Economic Development Coalition for Asheville and Buncombe County - Annual Report 2024-2025

ANNUAL REPORT

THE COMEBACK BEGINS

ECONOMIC DEVELOPMENT COALITION FOR ASHEVILLE AND BUNCOMBE COUNTY 2024-2025 (FY)

A MESSAGE FROM THE BOARD CHAIR

This year at the Economic Development Coalition (EDC), we close the work of our last five-year strategic plan and begin the work of a bold new one. Opening with COVID and closing with Hurricane Helene, we cannot reflect on the last five years without recognizing the unique challenges we have faced and the lessons we have learned. Amid the adversity, one constant for our region has remained: our grit. Western North Carolina has proven time and again that it can meet whatever the challenge with determination and grace, and in the end emerge stronger.

In these uncertain times, collaboration has been our greatest strength. Our residents and business community have come together for the common good to shape our path forward. The relationships forged during these trials between small businesses, large corporations, volunteers, residents, first responders, and elected leaders have created a solid foundation for economic recovery and growth in the face of profound change.

As a result, we look ahead with ambition. The AVL 5x5 Strategic Plan that will guide our work through 2030 reflects this confidence. With the leadership of the EDC Board, the global talents of EY Advisory Services, and the input of over 450 residents and stakeholders, the 5x5 Plan will strengthen our coalition as we look to the future, with a common vision for regional economic prosperity.

The Board of the EDC and our coalition of partners invite you to join us in this important work and be part of the comeback!

With gratitude,

Economic Development is a balance of what is and what can be."

AVL 5X5 2030 Investor

A MESSAGE FROM OUR EXECUTIVE DIRECTOR

CLARK DUNCAN

Executive Director

Economic Development Coalition

Throughout a year of extraordinary challenge, the work of our staff and board maintained a focus on the mission, purpose, and values of our Coalition – lifting the businesses and people of Buncombe County.

Foundations of trust and deep industry relations proved critical to an early and impactful response to Hurricane Helene. Despite lack of power, water, and communications, EDC staff and board coordinated immediate early response including wellness checks on local business, infrastructure assessments, crisis communications, and relief funding. Just six weeks post-storm, EDC staff had partnered with NCWORKS and the MAWDB to host a job fair for over 1,000 dislocated workers. The subsequent WNC Career Expo in April would likewise attract the largest student, employer, and job seeker attendance since 2019.

Much needed good news arrived in January as storm-related unemployment subsided and jet-engine maker, Pratt and Whitney, announced expansion plans for its South Buncombe

County operations. The commitment will push total investment north of $1 billion, supporting over 1,100 employees at buildout. And by March, GE Aerospace would host over 250 highschoolers on its campus for a belated celebration of STEM career exploration and Manufacturing Day, while announcing the investment of some $20 million in new technologies.

As Spring arrived, EDC staff hosted a delegation of French Aerospace Companies to underscore our resilience and business readiness for international investment, while Venture Asheville rolled out robust new offerings to jumpstart our venture community. With the support of capacity-building grants from the Dogwood Health Trust and Truist Bank, the Optimist Ventures Accelerator will deploy $1 million in capital to 20 local ventures by FY26 with the welcome addition of Matt Godfrey to the team.

And throughout the uncertainty of the year, our community looked to the expertise of Riverbird Research. Hosting Brookings Institution Economist, Ben Harris, for the Economic Outlook in December and conducting the 15-County Hurricane Helene Business Feedback Survey that will continue to inform the strategies of recovery in the months and years to come.

More than ever, we close the year with gratitude to our board and investors.

$62,413

Overall Average Wage of Announced Jobs

SPECIAL THANKS TO OUR STAKEHOLDERS

Successful economic development requires strong public sector leadership united by a common purpose. The work of the EDC relies on the stewardship of our stakeholders at Buncombe County, the City of Asheville, and partners in Haywood County to advance economic opportunity and tax base expansion, sustaining continued growth of the Asheville Metro Region. Today, Recruitment and Expansion Projects announced by the EDC account for 10 of the 20 largest property taxpayers in Buncombe County.

“The Buncombe County Commission created the EDC 31 years ago and remains committed to its success today. Together, we are building a future where all residents are participating in the thriving economy of the region, and the next generation can emerge stronger than the one that came before.”

AMANDA EDWARDS Chair, Buncombe County Commission

“The City is proud to partner with the board of the Economic Development Coalition both as an investor in the AVL 5x5 Campaign and an employer in the Inclusive Hiring Partners collaboration that is committed to expanding equity and bridging the opportunity gap for our residents.”

HON. ESTHER MANHEIMER Mayor, City of Asheville

“As we celebrate our 31st year of the Economic Development Coalition, the Chamber Board is grateful to our partners at Buncombe County, the City of Asheville, and Haywood County, and over 115 investors in the AVL 5x5 who share our belief in the power of partnership.”

