Winston-Salem Thrives in the New Economy

Piedmont Triad Research Park in downtown Winston-Salem.

By Trisha Ostrowski

Two internationally renowned medical centers, one of the nation's leading universities, and a burgeoning technology park give Winston-Salem the right ingredients for growth. This North Carolina community, midway between Atlanta and Washington D.C., has expanded beyond its deep manufacturing roots to successfully reinvent itself for the New Economy. And now, it is emerging as a leading technology center for health care, financial services, and scientific research.

From Banking to Biotech

Located within 600 miles of half of the U.S. population, Winston-Salem's convenient access, experienced work force, competitive tax rates and enviable climate have broadened its appeal to many industries. As one of the nation's largest financial centers, it home to BB&T, one of the top 15 major banks. It has also attracted the headquarters of major insurance companies, the state's largest savings and loan, and a major credit union.

Another large and steadily increasing sector is the medical industry, which comprises 10 percent of employment countywide. Biotechnology and pharmaceutical research are particularly strong thanks to resources such as Wake Forest University School of Medicine and Wake Forest University Baptist Medical Center.

Working in harmony with the medical community, other industry groups are also growing up in Winston-Salem. These include information technology and entrepreneurial ventures. A total of more than 500 new companies have been started in the last five years alone. To back these new firms, local venture capital funds are available to assist startup of promising technology companies in Winston-Salem.

Fueling the Growth

One factor energizing development in information technology, biotechnology, and similar high-tech industries is a work force that is extensive, experienced and well educated. Nearly half of all adults in Winston-Salem have attended college. Also, because of the exceptional highway system, more than 42,000 workers commute to the area from as far away as Southern Virginia. As a result, new and expanding companies have had little trouble recruiting staff at all levels, from experienced managers and computer professionals to machine operators and general laborers. An added work force advantage, North Carolina is a right-to-work state with extremely low union participation.

A Logistics Center

Fast-paced companies that rely on just-in-time delivery will also find Winston-Salem an excellent fit. For businesses shipping via ground, the area is crisscrossed by several major Interstates highways. I-40 passes directly through Winston-Salem, the proposed I-74 will run North South there, and both I-77 and I-85 are less than 30 minutes away. For air transportation, Piedmont Triad International Airport, a short 15 minute drive from Winston-Salem, is the location of a new Fed-Ex hub. The presence of this facility adds big value for industries that deliver time-sensitive products.

A World-class Technology Park & Abundant Industrial Sites

Also drawing New Economy companies is the wide selection of sites and facilities in Winston-Salem. Among prime locations is the campus-style Piedmont Triad Research Park in downtown Winston-Salem.

A collaboration of academia, government and the private sector, the park contains approximately 342,240 (existing) square feet of planned and existing buildings. Companies that focus on imaging, biotechnology, pharmaceuticals, nutrition, medical devices and information technology can take advantage of lab space in this highly interactive master-planned technology community.

The anchor of the park is the Piedmont Triad Community Research Center (PTCRC), which houses the Wake Forest University School of Medicine Department of Physiology and Pharmacology. Within this department is a newly acquired molecular biology core unit, now available to private sector companies located in the park. The presence of premier educational institutions gives Winston-Salem companies the opportunity to commercialize-and profit from-- technology developed in their own backyard.

In addition to Piedmont Triad Research Park, Winston-Salem and surrounding Forsyth County offer 27 tracts of land totaling over 1,300 acres with the infrastructure in place to support industrial development. Further, the new 400-acre Union Cross Business Park means that larger sites are now available for major businesses and industries locating in Winston-Salem.

For more information on Winston-Salem, visit the Web site of Winston-Salem Business, Inc. at www.winstonsalembusinessinc.com