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EconomicDevelopmentAsheville.org
Focus Report from the
Asheville Region
As a dynamic urban center located in the fast-growing Southeast, Asheville provides the talent, economic value, quality of life, and convenient access rarely found in one city.
Asheville MSAPopulation: 452,139Jobs: 194,500 Jobs Growth 2010-2017:15.4%Unemployment Rate (2017 average): 3.7%
60 Mile Radius Population: 3,331,182Jobs: 1,332,000Jobs Growth 2011-2016: 11%Estimated Unemployed: 72.4K
The Asheville Metropolitan Statistical Area is a $17B economy that encompasses Buncombe, Haywood, Henderson, and Madison Counties.
KEY ECONOMIC DRIVERS�� Steady Population Growth
�� Healthcare
�� Manufacturing
�� Tourism
24%Fast Growing Industry: Professional, Scientific, and Technical Services (2010-2017)
60 Mile Radius Reaches 39 Counties
20%
15%
14%
18%
14%
11%
6%
10%
4%
4%3%
3%2% 1%
Education & Health Services 19.9%
Leisure & Hospitality 14.5%
Retail Trade 13.7%
Government 13.5%
Manufacturing 10.5%
Professional & Business Services 10.1%
Construction 4.3%
Other 4.1%
Financial Activities 3.2%
Transportation & Utilities 2.8%
Wholesale Trade 2.4%
Information 0.9%
DIVERSE EMPLOYMENT DISTRIBUTION
W E S T E R N N O R T H C A R O L I N A
Talented
Asheville MSAEnrollment: 18.6K Completions: 4.4K (Certificates and Degrees, 2015)
UNIVERSITY HIGHLIGHTS (not a complete list) University of North Carolina at AshevilleWestern Carolina University (Biltmore Town Square)Asheville-Buncombe Technical Community CollegeMars Hill UniversityWarren Wilson CollegeMontreat College
60 Mile Radius Enrollment: 184K Completions: 44K (Certificates and Degrees, 2015)
UNIVERSITY HIGHLIGHTS (not a complete list)Western Carolina UniversityClemson UniversityAppalachian State UniversityEast Tennessee State UniversityFurman University
“Like San Diego and Boulder, Asheville serves as an innovation center, and we couldn’t be more excited to join the Asheville community. Asheville is the first step of our global expansion plan that is strategically being rolled out in waves over the next few years.”— Chris White Founder and CEO, White LabsP
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41%Asheville MSA
32%60 Mile Radius
54%Asheville City
POPULATION AGE 25+ WITH ASSOCIATES DEGREE OR HIGHER
University Facts
FAST GROWING DEMOGRAPHIC
20-34 year olds grew 17% in Asheville city2010-2016.
17%Asheville City
In 2016, there were estimated to be over 142K completions at schools in North Carolina. North Carolina is also home to such notable universities as Duke University, Davidson College, Wake Forest University, UNC Chapel Hill and North Carolina State University.
39%Nation
White Labs New Jobs: 65 Capital Investment: $8.1M
Industry: Divisional Headquarters and Biotechnology
Location Drivers: Supportive Educational Institutions, Talent Availability, Cost of Doing Business and Distribution Logistics
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Craft Beverage Institute of the Southeast was created by AB Tech in response to the growing brewery industry in the Asheville Metro (502% since 2011).
UNC Chapel Hill Eshelman School of Pharmacy expanded its pharmacy program to UNC Asheville in partnership with Mission Health System. UNC Chapel Hill was ranked #1 of the 50 best pharmacy schools in 2016 by US News & World Report. UNC Asheville is a nationally ranked public liberal arts college, part of the UNC school
system, with strong science and math programs. Mission Health is the largest employer in western North Carolina and is currently expanding with the new $400M Mission Hospital Tower project.
WCU’s Business Administration program (MBA) is named among Princeton Review’s best schools to earn an MBA. WCU offers 10 masters programs at the Biltmore Park instructional site in Asheville.