KEVIN HEFNER

Board Chair, Asheville Area Chamber of Commerce

“Regionalism and collaboration are key to a thriving economy that lifts all residents of Western North Carolina. Haywood County is proud to partner with the EDC in recruiting next-generation employment and investment opportunities to the mountains. Together, our future is bright.”

BRYANT

MOREHEAD

Haywood County Manager

THE AVL 5X5 PLAN FOR 2020-2025 DELIVERS RECORD

MARCH 3, 2021

OCTOBER 22, 2020

800 Jobs

$650M Investment

100 Jobs

$67M Investment

JANUARY 11, 2021

47 Jobs

$3M Investment

JULY 9, 2021

50 Jobs

$2.4M Investment

OCTOBER 29, 2021

47 Jobs

$6M Investment

Even as Hurricane Helene approached, HCA Healthcare’s Mission Health rose to meet the crisis, with the acute care, expanded staffing, facilities, and water resources necessary to speed emergency response. Looking ahead, we are proud to be Legacy Investors in the AVL 5x5 Campaign that will continue to drive the economic recovery and wellbeing of WNC households for years to come.”

RECORD SETTING $1.06B INVESTMENT & IMPACT

JULY 7, 2022

15 Jobs

$1.5M Investment

DECEMBER 6, 2022

37 Jobs

$2.5M Investment

MARCH 13, 2024 & MARCH 12, 2025

$11.3M & $20M Investment

SEPTEMBER 6, 2022

50 Jobs

$2.8M Investment APRIL 9, 2023

66 Jobs

$4.3M Investment

JANUARY 28, 2025

325 Jobs $285M Investment

WILLIAM IRVING CEO, Friday Services

As the leading provider of staffing and recruiting solutions across Western North Carolina for the last 45 years, Friday Services has been honored to partner with local employers and community leaders to address key workforce challenges. We proudly support the EDC’s AVL 5x5 Plan for their forward-thinking leadership in tackling strategic initiatives that will foster continued economic growth across our community.”

HURRICANE HELENE RESPONSE 2024

OPEN FOR BUSINESS

Asheville businesses getting back on their feet in the River Arts District.

STAFF PRIORITIZES INDUSTRY RETENTION IN STORM AFTERMATH

In the immediate weekend aftermath of Helene, EDC Staff worked the phones to triage facilities support, workforce wellness checks, and utility restoration for start-ups and multi-nationals alike. Having met EDC leaders at Cincinnati Headquarters in March, the Executives for Global Facilities for GE Aerospace knew immediately whom to call for timely information and business continuity planning, and have remained in close coordination.

Pictured below: GE Aerospace Storm Relief Center, Sweeten Creek Industrial Park.

RECOVERY LEADERSHIP

Avril Pinder, Buncombe County Manager and Debra Campbell, City of Asheville Manager, coordinating Hurricane Helene Recovery efforts.

COMMUNITY, HEROISM AND RECOVERY

SWANNANOA COMMUNITY CARE SITE WITH P&W: THE ROLE OF BUSINESS IN RECOVERY

Pratt & Whitney’s investment in shower, sanitation and laundry facilities with resources from the County Public Health Department, National Guard, Red Cross, and local nonprofits were integrated together to serve thousands of residents in need in the Swannanoa River Valley. Pictured: County Commissioners Edwards, Wells and Whitesides touring the Swannanoa Community Care Site.

RECOVERY WORKSHOP

AVL 5x5 Strategy Workshop with EDC Board, Investors & Community Partners – December 6, 2024.

GETTING RECONNECTED

AVL Technologies providing communication support.

SUPPORTING BUSINESS

SBA Disaster Recovery Center Opens at the EDC & Chamber Offices

RIVERBIRD RESEARCH

REIBER Senior Director of Research

PARSONS Research Analyst

Established in 1994, through city, county, and business collaboration, Riverbird Research is a trusted source for community and economic data. We build strong regional partnerships and deliver custom reporting, labor market analysis, and economic impact studies, providing insights that support planning, investment, and policy decisions.

ANNUAL GROWTH BREAKFAST

March 12, 2025

The Premier Local Growth Breakfast brought together industry leaders and community partners at UNC Asheville for a discussion of Asheville-area economic indicators and the latest results from the EDC’s AVL 5x5 2025 strategy. Presentations covered regional demographics, economic trends, local cost of living, and wage growth, as well as emerging impacts from Hurricane Helene. Highlights also included reflections on the current plan’s progress and a preview of what’s ahead.

Thank you to our Presenting Sponsors:

HEIDI REIBER SERVES ON THE BOARD OF C2ER AND EARNED THE CERTIFIED ECONOMIC RESEARCH PROFESSIONAL CERTIFICATE.

