Editing High Point, North Carolina (section)

==Economy==
===Diversification===
Though historically focused on production of furniture, hosiery, and [[Hatteras Yachts]], High Point diversified its economy by becoming a center for distribution and logistics, customer service, banking, manufacturing, photography and pharmaceuticals. The High Point Market remains important to High Point's economy and the city's furniture industry. Its bi-annual trade show is the largest furniture and furnishings industry event in the world. It is held in April and October of each year. Approximately {{convert|12000000|sqft|m2}} of showroom space is used by 2,300 exhibitors, in 188 separate buildings. Over 100 countries are represented through both vendors and visitors.<ref>{{cite web|url=http://www.highpointmarket.org/about/market-facts |title=High Point Market |publisher=High Point Market |access-date=2015-12-24}}</ref>

===Evolution of furniture industry===
High Point was an early center for the development of the furniture industry in the South.<ref name="Zach">Carolina Publications Inc., [http://www.northcarolinafurnitureguide.com/history.htm "North Carolina Furniture Guide: History of North Carolina Furniture"] {{Webarchive|url=https://web.archive.org/web/20160113154655/http://www.northcarolinafurnitureguide.com/history.htm |date=2016-01-13 }}. Retrieved 3/6/2013</ref> Functional furniture had been produced on a small scale since the 17th century by artisans of English ancestry who had settled in North Carolina.<ref name="Jeff">[http://www.soc.duke.edu/NC_GlobalEconmy/furniture/overview.shtml "North Carolina in the Global Economy"], retrieved 3/6/2013</ref> As the farming landscape of the South began to change with the end of the [[American Civil War|Civil War]] and slavery, cheap labor became available during the [[Reconstruction Era]]. The North Carolina furniture industry gained momentum in the late 19th century, and developers were attracted to High Point for its location, transportation, and cheap labor. The city was in the center of the [[Piedmont (United States)|Piedmont]] region with access to vast hardwood forests in the central and western parts of the state.<ref name="Zach" /> High Point, at the junction of the railroad and a main state road, provided a centralized shipping point for the southern market. An agricultural depression of the 1890s drove farm workers to developing towns like High Point looking for industrial jobs.<ref name="Alex">Patricia Phillips Marshall, [http://www.ncpedia.org/furniture/industrial-age "Furniture Industry – Part III: Furniture Production in the Industrial Age"] (2006). Retrieved 3/6/2013</ref>

[[File:High Point, North Carolina - Upholstering. Tomlinson Chair Manufacturing Co. Multiple carver machine automatically... - NARA - 518488.tif|right|thumb|upright|Upholstering at Tomlinson Chair Manufacturing, circa 1936.  Photo by [[Lewis Hine]].]]

Factories were needed to produce affordable wooden household furniture for the southern market. The first furniture company, the High Point Furniture Manufacturing Company, was formed in 1889. Subsequently, from 1890 to 1900, 38 new furniture factories opened in the state, with 13 of those in High Point.<ref name="Alex" /> The [[Southern Railway (U.S.)|Southern Railway]] line was formed in 1894, and High Point was shipping eight fully loaded freight cars of furniture each day by 1898. By the turn of the century, High Point had become the leading furniture center in the South, with over 40 furniture companies in the city and the surrounding area.<ref name="Jake">Richard B. McCaslin, [http://www.ncpedia.org/high-point "High Point"] (2006). Retrieved 3/6/2013</ref> Meanwhile, other manufacturers set up local factories to provide related products like veneers, plate glass, mirrors, paint, and locks to furniture companies.

Profits in the North Carolina furniture industry declined with the increasing number of factories. In addition to the increased competition for market shares, by 1910 the salary for competent experienced workers and rising shipping costs had cut further into the profit. [[Bankruptcies]] resulted from inexperienced managers who tried to sell products below the cost of production and companies that tried to expand too quickly. An innovative High Point company, Tomlinson Chair Co., devised incentives to give its workforce an opportunity to receive part of the profits. The company was one of the first to manufacture period reproduction dining and living room furniture on a large scale. Employees who exceeded monthly quotas received a percentage bonus.<ref name="Alex" /> All workers received a [[life insurance]] policy as well.

