Where Technology & Tradition Thrive 2003 ANNUAL REPORT High Point Economic Development Corporation GROWING AND THRIVING IN HIGH POINT 2003 ANNUAL REPORT: GROWING ANDTHRIVING IN HIGH POINT HIGH POINT LAUDED Dear Fellow High Pointers: FOR BUSINESS / GOVERNMENT PARTNERSHIP Making our city “unique and successful” Existing business and industry in any community accounts for at least 70% of all new job creation and capital investment. High Point’s economic development program “is recognized within Oftentimes, much of an economic development agency’s focus and the the North Carolina and national economic development community as attention of elected officials – and, as a result, public recognition – go to new one of the best in the state. It is focused, proactive and is successfully companies recruited to town. Existing local companies can be overlooked. carrying out a long range mission to diversify the industrial base while Not in High Point. retaining and growing existing industries.” Yes, we welcome new companies to town and work hard to recruit them. In addition, High Point’s elected leaders, the City Manager, the High Point That is an assessment from The Sanford Holshouser Business Economic Development Corp., and other City of High Point departments are Development Group, which was contracted by ElectriCities to do an equally committed to working closely with existing companies in their day-to- economic development marketing plan for High Point. 1 day operations and, when they are ready, with expansions. Such public / private collaboration is the only way to succeed. When interviewing members of the business, educational, and non- We celebrated that success in 2003. The theme of the annual meeting of profit community for the study, the most often-repeated evaluation was the High Point Economic Development Corporation in November was that “what makes High Point unique and successful was the coopera- “Growing and Thriving in High Point.” The heads of 56 existing local com- tion between city government and the business community.” panies – that have announced or completed the expansion of facilities and / or the creation of new jobs in High Point in 2002 and 2003 – were invited as Below are other excerpts from the study. special guests. • Leaders with vision and “can-do / make it happen” attitudes The High Point City Council has invested in that success, showing it val- were recognized as a major strength in High Point. That attitude ues existing companies. Six of the 10 incentive packages awarded since 1993 is evident in the professionalism and entrepreneurial approach to have been to local companies that were growing. economic development by the City government and High Point The media has taken notice of how High Point takes care of its own: Economic Development Corporation staff. • UNC-TV, statewide public television, chose High Point in 2003 • The High Point EDC staff was cited for its professionalism and for a documentary on our public / private partnership which, the for being proactive. reporter believes, makes us an economic development showcase • Many cities say economic development is a priority but High for the state. Point gets the job done, improving its industrial and commercial • “Business expansions boost city's economy” – an editorial in the base in the face of the national economic downturn. High Point Enterprise of July 22, 2003 – celebrated the growth of local companies. It pointed out that, despite problems with the To review the executive summary of the High Point study, go national economy, High Point “provides a good business climate online to: www.high-point.net/edc. for a broad diversity of companies.” With the HPEDC and the City of High Point working well in partner- 1 Sanford Holshouser is an economic development consulting firm based in Raleigh. ship with the private sector, local companies have found a productive business ElectriCities assists municipalities such as High Point with administrative, climate in which to expand. Join us in celebrating existing companies’ positive technical, legal and legislative services for their city electric utilities. news as you review “Growing and Thriving in High Point: the 2003 HPEDC Annual Report.” Where Technology & Tradition Thrive Coy Williard Loren Hill Chairman of the Board President TABLE OF CONTENTS Major projects of 2003. 3 High Point’s largest employers, taxpayers . 3 Business & industry developments in 2003. 4 - 14 Internationally-owned companies. 15 In the news . 16 National rankings for High Point . 18 HPEDC Board of Directors . 19 High Point Economic Development Corporation High Point’s International Home Furnishings Market . 