RIVERBIRD REVENUE GENERATED FOR EDC OPERATIONS IN FY2024

$122,000

HURRICANE HELENE BUSINESS IMPACT SURVEY

Business Feedback Survey: Listening to Local Voices Post-Storm

Facilitated by Riverbird Research and in response to Hurricane Helene, regional partners launched a coordinated survey to understand how businesses across Western North Carolina were impacted and what they need to recover. Over 1,000 businesses responded, offering direct insight five months after the storm.

The survey focused on physical damage, revenue loss, staffing challenges, and recovery needs. 94% of respondents described the hurricane as having a negative effect. The most widespread issue reported was revenue decline, with many businesses also citing reduced customer demand, financial strain, and a need for help with repairs, staffing, and accessing assistance programs.

This effort streamlined outreach, reduced duplication, and provided actionable information for decision-makers. Plans are underway to repeat the survey at the one-year and eighteen-month marks to help inform long-term support.

Access the Survey here:

BEN HARRIS Vice President and Director - Economic Studies Brookings Institution

25th ANNUAL ECONOMIC OUTLOOK

December 11, 2024

Riverbird Research was honored to host Ben Harris, Vice President and Director of Economic Studies at the prestigious Brookings Institution, as the keynote speaker for the 2024 Annual Economic Outlook. As a recognized expert in fiscal policy, labor markets, and the macroeconomy, Dr. Harris offered invaluable insights into the key trends shaping both the U.S. economy and their implications for regional economies like Asheville's. Considering the ongoing recovery from Hurricane Helene, the timely discussion explored how national economic policies and market dynamics intersect with local resilience and sustainable growth efforts.

Thank you to our Presenting Sponsors:

RIVERBIRD RESEARCH

RIVERBIRD COORDINATES NATIONAL DISCUSSION ON COMMUNITY RESILIENCE

August 21, 2024

Riverbird Research coordinated a national webinar on community resilience, featuring Jim Fox, Senior Resilience Associate at FernLeaf. The session explored how risk increasingly shapes key decisions, particularly in light of more frequent extreme weather and growing hazards, and emphasized that investing in resilience can deliver strong returns, support local economies, and strengthen the workforce.

IN DEVELOPMENT

• FOCUSED ENGINEERING ECOSYSTEM STUDY

Riverbird will serve as project manager for a focused survey conducted by the Research Triangle Institute (RTI) in partnership with Land of Sky Regional Council.

• CREATIVE SECTOR CONTRIBUTION ANALYSIS

An economic contribution study will be conducted in the Asheville-Buncombe area focused on the creative sector, in partnership with ArtsAVL.

• CREATIVE MANUFACTURING: TEXTILES, CERAMICS, METALS

A sector analysis will assess the scale and potential of creative manufacturing industries in WNC, in partnership with Land of Sky Regional Council.

THANK YOU TO OUR PARTNERS

for the opportunity to create custom quarterly, annual, and ad hoc reports in partnership with local stakeholders.

ASHEVILLE METRO* ECONOMIC INDICATORS

RATE

TOTAL NONFARM EMPLOYMENT

# OF HOUSES SOLD

AVERAGE HOUSE PRICE

# OF NEW RESIDENTIAL PERMITS

VALUE OF NEW RESIDENTIAL PERMITS

(CHAINED 2017 DOLLARS)

2024 data for GDP and Educational Attainment have not yet been released. Educational Attainment is percentage

with an Associate’s Degree or higher. *Note: Currently

This is an economy experiencing a massive sea change and we must stay informed."

ECONOMIC DEVELOPMENT COURSEWORK AT UNC CHAPEL HILL

Caleb Parsons completed the UNC Basic Economic Development Course, an accredited program designed for professionals new to the field. The course, recognized by the International Economic Development Council (IEDC), combines theory and practice to build foundational skills in planning, strategy, and implementation.

AND REPORTS

Recent presentations, highlighted projects, and focus reports supporting the community and economic development strategy are available on the Riverbird Research website.

WORKFORCE PARTNERSHIP DEVELOPMENT

DIANA BLACKETT Director of Workforce Partnerships

The AVL 5X5 Strategy supports workforce development and creates real opportunities for people across our region. Through strong partnerships, we’re expanding access to education, apprenticeships, student and employer engagement, and hiring practices that help individuals gain the skills and experience needed to thrive. Together, we’re building a stronger, more connected workforce for Western North Carolina.

2025 WNC CAREER EXPO

The 2025 WNC Career Expo welcomed nearly 1,000 attendees, making it the largest in the region since 2019, with employers and community partners representing Buncombe, Henderson, Madison, and Transylvania counties. Over 200 students participated in our interactive engagement experience, connecting directly with employers through activities like Career Connections Bingo, designed to spark meaningful conversations and build confidence in professional spaces.

