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Winston-Salem's Tallest Buildings and Skyscrapers
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PostPosted: Thu Jun 17, 2021 1:26 pm 
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All valid and arguably sound, but there is the intrinsic perception of the word headquarters as well as image meaning there must be something to this place to be the headquarters.


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PostPosted: Thu Jun 17, 2021 3:15 pm 
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For what it's worth, I do not personally know a single soul who wishes to live in or near Charlotte, NC.


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PostPosted: Mon Jun 21, 2021 7:31 pm 
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This is a good article about the value of corporate headquarters to a city. It was from a London based think tank - Centre for London. Head Office: London’s rise and future as a corporate centre
22 May 2019 | Nicolas Bosetti, Jack Brown
LONDON, UK & THE WORLD
Chapter 2: How do headquarters affect cities?
Head office functions are rarely singled out when firms think about their local economic impact – partly because the functions vary greatly from one business to another, so are not easily distinguished from other areas of activity. However, as this chapter outlines, HQ functions have significant and particular impacts – not all positive – on cities.The perceived value of HQ investments is reflected in US cities’ willingness to subsidise multinational companies to attract head offices within their jurisdiction. One notable example was Amazon’s HQ2 competition, a rare public bidding process that revealed the vast incentives (worth up to $7.5 billion) urban governments across the US were willing to offer Amazon in order to host its second HQ. Of course, the sheer growth of Amazon and the related functions that come with its head office make this an exceptional case. But the case study is interesting in the light it shone on competing offers; in raising the question of whether the economic and social returns of attracting corporate headquarters were worth the subsidy; and in prompting debate about how negative impacts should be mitigated. This chapter summarizes evidence on the impacts of corporate headquarters on city economies like London.
Foreign direct investment
Head office functions and professional services have been a major source of inward investment for London. 10 per cent of foreign direct investment (FDI) projects in London between 2003 and early 2019 were for headquarters projects, and a further 30 per cent were for “business services”, most of which serve or are related to HQ functions. We do not yet fully understand how these investments create economic benefits for other parts of the country, but London & Partners have found that 12 per cent of FDI projects (not HQ-specific) in the rest of the UK were made after a first investment was made in London. 71

Job creators
Headquarter employment can create lots of non-HQ related jobs. US cities vying for HQ investments argue that HQ jobs are “multiplier” jobs for city economies. This is often the case within firms: however small strategic decision-making teams are, they will usually work closely with support staff and are likely to locate with them. It is also the case outside the company, as highly paid employees indirectly stimulate job creation in other sectors through their consumption – for instance, it is often said that London’s restaurant boom owes much to the increase in the number of high earning Londoners. Amazon’s own estimates say they created 1.3 jobs indirectly in Seattle for each direct Amazon hire (see Appendix 1), and Economist Enrico Moretti cites multipliers of between two and four indirect jobs per HQ job created, depending on the sector and local unemployment rates. 72
The value of agglomeration
Headcount is not the whole story. HQ-related jobs are also “good jobs” for city economies: because other companies seek to interact with decision makers in the HQ, but also because HQ jobs are often highly paid, high-value-added activities, which raise productivity and attract people to the city who at some point will move on to another firm or create their own. So having a pool of “strategic” and “entrepreneurial” talent in London ultimately supports and fosters a whole ecosystem of businesses – with firms able to hire more easily, and also benefiting from less tangible “spillover” benefits. Whether multinationals incentivise or stifle innovation in their sector is a hotly debated issue and varies across sectors, but at a minimum HQs “anchor” business by creating demand throughout their value chains, and investment in related sectors. It is often said that London’s dominance in financial services (including asset management) means that there is venture capital available to startups and scaleups, making London a great place to launch a new business. Venture capital investment figures confirm this. 73

