BUNCOMBE TRIFECTA: Its economy thrives with national companies, homegrown businesses and tourism.

• Author: Blake, Kathy

While Asheville and Buncombe County are beloved by tourists who provide a huge economic impact, the county's economic narrative has two more storylines: big, national companies choosing western North Carolina for manufacturing sites and entrepreneurs excelling locally and nationally.

"When talking about economic development, my mind goes to two extremes," says Clark Duncan, senior vice president of economic development at Asheville's Chamber of Commerce. One is the changing economic landscape of western North Carolina.

This current fiscal year, we just had the ribbon cutting of the Pratt & Whitney turbine airfoil manufacturing plant, the largest investment west of Charlotte, at $650 million and 800 new jobs. That's a scale of project we aren't used to winning out here in the west.

P&W wages, he says, will average $68,500 annually, higher than the county average of $40,000.

"They're 250 hires in on the way to their 800 and probably will employ 1,000 to 1,500 in due time," Duncan said in mid-June. Manufacturing, healthcare and leisure and hospitality are key economic drivers, with Mission Health employing more than 1,000 and top manufacturers including Eaton (electrical and components), Continental Teves, (transportation manufacturing), GE (electrical, appliance and components) and BorgWarner Turbo Systems.

Then, the other extreme is the success of small start-ups. "Venture Asheville [an entrepreneurship initiative] is an intentional effort started about 10 years ago to diversify our strategy and grow our own. Call it economic gardening," Duncan says. "That 10-year trajectory has passed really significant milestones. In April, we put out a release that says our startups have exceeded more than $ 100 million in revenue.

"The common thread is it's a region that champions economic development. It has a common goal, a shared goal across the region, across the communities and a lot of teamwork to make things happen."

Homegrown Success

The Economic Development Coalition's board launched Venture Asheville in 2015 as part of its "AVL 5X5 Strategic Plan," which laid out directives to add 5,000 new jobs and $500 million in capital investments. As of April, its mentorship-based incubator, Elevate, had raised upward of $50 million in capital and generated more than $ 100 million in revenue. It has served more than 70 Asheville-headquartered start-ups that have created more than 360 jobs with wages averaging $78,000 a year.

"In the world of entrepreneurship, success often hinges on the ability to navigate complex and rapidly changing environments," says director Jeff...