To better support job seekers, especially those transitioning into new fields, we introduced WNC Career Expo Workshops: Ready, Set, Get Hired! Offered four weeks prior in partnership with AB-Tech, WNCHRA, and NCWorks, these free community workshops focused on resume mastery, impactful presence, self-advocacy, and winning job fair strategies. The top industries represented mirrored Asheville’s leading employment sectors Healthcare, Government and Federal Services, Hospitality and Tourism, Retail Trade, Manufacturing, and Professional Services, ensuring job seekers accessed real opportunities aligned with regional demand. As Western North Carolina continues to recover from Hurricane Helene, the WNC Career Expo remains a vital bridge toward workforce resilience, economic mobility, and long-term opportunity.

BY

THE NUMBERS

1,000

INCLUSIVE HIRING PARTNERS

In 2025, Inclusive Hiring Partners (IHP) strengthened its role as a connector between job seekers facing barriers and employers offering living-wage opportunities. With over 60 community and employer partners, IHP continued to provide guaranteed interviews, job retention support, and access to education and training programs.

On September 25th, IHP hosted its First Annual Second Chance Hiring Event in partnership with Operation Gateway, engaging more than 30 employers committed to hiring individuals in recovery or re-entering the work-force. Held just as Hurricane Helene approached, the event underscored the importance of second-chance pathways.

In response to the storm’s impact, IHP partnered with the YMI Cultural Center to distribute essential goods to affected communities, demonstrating the power of collective action. These experiences led to the re-establishment of the IHP Pathways Council, bringing together employers and community organizations to align inclusive practices and expand access to economic opportunity.

Looking ahead, IHP will host neighborhood-based hiring events, educational forums, and employer workshops, continuing to advance a more equitable and resilient workforce in Buncombe County. BY

Since connecting with Land of Sky, my life has completely changed. I went from working in a factory to opening my own office with Labor Finders in Hendersonville. Big things are happening, and it’s all because I didn’t give up and followed the guidance I was given. I also had the support of a smart and inspiring woman, Miss Diana from the Chamber, who was part of the Inclusive Hiring Partners program. She believed in me when I couldn’t believe in myself and kept pushing me forward."

WORKFORCE PARTNERSHIP DEVELOPMENT

NEXT AVL

Next AVL is a 9-month mentorship program connecting local university students with working professionals for guidance, career exploration, and lasting connection. Designed to help students take the next step after graduation, the program also showcases the real opportunities to live, work, and build community right here in Asheville.

This year, the program centered around the theme From Me to We, a journey from self-awareness to confident professional expression. Students completed strength assessments, developed personal brands, practiced interviewing, and learned to manage stress in workshops led by local industry experts. We also partnered with Backrs, a national mentorship platform, to expand insight and connections beyond the region.

Local leaders including Barrie Barton, Aisha Adams, Steve and Joanne Wright, and Natalia Rabin guided students through personal and professional growth. Following Hurricane Helene, we shifted focus to supporting emotional resilience, offering trauma and stress recovery sessions led by Dr. Sarah Núñez and Laura Wagenknecht. In a true reflection of community commitment, mentor Adam Knapp of Adam Knapp Creative Coaching took on two mentees post-Helene to preserve the integrity of the program and ensure all students remained supported.

BY THE NUMBERS

150

STUDENTS OVER 6 YEARS

MENTORS OVER 6 YEARS

STUDENT MAJORS

185 Healthcare Engineering IT Technology

Graphic Arts

Human Services

Social Sciences

SCHOOL PARTICIPATION

A-B Tech

UNC Asheville

Montreat College

Warren Wilson

Western Carolina University

Mars Hill University

I learned so much from the NEXT Asheville program and am incredibly grateful to have been selected. It helped prepare me for the next steps in my career by providing invaluable mentorship, networking opportunities, and guidance on resume building, interview preparation, and career development. I especially appreciated the support and insight I received as I worked toward making a career pivot."

ACCELERATE BUNCOMBE

Accelerate Buncombe was a one-year pilot program created in partnership with Buncombe County, the Housing Authority of the City of Asheville, Operation Gateway, and the YMI Cultural Center. It was designed to connect residents with paid, short-term credential training that led to careers in high-demand industries. The program offered $15/hour education stipends, emergency assistance, and completion bonuses, removing key barriers and accelerating participants toward economic opportunity.

When Hurricane Helene struck the region, the program didn’t pause, it pivoted. Community Health Workers from our partnering institutions, stepped in to help participants navigate uncertainty, stay enrolled, and complete their training. Their commitment transformed disruption into determination. Despite the challenges, many participants successfully earned certifications in fields aligned with regional workforce demand, such as Phlebotomy, CNA, Radiology, Medical Coding and Billing, and CDL training. Others became Community Health Workers and Peer Support Specialists, returning to their communities with vital support skills and renewed purpose.