Charitable giving
Corporate headquarters are also drivers of charitable donations. Enrico Moretti and colleagues from the University of California, Berkeley studied the relationship between HQ implantation and giving over a 15 year period in 147 US cities. Their analysis suggests that “attracting or retaining the headquarters of an average firm yields approximately $10 million per year in contributions to local non-profits, while the headquarters of a larger firm (one ranked among the top 1000 in total market value) yields about $25 million per year.” They also found that charitable giving increased when firms headquartered in a city gained market value: “Each $1000 increase in the market value of the firms headquartered in a city yields 70 cents or more to local non-profits.” Interestingly, most of the increase in charitable giving arose from individuals rather than corporate giving: this suggests that successful companies didn’t necessarily give more generously to the city where they were headquartered, but their employees tended to do so.
Visitor economy
While headquarters may be slimmer today in terms of staff numbers, they continue to draw visitors in great numbers. Strategic functions thrive on face-to-face contact, and headquarters are the natural place of convening: they host client, board and team meetings, as well as internal and public-facing events. Each attracts business visits, often from overseas. The head of a large investment bank told us:
The extra value of an HQ is the visitor economy. It is a massive multiplier on the headcount. I’d be surprised if on a quiet day we have less than 30 visitors a day travelling in from abroad. Some days, it’s several hundreds.
Director, large investment bank
Corporate influence and soft power
Multinationals play an outsized role in the world economy. They account for only two per cent of the world’s jobs – but they own or orchestrate supply chains that account for over 50 per cent of world trade, make up 40 per cent of the value of the West’s stock markets, and own most of the world’s intellectual property. 74 Again, the impact of an HQ on a local economy does not merely derive from the headcount as such, but rather having the strategic decision makers located there – contributing to the city’s reputation and making it a key marketplace for service providers and competitors.
Tax revenue
Headquarters generate tax revenue for city and national government, including property taxes, income tax, and taxes on other sales, assets and profits. Those taxes that are tied to a location are easily measured – those that aren’t are much more complex to estimate, especially given that multinationals often have hundreds of legal entities, some based in tax havens. Some of this tax revenue is indirect, as workers are also consumers of taxed goods and services.
The “other side of the coin”
It is tempting to think that the cities and countries where multinational companies are headquartered have it all – the “good jobs”, the agglomeration benefits, the boost to corporate giving, and all the derived benefits highlighted above. But there is a growing perception that the HQ economy can be a mixed blessing – or even a curse.
The more longstanding criticism is overtax avoidance – that global companies don’t pay enough taxes on foreign profits. US estimates suggest multinational companies pay a tax rate of about 10 per cent on foreign profits, 75 though the EU is cracking down on member states that have struck bespoke tax deals with multinationals.
A second concern is the additional pressure on the cost of living. One of the campaigners’ rallying arguments against the proposed Amazon HQ in the Queens area of New York City was that it would result in an “onslaught” of high earners able to outbid residents with average incomes in the housing market. A study by US real estate website Zillow added some evidence to those fears: it forecast that some cities (Los Angeles, Denver) would see median rents rise twice as fast in the coming decade if Amazon were to pick them for their second HQ.7 76 That said, Zillow’s model suggested that the capacity of cities to accommodate a growth in headquarters employment varied greatly depending on their capacity to increase housing stock to respond to additional demand.
This argument against headquarters has mostly taken root in US cities so far, where it is strengthened by specific issues about public budgets being used to subsidise large private corporations rather than mitigate the costs associated with their growth, from congestion to inflation, especially in cities under-prepared to host. But it is not a feeling that London is immune to.
A third concern is about rising inequality. Pay growth has been greater at the top of the income scale – in 2014, Economist Thomas Piketty and colleagues found that the share of UK income going to the top one per cent and 0.1 per cent of taxpayers in the UK has increased since 1990, respectively from eight per cent to 10 per cent and from two per cent to four per cent. 77 Strategic corporate roles tend to be performed by senior executives, and in as much as HQs house a lot of employees on high incomes, they may be exacerbating this trend. Some argue that high income inequality can be detrimental to economic growth and to society if it is not properly managed. The OECD has published a short briefing on this issue. 78
Finally, HQs and related functions can have negative effects on local firms’ ability to recruit. In sectors where multinationals have enough market power to suck in local talent, the arrival of a “consolidated HQ” may create a skills deficit, if multinational corporations are able to outprice local firms on the labour market, starving them of the best talent. 79 This becomes a particular issue when skills provision or immigration policy is not responsive to sudden increases in the demand for specific skills.
Headquarters create investment and well-compensated jobs, but a lot more besides – visitors, tax revenue, donations, reputation. Agglomeration boosts the impact of HQs, as related industries coalesce and attract talent. Slimmer headquarters housing more high earners concentrate the impact of the HQ economy, meaning that attracting headquarters has become an even higher stakes game. This is certainly the case for technology multinationals, some of which have seen huge growth in sales and profits recently. 75 Of course, city scale matters here – a headquarters that would be a major “anchor” business in a mid-size city may be only one of many players in the London or New York economy. But policymakers should also be aware of the downsides of HQ investments, and the costs that may need to be mitigated – which in turn may call into question the value of using public funds to subsidise HQ investments.


