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 Facilitating moderate growth with a diverse economic base, Western North Carolina boasts some of the most impressive economic figures in the state. Bolstered by the growth of the health care industry, strong housing market, diverse manufacturing base and tourism, Western North Carolina has resisted the recession that so strongly affected other areas in the country.With a range of industries including retail, manufacturing, health care, technology and tourism, and a blend of large, established corporations and small businesses, this hub of Western North Carolina continues to build a strong and prosperous regional economy. Government agencies and local chambers of commerce have worked to attract businesses to the area. Tax advantages and other incentives for new and expanding firms have made the area particularly appealing. In fact, Asheville recently ranked 29th on Expansion Magazine’s list of Hottest Cities for Manufacturing Expansions and Relocations. Business expansion has contributed to Asheville’s most impressive figure: its unemployment rate. At 3.3 percent, Western North Carolina’s unemployment rate is far lower than the state average of 5.2 percent and the national average of 5.4 percent. In fact, Asheville has the lowest unemployment rate of the 11 metro areas in the state. Undoubtedly, the tourism industry is a central component of the region’s economy. With its spectrum of colorful leaves, autumn is the most attractive season of the year. Hundreds of thousands flock to the area during the season and available hotel rooms are sparse. More than five million people visit the area annually, generating hotel revenue exceeding $100 million. Beyond hotels, the bed and breakfast industry is booming in Western North Carolina, bringing in revenue for local businesses. The spectacular scenery and architecture of Western North Carolina that draws tourists throughout the year also attracts filmmakers. A string of movies in the past few decades has spurred the area’s notoriety and added a boost to the local economy. The movies “Hannibal” and “Patch Adams” were both filmed at Biltmore Estate, a conference center in Black Mountain was the site for “28 Days” with Sandra Bullock, Chimney Rock Park set the stage for “The Last of the Mohicans” and “Dirty Dancing” was shot at nearby Lake Lure. The health care industry contributes greatly to the region’s economic base. With more than 5,000 employees, Mission Hospitals is the greatest private employer in Western North Carolina, and a number of other facilities in the region employ thousands of workers. Health care employment in the area has grown 20 percent in the past five years and composes 18 percent of the workforce. Furthermore, health care wages in Western North Carolina are 27 percent above the private industry average. According to the Asheville Chamber of Commerce, this growth is expected to continue. The manufacturing industry also adds to the area’s industrial development. Recently, Volvo Construction Equipment moved its headquarters to Asheville. Other major manufacturers include Sonopress, Borg Warner, Owen Manufacturing, Cooper Bussman and Eaton Cutler Hammer. Western North Carolina businesses are able to draw a metro labor force of about 117,000 from Buncombe, Madison, Haywood and Henderson counties and are beginning to see a labor draw from Transylvania, Polk, Rutherford, McDowell and Yancey counties as well. As the fastest growing county in Western North Carolina, Henderson County’s cultural attractions like the Flat Rock Playhouse add to its greatest industry: apples. In fact, Henderson County produces 75 percent of apples in the state. Its annual Apple Festival attracts 200,000 visitors to the region. Haywood County offers financial incentives to attract new and expanding business to the area. Haywood Community College sponsors a Small Business Incubator and Small Business Center to provide support for small businesses. Waynesville’s blend of appealing architectural design, mixed-use development and a prominent arts community help to attract businesses to its historical downtown district. Nearby Canton is home to Blue Ridge Paper, one of the area’s top employers, and two industrial parks were recently built just north of town. Real estate in Western North Carolina has also seen tremendous growth in recent years. In fact, the region marked the highest appreciation in home value over five years of all the North Carolina metropolitan areas. This moderate population growth and demand for more development has also bolstered the construction and retail industries. In 2003, MSN Money noted Asheville in its list of Top Ten Towns for a Second-Home Investment, and in 2003 AARP Magazine recognized Asheville as one of the Top 15 Dream Towns or Best Places to Reinvent Your Life. Western North Carolina’s key location has helped to facilitate its growth. At the intersection of I-26 and I-40, the area is centrally located between the cities of Knoxville, Charlotte, Greensboro and Greenville/Spartanburg. The I-240 loop runs through downtown Asheville, the Blue Ridge Parkway has connections throughout the region and ten other major highways are nearby. Furthermore, highway expansion efforts will connect I-26 to I-81 in Tennessee. About 15 miles south of downtown, Asheville Regional Airport also serves Western North Carolina. The airport is a central component of business growth in Western North Carolina, offering direct flights to Atlanta, Cincinnati, Houston, Newark, Charlotte, Raleigh/Durham, Orlando, Detroit and Minneapolis/St. Paul and service to 214 destinations around the world with a single connection. PHOTO COURTESY OF BILTMORE FARMS Major Employers Ingles Markets, Inc. Buncombe County Government Henderson County Public Schools City of Asheville GE Lighting Systems, Inc. CarePartners Blue Ridge Paper Products VA Medical Center – Asheville Haywood County Public Schools Grove Park Inn Resort and Spa Haywood Regional Medical Center Biltmore Company |
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