Mercer, a global organization for gathering information on human resources, released its latest survey (updated June 29, 2010), ranking the least and the most expensive cities in the world. The survey correlates expatriate living expenses with standards in the home country or state. Only one city in America made the least of least expensive cities, Winston Salem, North Carolina. Criteria include cost of living and lifestyle, with an emphasis on housing costs. These surveys are useful to global corporations seeking to establish a presence in a city.
Factors Favorable to Winston Salem
Winston Salem is part of a three-city metropolitan area known as the Piedmont Triad. Winston Salem’s current population of 228,362 has an annual growth rate of 1.5%. Per capita income, based on 2007 figures, stands at $35,481. (Winston Salem Chamber of Commerce)
Winston Salem’s past revolved around R.J. Reynolds Tobacco Company and manufacturers like Hanesbrands. Today, the three largest employers are Wake Forest University, Baptist Medical Center, and Novant Health which manages Forsyth Medical Center. Wachovia Bank, now part of Wells Fargo, ranked on the list of top ten employers in 2009. (North Carolina Employment Security Commission)
Although the median housing value for 2008 in Winston Salem was $154,700, 2009 (first quarter), an ACCRA cost of living index lists housing costs as 30%. Low housing costs have attracted new businesses and may play a part in Winston Salem’s effort to attract Caterpillar, which announced in June 2010 that Winston Salem was one of three finalist cities competing for the new facility.
Education and the Arts in Winston Salem
Higher education in Winston Salem is dominated by Wake Forest University, Winston Salem State University, and Forsyth Tech Community College, one of the largest community colleges in the state. Salem College, located in historic Old Salem, includes Salem Academy, a preparatory school for girls.
City-county public schools generally test higher than the state average, support award-winning sports programs, and offer partnership programs with Forsyth Tech Community College. Winston Salem has a number of charter schools as well as private high schools like Forsyth Country Day School. Tuition at some of the religiously-based private schools like Calvary Baptist Day School is lower than at comparative schools in similar cities.
Winston Salem is also the home of the North Carolina School of the Arts, part of the UNC system, with ties to Hollywood and Broadway. The North Carolina Black Repertory Company has a long association with the city’s Arts Council and the RiverRun International Film Festival is held in the city every spring.
A Traditional City with Contemporary Advantages
The history of the twin city began at Bethabara Park, a historic site featuring colonial structures and gardens. Old Salem is a smaller version of Colonial Williamsburg in Virginia, while Reynolda House and gardens gives visitors a glimpse into Victorian life in the South.
Winston Salem is also a favorite shopping destination for outlying counties that cannot support large shopping malls. But Winston Salem also caters to those seeking quaint boutiques, side-walk cafes, and bistros, notably in the revitalized downtown section anchored by the Stevens Center, a restored 1929 theater.
How the Mercer Survey Helps Businesses
According to Vanessa Wong, writing in MSNBC (July 7, 2010), “…Mercer surveyed 214 locations around the world in which multinational companies and international organizations have a presence or are looking to set up operations.” For cities wishing to attract companies that bring jobs to the community, Mercer can provide the statistics to close a deal.
Several years ago, Winston Salem attracted Dell. Piedmont Triad Research Park has over forty tenants, including Targacept, which moved from Boston. The former manufacturing base is being replaced with medical and technological firms. Health care has the highest percentage of workers at 18.3%.
For persons and businesses seeking to relocate, the cost of living in Winston Salem offers a good lifestyle. Additionally, entertainment like the new BB & T Ball Park in the heart of the city and Tanglewood Park which recently brought back the traditional steeplechase, add to the city of the arts.
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