BY THE NUMBERS

RESIDENTS REACHED 110

RESIDENTS ENROLLED 94

RESIDENTS GRADUATED 48 RESIDENTS FULL-TIME EMPLOYMENT

18

Accelerate Buncombe gave me the opportunity to pursue my dream of becoming a Certified Nursing Assistant while juggling school, motherhood, and financial responsibilities. Their program was not only flexible and supportive, but the stipend allowed me to continue providing for my family without sacrificing my education. I’m so grateful for this program, it truly changed my life."

DEJA BETON

BUSINESS RETENTION AND EXPANSION

ASHLEY SWANGER Director of Industry Services

Building relationships is at the heart of our Business Retention and Expansion (BRE) work. We know that one of the best ways to strengthen economic opportunity is by nurturing relationships with local industry partners where we have a homegrown competitive advantage. Our AVL 5x5 Business Retention Strategy focuses on staying engaged and connected to our industry partners through site visits, events, and resource partner collaboration.

PRATT & WHITNEY

Adding 325 Jobs with $285 million investment

2025 started off with a show of confidence in the strength of our region’s advanced manufacturing workforce. On January 28th, Pratt & Whitney announced it will create 325 additional jobs and investment of $285 million to expand its turbine airfoil manufacturing plant in Buncombe County.

BY THE NUMBERS

$62,413

For the new positions will be $62,413, compared with an average wage in Buncombe County of $54,416. AVERAGE SALARY

$20M

ANNUAL PAYROLL

Pratt & Whitney’s continued investment in Asheville is critical to meet the growing demand for our products, such as the GTF for the A320 family and the F135 for the F-35 Lightning II. We would like to thank Buncombe County, the state, and Governor Stein for their support on this project. This latest round of investment will allow us to add critical process elements for the manufacture of turbine airfoils and increase the overall delivery output of this facility, enabling us to deliver on our customer commitments while creating hundreds of new jobs in the Asheville community.”

New positions will bring an annual payroll impact to the community of more than $20 million per year.

GE AEROSPACE

Investing in the Future & Showcasing STEM Careers

On March 12, GE Aerospace announced plans to invest nearly $1 billion in its U.S. factories, including a commitment of $20 million dollars in investment at the Asheville facility, scaling the production of innovative parts made from new materials and advanced manufacturing processes that provide engines with more range, power, and efficiency.

March 21 - High Schoolers from across the county toured GE’s Asheville facility, for Modern Manufacturing Day. They heard from industry leaders, and worked through several STEM challenge stations. From designing and flying paper airplanes to racing through envelope-stuffing relays and even mastering shirt-folding techniques, every station highlighted the skills that power modern manufacturing.

Asheville and North Carolina continue our tradition of leading in aviation innovation. This significant investment represents our commitment to this community and its workforce.”

BY THE NUMBERS

$20M

ANNOUNCEMENT BUILDS

On investments over the last decade in its bestin-class Asheville facility, bringing the total to over $250 million. In addition to a strong commitment to investing in technology and equipment, GE Aerospace is also committed to investing in tomorrow’s workforce.

Manufacturing Day plays a crucial role in shaping the future career paths of high schoolers by directly addressing misconceptions and opening doors to modern manufacturing,”

BCS Career and Technical Education Director

BRE HIGHLIGHTED EVENTS

Manufacturing Mornings is a celebration of modern American manufacturing and provides a unique opportunity to tour local high-tech, diverse, advanced manufacturing operations. These events foster valuable business connections and highlight the people, products and innovative processes that drive this vital part of our regional economy.

In FY25 this event was held at

BY THE NUMBERS

Advanced Manufacturing continues to drive productivity, employment and wage growth in the: BILLION

$23

KATE TROMBLEY COO Poppy HandCrafted Popcorn REPRESENTING

19,000+

Hosting Manufacturing Mornings was a fantastic experience. It was energizing to be in a room with other local manufacturers, learning about what they have going on, and the challenges they're tackling. I really enjoyed the open dialogue and hearing the thoughtful questions they had for me. It’s a great way to connect and grow together.” OF THE ASHEVILLE WORKFORCE 10% JOBS

Twice per year EDC Board Chair and Staff host the Industry Leaders and Influencers (ILI) reception to build community connections and strengthen local networks. This year, our Fall event in November, had an even more important purpose. Over 120 local stakeholders, AVL 5x5 investors, and industry leaders came together, acknowledging the shared weight of Hurricane Helene, and creating the foundations for moving our region forward.

