The annual economic impact of the High Point Market has increased by nearly 25 percent over the past five years to $6.79 billion, the trade show’s governing body said Wednesday.
The report was conducted by Global Value Chains Center at Duke University and the University of North Carolina at Chapel Hill. The groups used the same methodology as the 2013 report.
The High Point Market Authority released the report at the state legislature as part of its continuing lobbying for additional state infrastructure and marketing funds.
The study area remained defined as all counties within the 75-mile radius from downtown High Point, which included 22 North Carolina and eight Virginia counties.
The market attracts about 150,000 attendees for the spring and fall events, with the spring show typically attracting slightly more visitors.
Economic spending was based on five main categories: spending by visitors ($506.3 million); spending by the authority ($6.4 million); spending by exhibitors ($162.9 million); furniture sales generated at market or within 90 days ($3.52 billion); and rents paid by exhibitors to building owners ($156.8 million).
Like most economic-impact studies, it features direct, indirect and induced spending factors.
Indirect is defined as inter-industry spending, such as a manufacturer and a timber supplier.
Induced spending is defined as revenue, wages and jobs generated by industry-to-industry transactions, as well as employee and supplier spending on local goods and services, such as consumer spending at retail and restaurants. Induced spending tends to be considered as a less relevant measuring stick than the other two factors.
The market is linked to 42,427 jobs in the 30-county region — 25,034 direct, 8,929 indirect and 8,484 induced.
It also generates $616 million in tax revenue across all levels of government, including $202 million at the state and local levels.
“These results show the tremendous impact High Point Market has on our local area, as well as the state as a whole,” Tom Conley, the authority’s president and chief executive, said in a statement.
The main market impact in Forsyth County is attendees staying in local hotels and eating in local restaurants.
Typically, many Forsyth hotels sell out their rooms during the two official market weeks, which will be April 6-10 for the spring show.