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PostPosted: Thu Dec 30, 2021 4:13 pm 
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Not sure if this is the proper thread on which to post this.

Live Furnish, a Winston-Salem startup, has raised more than $6 million in its second round of funding, according to a company filing with the U.S. Securities and Exchange Commission.

Founded by Preet Singh, Live Furnish is a virtual reality content facilitator for the home furnishings industry. The company’s technology allows users to create virtual images without the need for product photography or computer-generated imagery (CGI).

The company moved from San Francisco to Winston-Salem almost two years ago to better serve its Triad client base. Live Furnish has seen tremendous growth in the time it has been in the Triad, with TBJ reporting in September that the company had grown 450% so far in 2021 and had grown its team to 10 employees.

Live Furnish has received funding from famed Silicon Valley angel investor Jason Calacanis and South Carolina angel fund VentureSouth. The company had also been awarded $25,000 in seed-stage investment from the Center for Creative Economy’s Velocity Creative Accelerator program.

https://www.bizjournals.com/triad/inno/ ... round.html


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PostPosted: Mon Jan 03, 2022 6:54 pm 
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From todays article in the TBJ titled: "PTP's Stan Kelly on post-Toyota prospects: 'The mega trends are working in our favor'" in the body of the article: "The CEO of Piedmont Triad Partnership has spent the last six years focusing on job growth in what the PTP branded the “Carolina Core” — a 120-mile stretch of four megasites mostly along U.S. 421 from Davie County to near Fayetteville. He isn’t calling it mission accomplished just yet, but certainly mission achievement." There isn't one mention of Winston Salem in this article!


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PostPosted: Mon Jan 03, 2022 7:38 pm 
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To be fair, there isn't any mention of Greensboro, either, other than in the name "Greensboro-Randolph megasite" and the phrase "Greensboro Attorney Mike Fox." There is no mention of High Point. No mention of Burlington, or Kernersville, or any other city or town in the Triad. It's about the region in general, not about how individual cities will benefit.

It's actually really good and fair article, and very positive on the region and the growth that we are likely to see.


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PostPosted: Mon Jan 03, 2022 7:43 pm 
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No part of the W-S MSA is considered in this US 421 corridor (though one published map did highlight US 421 through W-S), but no other times is anything in the W-S MSA mentioned.


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PostPosted: Tue Jan 04, 2022 2:11 am 
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I see Kelly is saying what I've said about the Durham-Chapel Hill and Charlotte metro areas growing toward the Triad and how that sprawl will generate growth for the Triad.

