Economy
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It is the location of the corporate headquarters of BB&T (Branch Banking and Trust Company), HanesBrands, Inc., Krispy Kreme Doughnuts, Inc., Lowes Foods Stores, ISP Sports, Reynolds American (parent of R. J. Reynolds Tobacco Company), Reynolda Manufacturing Solutions, Southern Community Bank, K&W Cafeterias, and TW Garner Food Company (makers of Texas Pete). Wachovia Corporation was based in Winston-Salem until it merged with First Union Corporation in September 2001; the corporate headquarters of the combined company was located in Charlotte, until it was purchased by Wells Fargo in December 2008. PepsiCo has its Customer Service Center located in Winston-Salem.
Although traditionally associated with the textile and tobacco industries, Winston-Salem is transforming itself to be a leader in the nanotech, high-tech and bio-tech fields. Medical research is a fast-growing local industry, and Wake Forest University Baptist Medical Center is the largest employer in Winston-Salem. Blue Rhino, the nation's largest propane exchange company and a division of Ferrellgas, is also headquartered in Winston-Salem. In December 2004, the city landed a deal with Dell, Inc. providing millions of dollars in incentives to build a computer assembly plant nearby in southeastern Forsyth County. However Dell closed its Winston-Salem facility in January 2010 due to the poor economy. A portion of downtown Winston-Salem has been designated as the Piedmont Triad Research Park for biomedical and information technology research and development. Currently, the research park is undergoing an expansion, with hopes of jumpstarting the city's economy.
Read more about this topic: Winston-Salem, North Carolina
Famous quotes containing the word economy:
“Wise men read very sharply all your private history in your look and gait and behavior. The whole economy of nature is bent on expression. The tell-tale body is all tongues. Men are like Geneva watches with crystal faces which expose the whole movement.”
—Ralph Waldo Emerson (1803–1882)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kind—no matter how ultimately profitable or otherwise successful some of them might prove to be—there is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)