Marketing became important to growth of the furniture industry in North Carolina in the twentieth century.<ref name="Paul">Patricia Phillips Marshall, [http://ncpedia.org/print/3822 "Furniture Industry-Part IV: Birth and Development of the Modern Furniture Industry"] (2006). Retrieved 3/22/2013</ref> Store owners had to visit the factory to select their orders due to the large size and weight of the furniture. This situation improved at the turn of the century with the mass marketing and sales of North Carolina furniture from the catalogues of [[Sears Roebuck and Co.]]<ref name="Alex" /> At the same time, competitors in large cities like [[New York City|New York]] and [[Chicago]] held a national exposition twice a year to display the manufacturers' products and to take orders from furniture dealers and buyers.<ref>[http://www.apartmenttherapy.com/furniture-making-in-america-hi-152371 "Furniture Making in America: History of High Point"], retrieved 3/6/2013</ref> Recognizing the need for a more convenient southern location, High Point furniture manufacturers began planning for an exposition to display and sell their product to the public. The first North Carolina furniture exposition was held in High Point in 1905.<ref name="Jeff" /> In 1921, a brand new Southern Furniture Exhibition Building was built with ten stories and {{convert|249000|sqft}} at a cost of $2 million. The event that became known as the [[High Point Furniture Market]] was attended by 700 buyers and generated $2.25 million in sales.<ref name="Alex" /> High Point overtook Chicago as the site of the nation's most important semi-annual furniture show.<ref name="Jeff" /> Gradually the High Point Furniture Market, held in April and October, grew into an internationally renowned furniture trade fair for home furnishings.<ref>[http://www.furniturelibrary.com/ Bienenstock Furniture Library], retrieved 3/22/2013.</ref> High Point continues to be the prime U.S. location to purchase brand-name furniture at a substantial discount.<ref name="Zach" />

The furniture industry and developing textile manufacturing set the pace for two 20th century growth booms in High Point.<ref name="Jeff" /> Over the decade of the 1920s, the population grew from 14,302 to 36,745 as $20 million of building permits were issued and $26 million was spent on city improvements. The [[Great Depression in the United States|Great Depression]] did not seem to affect the southern furniture market, which focused on trendy and affordable furniture, while those in the North focused on traditional, luxurious products. By 1935, North Carolina was second only to New York in US furniture production. Meanwhile, the High Point Market continued to set furniture trends and to be a national economic indicator; the $5 billion in sales in 1947 after [[World War II]] forecast a postwar boom.<ref name="Alex" /> The 1950s' growth of the furniture market mirrored that of High Point's second population boom from 39,973 in 1950 to 62,063 in 1960.<ref name="Jeff" /> By 1959, North Carolina had surpassed New York to become the state employing the most people in the furniture industry. In 1961, [[Our State|''The State'']] magazine declared, "High Point, in Guilford County, is the world's leading manufacturing center of wood furniture. It is also the location of one of the nation's principal furniture markets."<ref name="First in Nation">{{cite journal| last1=Houser| first1=John A.| title=First in Nation| journal=The State| date=July 7, 1961| volume=29| issue=3| page=13| url=http://digital.ncdcr.gov/cdm/ref/collection/p16062coll18/id/8538}}</ref> Four international furniture shows were being hosted by High Point at that time, including the [[High Point Market]] (still known then as the Southern Furniture Exposition), which ''The State'' reported was drawing crowds of five to six thousand buyers.<ref name="First in Nation"/> Throughout the end of the 20th century, North Carolina continued to lead the nation in the production of both upholstered and wooden household furniture. The furniture was slightly styled and inexpensive, but lost its regional characteristics. Some local artisans still maintained a unique and high quality wooden product. High Point became known as the "Furniture Capital of the World" in the 1980s during the golden era of North Carolina furniture manufacturing.<ref name="Paul" />

The [[globalization]] of the 1990s opened free trade and competition from foreign furniture manufacturers.<ref>North Carolina Digital History, [www.learnnc.org/lp/editions/nchist-recent/6256 "Key Industries: Furniture"], Retrieved 3/6/2013</ref> US companies, unable to compete, began outsourcing to [[Latin America]] and [[Asia]]. China became the leading manufacturer by producing furniture of equal quality at a lower price.<ref name="Paul" /> The majority of furniture companies in North Carolina have continued to close since the 1990s. The furniture makers who have maintained a high quality product made from solid wood continue to maintain a unique niche and are sold in both the United States and Asia.

