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CHAPTER 6 Economic Development Chapter 6 C D H e v A E e P c l o o T p n E m o R m e n i 6 c t Photo courtesy of Wake Forst Innovation Quarter Chapter 6. How Have the 2001 Legacy Plan What the 2001 Legacy Plan says Strategies Worked? Economic Development about Economic Development… Many of Legacy’s economic development Goal: strategies have worked in spite of the recent Attract new businesses and expand existing recession. Forsyth County and its municipalities Attract new businesses and expand existing businesses large and small businesses to provide a broad support the efforts of Winston-Salem Business range of employment opportunities and a high Provide a broad range of employment Inc., the Winston-Salem Chamber of Commerce, quality of life and prosperity for people living opportunities and the Winston-Salem Alliance to facilitate and working in all areas of Forsyth County. community business growth. These organizations Encourage economic diversification Introduction have been successful in attracting and retaining Facilitate spin-off companies major companies such as Dell, Caterpillar, Pepsi, Winston-Salem and Forsyth County’s economy US Airways, and Wachovia/Wells Fargo. has changed dramatically over the last two Support entrepreneurial innovation decades. Offshore labor pools, advanced technolo - Attract high-tech medical research, visual Wake Forest University and the N.C. gies, and new customers have challenged estab - film, and financial, insurance and real estate Biotechnology Center have been leaders in lished business practices at the local level. Forsyth companies attracting high-tech medical research companies County lost 18,903 manufacturing jobs between to Forsyth County. A legacy of the R. J. Reynolds 1990 and 2010 – a 39 percent drop that continued Provide opportunities for higher educational attainment by the local workforce Tobacco Company is the Wake Forest Innovation into the recession. Quarter. This 200-acre site at the edge of Identify and protect suitable large industrial Downtown Winston-Salem provides an appealing Despite the trend in this sector, our community has park sites urban environment for researchers that is close to weathered the loss of jobs fairly well. Winston- housing and retail. The potential growth in high- Salem and Forsyth County have managed Rehabilitate older, derelict, and underutilized commercial properties tech jobs, particularly in biotechnology and life to shift, in many ways, to a knowledge- and sciences, could be significant. However, to attract service-based economy by attracting high-tech Redevelop vacant, obsolete, and abandoned higher-paying employers, both our present and medical research companies, nurturing home- industrial sites future work force must have the capacity to learn grown corporate and entrepreneurial companies, Retain and improve excellent quality of life new skills when needed. Forsyth Tech has a and taking advantage of rapidly rising labor, factors (schools, arts and leisure, environmental nationally-recognized biotechnology training land and shipping costs in China to “re-shore” quality, safety) program, one of several successful retraining manufacturing operations like Caterpillar. programs. Recruit sports and entertainment venues Downtown For economic growth and job creation to occur Winston-Salem and Kernersville have been suc - and be sustained in today’s environment, commu - Support tourism, historic, recreational, and cessful in the establishment of needed business nities need excellence in four important areas: arts-related attractions parks in our community. Since the 1990s, Winston- 1) companies engaged in progressive research, Salem and Forsyth County have provided land or advanced production, and professional services; extended infrastructure to the Union Cross Busi - 2) a trained workforce with varied skills and crafts; to compete with other areas. At the heart of all of these factors is a culture of active learning, the ness Park, the Centre 311 Business Park, and the 3) robust business facilities, sites, and infrastruc - Dell site. The City also established the Brookwood ture; and 4) a vibrant quality of life. The relative attainment of knowledge and an atmosphere that encourages innovation. Business Park near Smith Reynolds Airport to at - strength in these factors affects a community’s tract smaller, airport-related businesses. In 2007, ability to grow organizations, companies, and jobs 86 L EGACY 2030 are in the position to choose where they want to live as a precondition for where they want to work. The companies and organizations that wish to employ them pay attention to this as well. Thriving downtowns, safe and attractive neighborhoods, educational opportunities, the arts, parks and greenways, and a clean, natural environment have become