“They have one of only two Mechatronics programs in the U.S. That’s why I chose UNC Asheville. Beyond engineering and math, Mechatronics at UNC Asheville opens your mind to so much more, like history and philosophy. It’s awesome!”— Gus Tabaileh UNC Asheville Class of 2014 Linamar employee
Expanding Advanced Engineering and Technical Skills�� A Bachelor of Science degree in Engineering is offered at Western Carolina University’s Biltmore Town Square instructional site in Asheville.
�� The 2+2 Engineering program is offered jointly by North Carolina State University and UNC Asheville with disciplines that include Computer Engineering, Mechanical Engineering, Environmental Engineering and more. Two years are completed at UNCA and two years at NCSU.
�� UNCA and NCSU also jointly offer Mechatronics Engineering. All years may be completed in Asheville.
#1 in the
Nation
The North Carolina Community College System delivers the training and talent you need, when you need it.
Asheville ranked #3 out of 18 for the World’s Best Cities for Millennials. – Matadornetwork.com, May 2016
Composites Training Center of Excellence is a customized program AB Tech and GE Aviation created that trains current and prospective GE Aviation employees with state-of-the-art machinery. The program is an outgrowth of GE Aviation’s expansion in Buncombe County and the composite material is currently only manufactured in Asheville.
Photo courtesy of Capital at Play.
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AAA Rating Buncombe County and City of Asheville have attained Standard & Poor’s AAA Bond Rating (general obligation).
Moody’s assigned a positive outlook to Buncombe County, pointing to “ongoing growth and diversification in the tax base and local economy.”
Competitive
“As an INC-500 employer tackling some of the most pressing issues in global health – our success requires access to talent, a competitive cost of doing business,
and local partnerships that can scale as quickly as we do. For us, the only choice was Buncombe County.”
— Steve Woody Chairman and CEO, Avadim Technologies
Rendering courtesy of Avadim Technologies.
Business Costs2016 State Statistic North Carolina
2013 Average Industrial Electric Cost 6.45 cents/kilowatt hr
2014 Average Industrial Natural Gas Cost $7.55 /1000 cu ft
2015 Union Membership 3% of employment
2014 Workman’s Comp Rate $1.85 per $100 payroll
2015 Q3 Unemployment Insurance Annual Cost $330.01 per worker
At 3%, North Carolina currently has the lowest corporate income tax rate in the Southeast. The corporate income tax rate will fall to 2.5% in 2019. It is one of the lowest tax rates of any state levying a corporate income tax.
#3 Lowest State and Local Business Tax Burden– Ernst & Young 2015
#5 Competitive Utility Rates– Area Development’s Top States for Doing Business 2015
North Carolina is a right-to-work state with an average of 3% union membership rate. This is the 2nd lowest union membership rate of the states and District of Columbia.
PROVIDERS
Water: City of Asheville Water Resources Department
Electric: Duke Energy
Natural Gas: PSNC Energy
Sewer and Wastewater: Buncombe County MSD
Broadband: connectivity is offered via copper wire, fiber optic cable, wireless, and satellite. Connectivity can be offered in increments up to 10 Gbps (more if needed, at a commercial cost).
PROPERTY TAX RATEBuncombe County Per $100 assessed valuation, 2015: 0.604(Additional rates may apply depending on location and district.)
97.5 Cost of Living Index for Asheville Region100 = average
$39,762 Average Annual Wage in Asheville Metro (2017)
Avadim Technologies New Jobs: 551Capital Investment: $25.4M
Industry: Headquarters and Life Sciences
Location Drivers: Supportive Educational Institutions, Talent Availability, Cost of Doing Business and Thriving Biotech Sector
ECONOMIC DEVELOPMENT COALITION for Asheville-Buncombe County4
Asheville ranked #2 Best Startup City in America. – Popular Mechanics, January 2015
Investing in the FutureEDC 2010 - May 2018 (new and expansion)
48 Company Announcements
3,782 New Jobs
$1.2B Capital Investment
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BILTMORE PARK TOWN SQUARE�� Class-A office space�� 42 acres, mixed use�� Additional 1,100 acres available
Venture AshevilleCatalyzing the entreprenuership ecosystem
25 STARTUPS CURRENTLY IN PROGRAM
40 ACCREDITED INVESTORS
55 EXPERIENCED BUSINESS MENTORS
IncentivesQualified prospects may be eligible for one of the state and local incentive packages including tax exemption opportunities, performance-based cash grants, and funding for renovation and up-fitting.