Hosted by:

Sustainability Council is a peer-to-peer networking group for Buncombe County manufacturers connecting with industry resource partners and sharing sustainable business strategies to meet complex market demands.

Duke Energy is committed to supporting our manufacturing customers in their daily operations and continuous improvements including implementation of sustainable practices. Sponsorship of the Sustainability Council directly aligns with Duke Energy’s priority of supporting and engaging with local manufacturers. Participation in the council ensures our customers have up to date information on available energy efficiency and other programs that may benefit their businesses and opens a direct line of communication.”

STRATEGIC MARKETING & RECRUITMENT

BATEN Director of Business Recruitment

Attracting diversified target industry growth is critical to the long-term economic resilience of Buncombe County. By proactively recruiting highwage industries and strengthening our regional business ecosystem, we ensure sustainable prosperity, greater economic mobility, and a workforce prepared for the industries of the future. This strategic focus positions Asheville and Buncombe County as a premier destination for forwardthinking businesses and talent.

FY 2025 AEROSPACE MARKETING INVESTMENTS

Strategic outbound marketing initiatives play a critical role in showcasing the Western North Carolina Region’s unique value proposition and competitive advantages. Our Economic Development Coalition (EDC) team executes data-driven research, crafts highly targeted messaging, and develops sophisticated marketing materials aligned with the industry priorities of the AVL 5x5 Strategic Plan. This focused approach encompasses key sectors, including advanced manufacturing, life sciences, climate technology, outdoor recreation, professional services, and information technology. By amplifying brand awareness among industry leaders and investors, these initiatives strengthen the region’s reputation for its highly skilled workforce, sustained demographic growth, and the resurgence of advanced manufacturing. Through precision-driven marketing strategies, we position Western North Carolina as a premier destination for corporate expansion, fostering high-value partnerships and driving sustained economic growth.

GLOBAL REACH, LOCAL IMPACT: EDC AT FARNBOROUGH INTERNATIONAL AIR SHOW

Attending the Farnborough International Air Show alongside statewide partners is a key strategy to attract aerospace investment. The 2024 show resulted in 21 executive meetings and six project leads, reinforcing our position in the global aerospace economy. (July, 2024)

Pictured Above: Marqueta Welton, Chief of Staff for the North Carolina Department of Commerce, Lew Bleiweis, President & CEO of Asheville Regional Airport, Keevon Baten, Director of Business Recruitment, Clark Duncan, Executive Director of the EDC, Shane Eddy, President of Pratt & Whitney, Machelle Sanders, Secretary of Commerce for the North Carolina Department of Commerce, and Chris Chung, CEO, EDPNC.

CHRIS CHUNG CEO, EDPNC

Our collaboration with the Asheville EDC at Farnborough strengthens North Carolina’s position as a top destination for aerospace investment from around the globe. These efforts enable us to connect with aerospace companies and pursue opportunities that align with Asheville’s target industry goals and North Carolina’s broader economic vision. Asheville’s growing presence in aerospace and advanced manufacturing makes it a key player in North Carolina’s economic future.”

STRATEGIC MARKETING & RECRUITMENT

ASHEVILLE EDC CULTIVATES KEY EUROPEAN INDUSTRY PARTNERSHIPS

Cultivating relationships with GIFAS (Groupement des Industries Françaises Aéronautiques et Spatiales) and Business France is a strategic imperative for the Asheville EDC as it seeks to position the region as a premier destination for global investment. Business France is the French government agency responsible for promoting international business development. GIFAS is the French Aerospace Industries Association, representing over 500 companies across the aerospace, defense, and space sectors. In February 2024, the EDC hosted a delegation of French companies in collaboration with Business France, facilitating high-level discussions on investment opportunities and strategic partnerships with local industry. During Verticon, the EDC engaged with GIFAS at an exclusive networking breakfast, strengthening ties with French aerospace industry leaders to position Asheville as a premier destination for expansion.

'TOP 50 ECONOMIC DEVELOPER'

Clark Duncan earned the ‘Top 50 Economic Developer’ recognition from Consultant Connect. (Nov. 2024)

EDC LEVERAGES INTERNATIONAL ENGAGEMENT TO EXPAND ECONOMIC OPPORTUNITY

Attending the 2025 Verticon Expo and engaging with 10 high-growth companies directly advanced the AVL 5x5 strategic plan by showcasing the Asheville area as a competitive, investment-ready destination for diversified, high-wage industries. These efforts reinforced our business attraction strategy while deepening our relationship with GIFAS - the French Aerospace Industries Association. Our participation in their networking breakfast event strengthened ties with French aerospace executives while laying the groundwork for later hosting the GIFAS delegation in Asheville. (March, 2025)