critical components of the competitive formula for a community’s economic success. BB&T Ballpark, which opened in 2010 with financing assistance from the City of Winston- Salem, has been successful in bringing people downtown to enjoy other amenities like new restaurants and the growing Arts District. The region has also had a boost from wine production. The 1.4 million-acre Yadkin Valley, just west of Winston-Salem, is home to many vineyards and is North Carolina's first American Viticultural Area (AVA). The new agricultural tourism designation adopted by the County is helping landowners to Photo courtesy of Winston-Salem Dash/Visit Winston-Salem preserve rural areas while making a living off their the Town of Kernersville engaged in a revenue initiatives and programs. The Revitalizing Urban land. sharing agreement with the City of High Point Commercial Areas (RUCA) Program, approved to provide sanitary sewer for the Piedmont Triad in 2006, assists business owners in targeted com - While many of the economic goals of the 2001 Business Park with Fed Ex Ground as its major mercial areas. The first round of funding included Legacy Plan have made progress, we need to move tenant. Waughtown Street, Washington Park, and Liberty our focus to three main issues: creating new jobs in Street. In 2011, the City agreed to extend the Forsyth County, the preservation of land for future The City of Winston-Salem continues to support program to commercial areas, including Ogburn economic development, and preparing the work - the revitalization of abandoned industrial sites, Station, Waughtown Street, Polo Road/Cherry force for the new economy. also known as brownfields. The City also provides Street, Peters Creek Parkway, and Academy Street. a small business center for local entrepreneurs and Since the adoption of the 2001 Legacy Plan , the Legacy Themes Advanced in operates a small business loan program. City also created a business ombudsman position Policies and Action Agenda Additionally, there are a number of programs to help businesses navigate permitting and other Recommendations available in the City’s designated Neighborhood issues. Revitalization Strategy Area (NRSA), including the Target Area Business Assistance Program and Quality of life is becoming more important as the Building Rehabilitation Program. a catalyst for economic development. In a time when communities increasingly compete with The City of Winston-Salem has also launched each other to bring in high-paying job opportuni - Fiscal Livable Sustainable Responsibility Design Growth and continued a number of economic development ties, many sought-after, well-educated workers CHAPTER 6 - E CONOMIC DEVELOPMENT 87 Figure 6-1. Business/Industry Cluster Targets for Winston-Salem/Forsyth County and the North Carolina Metropolitan Regions Research Triangle Winston-Salem/Forsyth County Piedmont Triad Partnership Charlotte Regional Partnership Regional Partnership Advanced Manufacturing Advanced Manufacturing Defense Advanced Gaming/E-Learning Biomedical Research/Production/ Aviation/Aerospace Energy Advanced Medical Care Regenerative Medicine Biotechnology Film Agricultural Biotechnology Corporate/Regional Headquarters Creative Enterprises/Arts Finance Analytical Instrumentation Design Finance/Business Services Health Biological Agents/Infectious Diseases Financial Services Food Processing International Business Clean/Green Technologies Insurance and Investment Furniture/Furnishings Motorsports Defense Technologies Companies Health Care Tourism Informatics Logistics/Distribution Life Sciences Nanoscale Technologies Medical Services Logistics/Distribution Pervasive Computing Travel/Tourism Pharmaceuticals The former Dell, now Herbalife, plant continued a trend of manufacturing in southeast Forsyth County. 88 L EGACY 2030 Objectives, Policies, and Action Agenda Objective 1: Economic Vitality and High-Technology Industries Increase economic vitality through diversification. Maximize economic growth by building on our community’s strengths in progressive research, advanced production, professional services, and the arts. Actively promote a business climate that supports entrepreneurial innovation through flexible business regulations. Our community’s strengths as a center of higher education and research, health care, advanced manufacturing, professional services, and the arts, have helped position us to take advantage of new trends in the national and global economy. To continue to grow, Winston-Salem and Forsyth County work with regional economic development agencies like the Piedmont Triad Partnership to conduct strategic marketing and solicit business leads that target suitable business/industry clusters Photo courtesy of Wake Forest Innovation Quarter and recruit compatible businesses.
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