News

Partnership defends efforts that have brought $1B in capital investment

By Brittany Jones Brady, Published: June 18, 2024

While the Henderson County Partnership for Economic Development wishes nothing but the best for the Flat Rock Playhouse, we were disappointed to see our budget and work inaccurately depicted.

Some of the referenced projects happened well before any of the current commissioners were in office, so they did not in fact vote for those incentives. I hope the information below helps paint the true picture of economic development:

• Job Creation: Economic development in Henderson County generates employment opportunities, reducing unemployment rates and fostering financial stability among residents. Manufacturing jobs account for nearly 15% of the workforce with wages on that are on average $20,000 than all other sectors. HCPED has been responsible for creating nearly 4,000 jobs and retaining nearly 600 jobs.
• Revenue Generation: Enhanced economic activity leads to increased tax revenue for local governments, enabling investments in public services, infrastructure, and community development projects. In Henderson County, only 1% of all land is industrial, but industry contributes to nearly 30% of the tax base and only receives 12% of services. Since 2006, HCPED has brought in over $1,094,115,000 in capital investment. Manufacturing pays the bills!
• Quality of Life Improvements: Economic growth attracts businesses and amenities, enriching the local community with diverse shopping, dining, and entertainment options, thereby enhancing residents' overall quality of life. The analytical model used by the N.C. Department of Commerce to gauge economic impact shows, for example, that every 100 new jobs in semiconductor manufacturing generate an additional 134 jobs as a result of indirect and induced economic activity. The model estimates that every $5 million in manufacturing facility construction investment spurs another $2.6 million in statewide spending
• Community Stability: Economic development contributes to community stability by diversifying the local economy, reducing dependency on specific industries or employers, and creating resilience against economic downturns. This helps to sustain growth and prosperity over the long term. It is preservation of a tax base that keeps taxes low for citizens.
• Talent Retention and Attraction: A robust economy provides opportunities for skill development and career advancement, attracting and retaining talented individuals, which contributes to a dynamic and skilled workforce essential for sustained economic growth. Even when unemployment is low, it is important to continue to market for future growth opportunities for citizens to assure if there is a downturn, the highest and best industries are still in the community offering good paying jobs.