PAVING THE WAY FOR FUTURE PROSPERITY: STRENGTHENING INFRASTRUCTURE AND EXPANDING OPPORTUNITY

In February 2025, the Economic Development Coalition for Asheville-Buncombe County (EDC) announced the completion of a transformative infrastructure project at Enka Commerce Park, a pivotal milestone in regional economic growth. Supported by a $10 million investment from Buncombe County, the newly constructed bridge, access roads, and enhancements to Enka Heritage Parkway and Bob Lewis Sports Park improve transportation efficiency, alleviate congestion on Sand Hill Road, and enhance safety for businesses, residents, and emergency responders. Enka Commerce Park, a 200-acre industrial hub home to 15 major employers and over 500 high-wage jobs, continues to expand its capacity for business growth. The Asheville City Council’s 2023 zoning approval for a 45.5-acre parcel has facilitated the development of over 600,000 square feet of speculative industrial space, with a 136,080-square-foot Class A facility now available at 261 Enka Heritage Parkway. With enhanced logistics and industrial capacity, the park is positioned to drive economic opportunity, attract industry leaders, and strengthen Asheville’s competitive business landscape.

EDC AND EXPLORE ASHEVILLE PARTNER TO ATTRACT GLOBAL BUSINESS LEADERS

Asheville’s reputation as a hub for business innovation continues to rise, bolstered by the Economic Development Coalition’s collaboration with Explore Asheville to host the 2025 Momentum Summit

This nationally recognized event convenes missiondriven executives and highgrowth companies, offering a strategic platform to showcase Asheville’s strengths in innovation, sustainability, and business investment.

(April, 2025)

AMANDA EDWARDS Chair, Buncombe County Commission

This project is a strategic investment in the region’s long-term economic vitality. Targeted infrastructure enhancements in key industrial corridors like Enka Commerce Park are essential to attracting high-wage jobs, driving economic mobility, and accelerating sustainable growth across Buncombe County.”

VENTURE ASHEVILLE

Venture Asheville, launched in 2014, is an innovative and comprehensive effort to cultivate the next generation of Asheville-headquartered business. Focusing financial resources on high-growth companies with the capacity to scale nationally and internationally, Venture Asheville builds the entrepreneurial ecosystem through connection, mentorship and funding.

With thanks to the Dogwood Health Trust and Truist Bank, Venture Asheville launched Optimist Ventures. Optimist Ventures is a new venture philanthropy fund that marries donations used as grants and private angel capital to invest $1,000,000,000 into 20 companies over 2 years. Each participating company receives $50,000 (half as a grant, half as a Share Profit Agreement) and 15 weeks of training and mentorship.

Optimist Ventures takes a radical approach to venture investing. Instead of seeking unicorn-or-bust startups, it invests founder friendly capital into long-term ambitious companies. Investing in cash-flowing tech-enabled businesses with grants and private investment leads to some surprising results. Founders receive $50,000 and will repay approximately $36,000 (a –10% interest rate). And with the cost of capital mitigated by the matching grants, investors are projecting approximately an 12% Return on Invesment. The first cohort began on April 21st and will conclude at the end of July. Late in 2025, applications will open for the next cohort.

BY

THE NUMBERS

VENTURE ASHEVILLE GROWTH

This year Venture Asheville doubled its headcount adding Matt Godfrey as Senior Program Manager. This marks the first time in 7 years that Venture Asheville supported two full-time employees.

Significant efforts in fundraising allow the team to continue its program of work and add building an accelerator and fund through Optimist Ventures. As a non-profit organization, personal benefit to employees is strictly prohibited. Therefore, donations, grants, and foundation support are crucial to sustaining this organization.

With gratitude to our funders, the Venture Asheville team is poised to evolve the entrepreneurial ecosystem in this time of recovery.

BY THE NUMBERS

DOGWOOD HEALTH TRUST

$476,000

Optimist Ventures Support

TRUIST BANK

$50,000

Optimist Ventures Support

BANK OF AMERICA

$100,000

Optimist Ventures Grants to Companies

POPPY HANDCRAFTED POPCORN

$100,000

Optimist Ventures Grants to Companies

NCINNOVATION

$170,000

Optimist Ventures Grants to Companies

INDIVIDUALS

$130,000

Optimist Ventures Grants to Companies

ANGEL INVESTORS

$500,000

Optimist Ventures Shared Profit Agreements

ARC ARISE GRANT

$193,000

Venture Asheville Mentorship Programs

$1,719,000

TOTAL FUNDING

VENTURE ASHEVILLE

Venture Asheville’ marquee program, Elevate, the long-term mentorship program for startups based on the Massachusetts Institute of Technology’s Venture Mentoring Service, reflects the ecosystem’s entrepreneurial potential. After many years of consistent growth NEW

in jobs, revenue, investments, and new venture creation, activity came to a halt post-Helene.

