Business and Economy
It goes without saying that the economy here is not only stable, but it’s booming.
The city is the headquarters for several huge companies including R.J. Reynolds Tobacco corporation, Krispy Kreme Doughnuts, Inc. and Branch Banking and Trust Company (BB&T).
In December 2004, the city made a deal with Dell, Inc. to build a computer assembly plant nearby in southeastern Forsyth County and by 2010, the region will gain 1,500 Dell jobs and potentially as many as 6,000 indirect jobs because of the new plant.
A portion of downtown Winston-Salem has been designated as the Piedmont Triad Research Park for biomedical and information technology research and development.
Major private employers in Forsyth County include Novant Health, R.J. Reynolds Tobacco Co., Corning Cable Systems, Sara Lee Corporation, Siemens Westinghouse and GMAC Insurance. But Winston-Salem is not merely home to established corporations. It also is home to hundreds of small business.
As the business community has expanded, the area's labor force also has grown steadily over the years. New and expanding businesses have little trouble meeting their staffing needs due to the availability of experienced managers, computer professionals, secretaries, machine operators, assemblers, mechanics and general laborers.
In addition to building a strong corporate environment and a versatile labor force, Winston-Salem is working to transform its economy from one rooted in manufacturing to one based on technology. Winston-Salem is emerging as a leading center for health care, research, science, and advanced manufacturing.
One organization dedicated to enhancing the city is the Downtown Winston-Salem Partnership. The group is leading the efforts to revitalize and strengthen the core of the city. It supports downtown businesses and encourages new economic development. The vision of the Downtown Winston-Salem Partnership is to make downtown a popular destination by emphasizing employment centers, dining, retail, entertainment and residency.
Also, there is talk of reviving streetcars to connect downtown with residential areas, tourist locales, universities, medical facilities and job centers at a cost of $130 million.
Thanks to many of these efforts, the city is attracting young professionals, families and retirees who want housing within walking distance of work, entertainment venues and eateries.
The labor force has grown steadily over the years and in 2004, more than 773,000 workers comprised the pool. Each year approximately 2,500 high school graduates enter the work force; while an estimated 2,000 others seek work for the first time. More than half of Winston-Salem’s adult population has attended college.
Demographic
- Winston-Salem is a city in Forsyth County and is the county seat. It is the fifth largest city in the state.
- As of the 2000 census, the city population was 185,776.
- The median income for a household in the city is $37,006, and the median income for a family is $46,595.
- Men have a median income of $32,398 versus $26,335 for women.
- A 2006 cost of living survey ranked Winston-Salem as the cheapest city in the U.S. to live.