Available Incentive Examples (not a comprehensive list and subject to change) �� Job Develoment Investment Grant (JDIG)�� One North Carolina Fund�� Community Development Block Grant (Economic Development and Building Reuse)�� Workforce Development and Customized Training�� Tax Exemptions�� NC Biotechnology Center
Major Employers In addition to government, education and health services, major employers with more than 500 employees in the 4-county metro include:�� The Biltmore Company�� Omni Grove Park Inn�� Eaton Corporation�� Blue Ridge Paper Products�� Thermo-Fisher Scientific�� Borgwarner Turbo Systems�� Wilsonart LLC�� Continental Automotive Systems Inc.�� Ingles Markets, a Fortune 1000 Company�� GE Lighting Systems�� Guthy Renker�� MB Haynes (Division Offices)
Buncombe County is committed to the success of our employers. We will do what it takes.”
— Janice Brumit Asheville-EDC Board Chair
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Connected
“We are excited about the opportunity for Asheville to become the manufacturing center for the groundbreaking technology. It’s a tremendous vote of confidence in our local workforce and demonstrates the great potential for our area to be integrally involved in the new technology.”— Michael Meguiar Asheville Plant Leader, GE AVIATION
GE AVIATION New and Retained Jobs: 550 Capital Investment: $231MExpansions: 2013, 2018Industry: Advanced Materials and Aerospace ManufacturingLocation Drivers: Cost of Doing Business, Talent Availability, Distribution Logistics and Destination Amenities.
In 2016, Southern Business & Development ranked Asheville as one of the best mid-markets in the South to relocate your headquarters.
Photo courtesy of GE Aviation.6
Detroit
Houston
Dallas-Fort Worth
New York City
Washington D.C.
Philadelphia
Denver
Asheville
Baltimore
Greenville Port Greer
Port Charleston
40
26
85
81
Chicago
Charlotte
Atlanta
Tampa/St. Petersburg
Orlando
MiamiFort Lauderdale
Fort Myers
Newark
Port Access Inland Port Greer directly extends the Port of Charleston’s reach 212 miles inland. The port is 65 miles from Asheville. Logistical accessibility includes about 1 hour via interstate/highway, as well as Norfolk Southern Railroad.
RailNorfolk Southern Railroad Corporation
AIRAll Major Carriers
Asheville (AVL)★ Direct Flights
Greenville-Spartanburg (GSP)★ Direct Flights
Interstates and HighwaysI-26, I-40, I-240U.S. 19/23, 25, 70, 74I-81 and I-85 via I-26
21 minutes Mean travel time to workAsheville Metro
A 2013 study by MIT found that Asheville was the best-connected non-hub airport in the country.
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Asheville Regional Airport is the second fastest growing hub airport in the country.
- source: diio DOT 2017
EconomicDevelopmentAsheville.org • vimeo.com/edcasheville
The Economic Development Coalition (EDC) for Asheville-Buncombe County is a public-private partnership committed to creating and retaining high quality jobs, community leadership, and being a resource for better business decisions. The EDC accomplishes this mission through its four core services: business retention and expansion, small business and entrepreneurship, research, and marketing and recruitment.
Please contact us:
Ben TeagueExecutive Director828-258-6130 • BTeague@ashevillechamber.org
Clark DuncanVP of Economic Development828-258-6134 • CDuncan@ashevillechamber.org
“From the deep sense of community to the rich natural environment and a vibrant downtown, Asheville has everything we’ve been looking for to locate our second brewery.”— Kim Jordan Co-Founder, New Belgium Brewing
Photos courtesy of New Belgium Brewing.
New Belgium Brewing New Jobs: 156 Capital Investment: $175M
Industry: Craft Beverage Manufacturing
Location Drivers: Talent Availability, Distribution Logistics, Community Culture and Regional Sustainability Practices
Report data as of October 2016.
36 Montford Avenue, Asheville, NC 28801Phone: 828.258.6130 � Fax: 828.251.0926
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