New venture creation, as measured by new business registrations with the Secretary of State, fell to a 3-year low. Most companies in the Consumer-Packaged Goods (CPG) industry ranging from Food and Beverage to Outdoor Gear lost their busiest quarter of the year. It appears the risk tolerance of the community is at its lowest point, and therefore new businesses are not being created in line with historic trends.

However, towards the end of this fiscal year activity picked up. Applications for mentors and founders rebounded and outlooks improved. Industry trends remain consistent through the storm and recovery. Most startups are in the CPG, tech, and healthcare industries.

23 $1.6M

RAISED BY ELEVATE COMPANIES IN FY2025

Beer City Cup has hosted adult soccer tournaments in Asheville for nearly 15 years, with an economic impact bringing $3M into Asheville annually. We joined Elevate in 2023 with one annual tournament. With the help of our mentors and peers, we've expanded to 300 teams from over 60 cities and five countries. And our revenue has grown 107%! We couldn't have accomplished so much so fast without the help of our mentors and team at Venture Asheville!"

ANNUAL EVENTS

Venture Asheville replaced the annual Venture 15 rankings and award show with the Venture Asheville Honors, a night of honoring the incredible efforts and generosity of people in the ecosystem. In December 2024, 300 members of the ecosystem gathered at the Orange Peel to inspire the beginning of the Asheville comeback.

The Corporate Innovation Summit in September 2024 welcomed Jordan LaFlure, the Executive Editor of The Onion, and John Lowe, former CEO of Jeni’s Ice Cream and current Founder of Consumer Growth Capital.

The Business Buying and Selling Strategy Summit in April 2025 capitalized on the Silver Tsunami, pairing buyers and sellers of businesses for keynotes and panels with expertise on transitioning businesses from Baird Financial.

BY THE NUMBERS

THANK YOU TO OUR INVESTORS

DESIREE MONSTROLA Director of Executive Operations & Investor Relations

For more than 30 years, the work of economic development in Buncombe County has been a collaboration of public and private sector interests, with a shared vision for the economic potential of Western North Carolina. We are especially grateful to Investors in the AVL 5x5 Campaign whose corporate philanthropy sustains and advances the mission of the Economic Development Coalition.

LEGACY INVESTORS:

Asheville Merchants Fund Of

EXECUTIVE INVESTORS:

Rick Guthy

Operating Company

PARTNERS & TEAM INVESTORS:

Allen Stahl + Kilbourne

Allergy Partners, PA

Altura Architects, PA

Anchor QEA of North Carolina, PLLC

Arcadia Beverage

Asheville-Buncombe Technical Community

College (A-B Tech)

Beverly-Grant, Inc.

Blue Ridge X-Ray Co., Inc.

Brookshire Garside Group of Baird

Bunnell Lammons Engineering

Carleton Collins Architecture

Carolina Mountain Sales

Cintas - The Uniform People

Coldwell Banker Advantage Western Region

Colton Groome & Company

David Gantt Law Offices

East Fork Pottery, LLC

ECS Southeast, LLP

Element-360

Ellington Enterprises, LLC

ERC Broadband

First Horizon Bank

Frank L. Blum Construction Company, Inc.

French Broad Chocolates

Friday Services

GFoss Consulting, LLC - Gary & Taylor Foss

Gratz Park Private Wealth Asheville

Harper General Contractors

Hedrick Industries

Highland Brewing Company

Holmes Geospatial

Hornsby Creative Group, LLC

Insurance Service of Asheville Inc (ISA)

Kimpton Hotel Arras

Lee & Associates Greenville

Lenoir-Rhyne University - Center for Graduate Studies of Asheville

Likewise Commercial Real Estate

Lewis Real Estate

M.B. Haynes Corporation

McMillan Pazdan Smith Architecture

Mercy Urgent Care

Mills Manufacturing Corp.

Modera Wealth Management

Nova Kitchen & Bath, Inc.

Novant Health - GoHealth Urgent Care

Novus Architects

Prager Metis CPAs

Premier Sotheby’s International Realty

Red Tree Builders, Inc.

Roberts & Stevens

Samet Corporation

Silver-Line Plastics LLC

Skyland Distributing Company

Southeastern Container, Inc.

Tennoca Construction Company

Tessier Property Brokerage & Management

Tops for Shoes, Inc.

Tribute Companies

Troy & Sons Distillers

TSAChoice

WEAVERCOOKE Construction

Western Carolina University

William Sederburg

WithersRavenel

Worley, Woodbery, & Associates, PA

A 31-year partnership of Buncombe County, the City of Asheville, and the Asheville Area Chamber of Commerce advancing opportunity, quality of life and economic sustainability in Buncombe County through workforce investment, high-wage job creation, and economic diversification.

Learn more about the AVL 5X5 Plan For Economic Recovery.