Economic development efforts and wage growth got Winston-Salem a shoutdout as one of 10 “shining examples of economic development that’s working” in the current edition of Southern Business & Development magazine.
The Triad Business Journal reports Winston-Salem is one of just 11 Southern communities that saw wage growth in the past two years, according to a study by Garner Economics. That wage growth is spurred by the city’s decades-long shift from a manufacturing-based economy to one based in the higher-paying health care and life sciences sectors.
That shift is most clearly seen in the combined 21,000 employees with Wake Forest Baptist Medical Center and Forsyth Medical Center and the significant growth at the Wake Forest Innovation Quarter, the magazine said.
But Winston-Salem’s manufacturing base is still a significant contributor to the city’s economic makeup, including Caterpillar Inc’s manufacturing plant and Herbalife Ltd. choosing Winston-Salem to open a plant and create 500 jobs. Read More.