Study: Novartis Will Have Strong Economic Impact for Holly Springs
Posted August 14, 2007
Holly Springs, N.C. — An economic development study released Tuesday predicts a $152 million payoff within three years for the Town of Holly Springs because of its multimillion-dollar investment in flu-vaccine manufacturer Novartis.
The economic impact analysis also shows Novartis will bring to Holly Springs about 350 jobs and millions of dollars in taxes and local business revenue by 2012.
Town officials offered more than $20 million in infrastructure improvements and tax breaks to attract Novartis, leaving some to question the town's decision.
"This quantifies what we thought was the case, that this hard work is paying off," said Holly Springs town spokesman Mark Andrews. "It's paying very big dividends for us now, and those dividends will grow in the future."
Novartis is under construction on a 167-acre tract of land in the Holly Springs business park. The company is expected to be completed and fully operational by 2012.
But business owners say they are already seeing a difference.
"With Holly Springs continuing to emerge and build, it gives me more confidence in hoping to grow my own practice," said speech pathologist Shannon Schieder, whose practice had 45 clients when it moved to Holly Springs a year ago. Now, there are more than 200 clients.
Restaurants in Holly Springs have traditionally struggled for lunchtime customers, but the 75 Novartis employees who are already working in the town are helping to change this, restaurant manager Travis Bridger said.
"The more people that we get working here in the daytime, instead of just living here – because they do travel away to go to work – help me out anyway," Bridger said. "I could get a raise."
And for real estate agent Linda Garner, who has sold more than 400 homes in Holly Springs, Novartis will mean more people moving into houses.
"The people that live in Holly Springs – they stay in Holly Springs," Garner said. "They love the community, they'll move into their first home, then they'll move into a second home, a third home."