Study: Novartis Will Have Strong Economic Impact for Holly Springs

Holly Springs

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."



13 Comments


Golo

Welcome to GOLO, where WRAL.com visitors can comment on stories and create profile pages, blogs and photo galleries.

You must be a registered WRAL.com user to use these tools. Click here to register or log in.

View Comments View Comments

Ask Anything
  1. Amanda Lamb
    10 questions with Crime Reporter Amanda Lamb

    WRAL Crime Reporter Amanda Lamb answers your questions about crime scenes, murder cases and much more.

  2. Eleanor Goettee
    10 questions with Wake school board member

    Eleanor Goettee answers your questions about teacher pay, year-round schools ...

  3. Steve Cohen
    10 questions with Cary EMS Chief Steve Cohen

    Steve Cohen answers your questions about saving lives and what to do in emergency situations.

Multimedia
  1. Hanna Tracking
    Tracking Hanna

    Meteorologists have been tracking Hanna, which has been a tropical storm and a hurricane.

  2. Raleigh Convention Center Interactive
    Raleigh Convention Center Interactive

    The Grand Opening of the new Raleigh Convention Center is Sept. 5 and 6.

  3. Republican Convention: Sarah Palin
    Campaign Trail Photos of the Week

    View photos from the past week on the campaign trail from AP photographers around the country.

  4. Drought Map
    N.C. Drought Maps Time Lapse Animation

    View a time lapse animation of drought conditions since April of 2007.

  5. BMI_Urban_Awards_Show
    The week in entertainment photos

    A look at the top entertainment stories of the week through the lenses of Associated Press photographers.