs by 2038.

With four megasites (7,500+/- acres), urban research parks, and mixed-use developments plus a labor shed of two million workers, fueled by the innovation mindset of more than 30 colleges and universities the Carolina Core is a compelling expansion site globally.

IMPACT REPORT: WINSTON UNDER 40 The Chamber’s Winston Under 40 program brings together young professionals to learn, grow, and impact the community by giving back. Winston Under 40 has had a successful year thanks to the many supporters and participants who have played a part in our efforts.

It is a truly collaborative effort to plan and organize the many projects and events that help to support Winston-Salem’s young professionals. We appreciate the support of our advisory board, our 1,500+ members, and the dozens of local companies that partner with us to help us grow stronger each year.

2019 PROGRAM IMPACT:

1,130

190

90K

EVENT ATTENDEES

INTERN EXPERIENCE PARTICIPANTS

DIGITAL IMPRESSIONS

15

16

25+

ANNUAL EVENTS

NEW ADVISORY BOARD MEMBERS

SUPPORTING COMPANIES

LOOKING AHEAD: WINSTON UNDER 40 ANNOUNCES INAUGURAL GOLF TOURNAMENT

WEDNESDAY, APRIL 22 | BERMUDA RUN SPONSORSHIPS

TECH BRIEFING

The 2019 Tech Briefing showcased some of Winston-Salem’s most innovative projects and ideas, highlighting the ways that local startup incubators, higher education institutions, and premiere healthcare organizations are creating a culture of collaboration and innovation that’s reimagining the future of Winston-Salem. Click this page to find a recap of the innovations that were featured.

KEVIN CLARK | POINT POTION INC. IRIS COLE | DO GOOD ARTIST SUSAN DONAHUE | JAVARA KAREN HEGARTY | NOVANT HEALTH DIANA MEDINA | INMAR DR. DAVID P. MILLER | WAKE FOREST SCHOOL OF MEDICINE KRISTEN NICHOLSON | WAKE FOREST PITCHING LABORATORY GEORGE PETERSON | MOUNTS ROBOTICS CENTER CALEB ROLLINS | ATKINS HIGH SCHOOL CARMEN WRIGHT & EDWARD RENFROE | FORSYTH TECH TECH BRIEFING SPONSORS | COOK MEDICAL, KILPATRICK TOWNSEND, SMALL BUSINESS TECHNOLOGY DEVELOPMENT CENTER, WAKE FOREST BAPTIST HEALTH, WELLS FARGO, NC BIOTECHNOLOGY CENTER, WELLQ

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CEO LETTER

GREATER TOGETHER

Micah Brown Media

There is an exciting year ahead as we take steps to form a new, unified economic development organization: Greater Winston-Salem, Inc. The Winston-Salem Chamber and Winston-Salem Business, Inc. are combining to create a single point of contact for economic advancement in our area. As the Chamber has for its 134-year history, we will continue to advocate for local businesses of all sizes. We will now add to our mission the attraction of companies, entrepreneurs and talent from around the world to drive a vibrant local economy.

Our momentum is growing. Recently, Winston-Salem has been recognized as one of the top ten metros nationwide for jobs outlook in Q1 (Forbes.com), home sales (Realtor. com), and for being one of the best places to start a business (Zen Business). With an innovative mindset and collaborative strategies, we believe that Greater WinstonSalem, Inc. can continue to build on these strong successes.

Our community-wide efforts in strengthening the entrepreneurial ecosystem, investing in infrastructure, and collaborating regionally on business and talent attraction are all examples of how we have started to build momentum.

I am excited to see where 2020 will take us!

Mark Owens President & CEO

THANK YOU TO OUR INVESTORS BB&T NOVANT HEALTH REYNOLDS AMERICAN WELLS FARGO BETHANY MEDICAL CENTER BLUECROSS AND BLUESHIELD OF NORTH CAROLINA COOK MEDICAL FORSYTH COUNTY HANESBRANDS INC. KELLY OFFICE SOLUTIONS ONPAR TECHNOLOGIES TWIN CITY QUARTER WAKE FOREST BAPTIST MEDICAL CENTER WINSTON-SALEM/FORSYTH COUNTY SCHOOLS WOMBLE BOND DICKINSON (US) LLP

Together

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