While Greensboro has focused on manufacturing and warehousing, Winston-Salem has focused on medical and life science. I've heard recently that another big part of the Atrium merger was trying to get more research funding. Winston-Salem has seen and continues to see success in building new medical facilities, but the life science part is moving slowly. Transforming a city into a life science research center is focused on the main research university attracting more research funding and building these needed facilities you see in the Innovation Quarter, and in their future plans, to help with creating and spinning-off life science companies and then supporting them. It's the step before attracting more outside funding and eventually outside companies, including big names in the industry. The Atrium deal will help to make that happen. It's bringing the money in.


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PostPosted: Tue Jan 04, 2022 4:31 am 
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I sincerely hope they can attract much more research money. Duke is pulling in freaking enormous amounts of research money since they have been working jointly with Stanford. I went to Duke's cancer center and was part of a joint study last year and the resources they had available were unreal. That’s what needs to happen to truly allow the IQ to live up to it’s potential. I read a great article from Dr Atala where he was talking about the Regenerative Medicine program at Wake. In the article he said their greatest weakness wasn’t in the research/development process, it was in the commercialization of their discoveries and that’s where the “big money” is made and also what gains worldwide attention and thus fuels the cycle of more funding. If I can find the article again, I will post a link.


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PostPosted: Tue Jan 04, 2022 7:30 am 
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I've noticed that Wake Forest School of Medicine is hiring a few academic/research positions in Winston, and the job descriptions reference the $3.4B investment by Atrium Health, and the resulting tremendous research opportunities.


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PostPosted: Sat Jan 08, 2022 3:24 am 
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This is a short excerpt from a Jan 5th article in the Milwaukee BJ: Law firm Michael Best & Friedrich LLP said it added 23 attorneys and 13 professionals from the Forrest Firm to expand in North Carolina. Milwaukee-based Michael Best on Wednesday called it a “strategic combination” in which the firm gains seven offices throughout the state in Asheville, Charlotte, Durham, Greensboro, Greenville, Wilmington and Winston-Salem. Michael Best already has an office in Raleigh that the firm launched in 2017. If you don't already subscribe to the Bizjournals.com I highly recommend their reporting and the rates are very reasonable.


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PostPosted: Sat Jan 08, 2022 11:52 am 
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I must disagree, courteously. I am sure this is so everywhere except the so-called triad version, but as many on this forum have commented the wording, especially in titles of articles, is not often advantageous to W-S.


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PostPosted: Mon May 09, 2022 8:46 am 
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HCTec, an IT firm that serves health systems and health care provider organizations, expanded its offices in downtown Winston-Salem to accommodate the company’s employee growth.

https://www.bizjournals.com/triad/news/ ... salem.html


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PostPosted: Mon May 09, 2022 11:25 pm 
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This will be a nice addition to downtown! I like the idea of having a lot of smaller companies in the city. A diverse base increases the probability of growth while giving us protection on the downside.


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PostPosted: Tue May 17, 2022 7:13 pm 
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Quote:
Having recently raised a total of $47 million, Winston-Salem startup Javara plans to double its staff within two years.

Javara, an integrated research organization, plans to add approximately 200 employees over the next 12 to 24 months. The company is currently approaching 200 employees, said Senior Director of Marketing Emily Simpson.


Founded in 2018 by Jennifer Byrne, Amanda Wright and Linda McCarty, Javara works to revolutionize the clinical research industry by partnering with health organizations and expanding patient access to clinical research. Javara integrates research teams and infrastructure into the health organizations, offering centralized resources and standardized operations to advance the clinical care as a care option movement.

In just four years, Javara has been able to scale very quickly, employing almost 200 people. Its current health care partners include Wake Forest Baptist Health, Tyron Medical Partners and Privia Medical Group…..

The plan is to grow in Winston-Salem as well as across the United States as Javara enters new partnerships with healthcare organizations, Simpson added. In February 2021, Javara signed an Integrated Research Agreement Wake Forest Baptist Health that which extended their existing partnership to provide clinical research services across WFBH’s 24-county service area.


https://www.bizjournals.com/triad/inno/ ... o-400.html


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