Area Business Climate
Business Climate
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 boasts one of the strongest economies in the Southeast.
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. Business expansion has contributed to Asheville’s most impressive figure: its unemployment rate. At 3.4 percent, Western North Carolina’s unemployment rate is far lower than the state average of 4.7 percent and the national average of 4.3 percent. In fact Asheville has the lowest unemployment rate of the 14 metro areas in the state.
Undoubtedly, the tourism industry is a central component of the region’s economy. With its sprectrum 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 “Hannival” 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.
As the largest employment sector in Western North Carolina, the health care industry contributes greatly to the region’s economic base. With more than 6,000 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 at about five percent each year. 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, Wilsonart International and GE Lighting Systems. North Carolina businesses are able to draw a metro labor force of about 186,000 from Buncombe, Madison, Transylvania, Haywood and Henderson counties and are beginning to see a labor draw from Polk, Rutherfors, 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 complement its greatest industry: apples. In fact, Henderson County produces 65 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 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 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 vlaue 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 2005, Consumer Reports named the Asheville Metro as one of the five best places in the country to retire, and in 2006 Forbes names it 24th on its list of Best Places for Business and Careers. Kiplinger’s Personal Finance ranked the region seventh in its list of Smart Places to Live. In 2003, MSN Money noted Asheville in its Top Ten Towns fo a Second-Home Investment and 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 10 other major highways are nearby.
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, Neward, Charlotte, Philadelphia, Orlando, Detroit and Minneapolis/St. Paul and service to more than 200 destinations around the world with a single connection.