20 (left to right): Executive Assistant Billie Marsh, Vice President Steve Smotherman, Chairman Coy Williard, City Manager Strib Boynton, Information Services Specialist Beverly Tedder and President Loren Hill 2 High Point Economic Development Corporation LARGEST TAXPAYERS The twelve largest taxpayers in High Point pay 10.5% of all city property taxes. RANKING COMPANY NAME NATURE OF BUSINESS TOTAL VALUATION 1 International Home Furnishings Center showroom $142,544,307 2 Merchandise Mart Properties, Inc. showroom 86,641,300 (combining Market Square, LLC, and Market Square II, LLC) 3 Liberty Property Trust real estate 74,400,386 4 Tyco Electronics electronics manufacturer 56,779,417 5 North State Communications communications 52,812,171 6 High Point Development Ltd. Partnership real estate 47,171,905 (parts of Oak Hollow Mall) 7 Showplace, LLC showroom 43,479,150 8 Polo Ralph Lauren Corp distribution / customer service 41,593,311 9 Thomas Built Buses, Inc. bus manufacturer 35,624,934 10 Banner Pharmacaps pharmaceutical manufacturer 31,057,196 11 Mannington Mills flooring manufacturer / distribution 28,302,464 12 Bank of America (Trace Hopkins) finance / customer service 26,495,018 Source: City of High Point Financial Services Department LARGEST EMPLOYERS These employers are the twenty largest in High Point in 2003. Collectively, they employ nearly 17,000 area residents. MAJOR DEVELOPMENTS IN 2003 The most notable developments in High Point in RANKING EMPLOYER NAME NATURE OF BUSINESS TOTAL EMPLOYEES 2003 are listed below and can be located on the 1 Bank of America finance / customer service 1900 accompanying map. 2 High Point Regional Health System healthcare 1735 3 Guilford County Schools public education 1698 A. Bank of America (Page 7) (employees assigned to High Point schools, offices) B. Banner Pharmacaps (Page 4) 4 Thomas Built Buses / Freightliner bus manufacturer 1596 C. Courtyard by Marriott (Page 13) 5 City of High Point local government 1311 D. FedEx (Page 16) 6 Tyco Electronics Inc. electronics manufacturer 995 E. Guilford Technical Community College (Page 12) 7 Polo Ralph Lauren distribution / customer service 920 F. Hanamint Corporation (Page 9) 8 RMH customer service 826 G. High Point Regional Health System (Page 11 ) 9 Aetna US Healthcare insurance / customer service 814 H. Kao Specialties Americas, LLC (Page 4) 10 Cornerstone Healthcare healthcare 604 I. Liberty Property Trust – Paychex building (Page 7) 11 Marsh Furniture Company cabinet manufacturer 584 J. Mannington Mills (Page 6) 12 Banner Pharmacaps, Inc. pharmaceutical manufacturer 566 K. Nabisco (Page 6) 13 Leggett & Platt, Inc. bedding manufacturer 480 L. Open Software Solutions, Inc. (Page 4) 14 Sears Product Services Marketing Center customer service 478 M. Pavilion on Hamilton (Page 9) 15 Valspar Corporation coatings manufacturer 458 N. Pharmagraphics (Page 5) 16 Guilford County local government 451 O. Polo Ralph Lauren (Page 6) (employees in High Point offices) P. Providence Place (Page 13) 17 North State Communications communications 432 Q. River Landing at Sandy Ridge (Page 13) 18 Mannington Mills flooring manufacturer / distribution 400 R. Southern Film Extruders (Page 5) 19 MGM Transport Corporation truck transportation 385 S. Thomas Built Buses (Page 4) 20 Brayton International, Inc. / Steelcase office furniture manufacturer 321 3 2003 ANNUAL REPORT: GROWING ANDTHRIVING IN HIGH POINT HIGH TECH / BIOTECH / RESEARCH & DEVELOPMENT In 2003, seven high tech companies had Open Software Solutions relocates to High Point Sigcom adding jobs economic development announcements. www.ossiusa.com www.sigcom.net Open Software Solutions, Inc., moved to Sigcom, Inc., at 4230 Beechwood Dr., pro- Banner Pharmacaps adds 100 jobs High Point from Greensboro in the fall of 2003. vides state-of-the-art, technology-based solutions www.banpharm.com Open Software Solutions bought the 50,000- in communication and security. As sales grew By March, Banner Pharmacaps completed square foot Lifestyles Building, 4000 Lifestyles due to increased federal government contracts in the addition of 100 jobs at its state-of-the-art Ct. (now OSSI Ct.), from Liberty Property Trust. the aftermath of Sept. 11, 2001, the company manufacturing facility at 4131 Premier Drive. The company develops public safety software hired additional electrical and mechanical engi- The Dutch company moved its nutritional divi- for local governments, including 911 centers, neers on its staff in 2003. sion to the city, consolidating all its U.S. manu- police departments, sheriffs’ offices, fire depart- facturing operations in High Point. ments, and emergency management services agen- TransTech Pharma adding jobs The company is a global leader in the devel- cies. OSSI, which Deloitte & Touche named in www.ttpharma.com opment and manufacture of prescription, over- 2003 to its "Technology Fast 50" list for