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New report shows economic momentum in Winston-Salem

A new report from Greater Winston-Salem Inc. shows positive trends in employment, economic expansion, and downtown living.

downtown-Winston-Salem-skyline

Census data from July 2022 estimates 251,350 people live in Winston-Salem.

Photo by WStoday

Table of Contents

New data from Greater Winston-Salem, Inc. shows the Twin City is growing. The chamber of commerce recently released its third quarter report — and it shows positive trends. Let’s take a look at the highlights:

Working in Winston-Salem

  • The city is outpacing much of the Southern US in employment growth. Employment is growing about one point above the state and national averages.
  • 26 projects — generating 1,814 new jobs and a combined $667 million in capital investment — have been announced since 2020. That includes expansion of existing companies and companies that have decided to create a presence in Winston-Salem.
  • There are 56 potential projects that could bring in a total of $7 billion in investment and create as many as 11,000 new jobs.

Living in Winston-Salem

  • Commercial real estate firm Linville Team Partners says downtown rent rates are some of the most affordable in the Triad region and in midsize metros in the Carolinas.
  • There are 5,275 downtown units that are currently occupied, available, or under construction.
  • The Artreaux on North Trade Street in Industry Hill is now leasing 242 apartments and townhomes.
  • There are 429 new units proposed in Industry Hill with the 920 Brookstown and Mayfair properties.
  • 4th and Green, a 100-unit development in the West End neighborhood, is expected to begin leasing to tenants 55 and older in the fall of 2024.

Greater Winston-Salem, Inc. works with nearly 900 businesses. President and CEO Mark Owens says while data is important — it’s the spirit of collaboration that is responsible for improvements.

“Our member companies, entrepreneurs, people that live, work, and learn here - those are the stories behind the numbers — and that’s why our collective community impact is so meaningful,” Owens said.