The High Point Museum showcases an exhibit, "High Point's Furniture Heritage", which examines the historical relationship between the furniture industry and the people of High Point.<ref name="Sam">Steven Case, [http://www.ncpedia.org/geography/high-point "High Point: Government and Heritage Library"] (2010). Retrieved 3/6/2013</ref> The [[Dr. C. S. Grayson House|Bienenstock Furniture Library]] located in downtown High Point is the largest furniture specialty library in the world and contains over 4,000 furniture and design-specific volumes.<ref>High Point Museum, [http://www.highpointmuseum.org/furniture-history/ "High Point and Furniture"], retrieved 3/6/2013</ref>

Owing to so much of its dedication to usage as showroom space by the High Point Market, much of downtown High Point lacks the traditional retail and restaurant businesses which characterize other large North Carolina cities, though that sector grew in the city in the 2010s and 2020s, in part due to a customer base present with people involved with High Point University.{{sfn|Medlin|2023|pp=94–95}}

===The High Point Market===
The High Point Market is the largest home furnishings industry trade show in the world, with over 11 million square feet (1&nbsp;km<sup>2</sup>) and about 2,000 exhibitors throughout about 180 buildings.  The market holds two major shows each year, and attracts between 70,000 and 80,000 attendees.<ref>{{cite news|url=http://www.highpointmarket.org/experiencemarket/reasonstoattend|title=HPMKT At A Glance|work=High Point Market Authority|accessdate=June 17, 2023}}</ref> A 2018 [[Duke University]] study showed that the market contributed $6.7 billion to the area's economy.<ref name=Cancel>{{cite news|title=High Point Market Authority cancels spring trade show; first time since World War II|last=Craver|first=Richard|work=[[Winston-Salem Journal]]|date=April 17, 2020|page=1A}}</ref> In May 2011, the High Point Market and the Las Vegas [[World Market Center]] were combined into the new firm International Market Centers (IMC).<ref>{{cite news|url=http://www.prnewswire.com/news-releases/launch-of-international-market-centers-creates-premier-b-to-b-platform-for-the-home-furnishings-and-gift-industries-121155344.html|title=Launch of International Market Centers Creates Premier B-to-B Platform for the Home Furnishings and Gift Industries|work=PRNewsWire|date=May 3, 2011|accessdate=June 14, 2023}}</ref> In September 2017, [[Blackstone Inc.]] and Fireside Investments purchased IMC, which at the time owned 14 buildings totaling 6.7 million square feet, over 50% of the downtown.<ref>{{cite news|url=http://www.furnituretoday.com/business-news/blackstone-completes-acquisition-imc|title=Blackstone completes acquisition of IMC|work=[[Furniture Today]]|date=September 28, 2017|accessdate=June 14, 2023}}</ref>

===Top employers===
According to High Point's 2018 Comprehensive Annual Financial Report,<ref>{{cite web|url=http://www.highpointnc.gov/cityofhighpoint/finance/docs/CAFR2011Web.pdf |title=City of High Point CAFR |access-date=November 17, 2011 |url-status=dead |archive-url=https://web.archive.org/web/20130509221557/http://www.highpointnc.gov/cityofhighpoint/finance/docs/CAFR2011Web.pdf |archive-date=May 9, 2013 }}</ref> the top employers in the city are:

{| class="wikitable"
|-
! #
! Employer
! # of employees
|-
| 1
| [[Wake Forest Baptist Health]] 
| 3,347
|-
|2
| [[Ralph Lauren Corporation|Ralph Lauren]]
| 2,097
|-
|3
| [[Thomas Built Buses]]
| 1,700
|-
|4
| [[Bank of America]] 
| 1,650
|-
|5
| [[Guilford County Schools]]
| 1,643
|-
|6
| [[High Point University]]
| 1,597
|-
|7
| City of High Point 
| 1,464 
|-
|8
| Alorica 
| 1,450 
|-
|9
| [[Aetna]]
| 1,230
|-
|10
| [[XPO, Inc.]]
| 900
|}