A Duke University study estimates the annual economic impact of the High Point Market at $5.39 billion, more than 3½ times the amount calculated in earlier studies.
Duke CGGC was engaged by the High Point Market Authority (HPMA) to conduct a comprehensive economic and fiscal impact of the High Point Market located in High Point, NC. The Market, conducted bi-annually, is the largest home furnishings market in the world and attracts over 75,000 visitors each market session who descend on High Point and its environs to buy, sell and market a wide variety of furniture, accessories, and design services. Beyond attracting a large number of visitors from outside the state, the Market serves a critical function for the broader furnishings industry and is a key node in the overall furniture industry’s value chain. In particular, it is widely known by local stakeholders that a large portion of the sales contacts and transactions for local manufacturing companies are initiated and negotiated at the Market
This research was sponsored by the High Point Market Authority (HPMA). The report provides an introduction to the furniture global value chain including an overview and map of the key segments with industrial classification codes and lead firms. The second half describes North Carolina’s footprint in this industry using industrial and trade statistics and provides key findings and strategic considerations for the future of the industry.