BY DEBBIE PAGE
Some 350 community and business leaders celebrated $136.25 million in new investments and 360 new jobs across Iredell County over the past year during the Iredell Economic Development Corporation’s annual meeting on Tuesday.
The organization also supported existing businesses, fostered community collaboration, and helped develop Iredell’s workforce through Iredell Ready.
Outgoing IEDC Chair David Alexander was honored for his leadership over the past two years, and incoming chair Jeff Cernuto was welcomed for 2025-2026. Retiring Statesville Mayor Costi Kutteh, who could not attend, was also recognized for the visionary leadership he exhibited during his 20 years as mayor and 16 years as Statesville City Council member.
Alexander also thanked presenting sponsor Lowe’s Corp., luncheon sponsor Denso, and all the Champion and Catalyst sponsors for their event support as well as the Visionary and Leadership Investors who sustain the work of the IEDC.
IDEC President and CEO Jenn Bosser touted the public and private collaboration forged that fuels the county’s success by leveraging the partnership between business, government and education.
“Our mission is to promote economic growth and stability to enhance the quality of life in Iredell County through the cultivation of jobs and investment,” Bosser said.
Last year the IEDC launched its four-year strategic plan based on the six pillars that guide its work: supporting existing industry, developing workforce and talent, fostering business development, promoting product development, conducting marketing and research, and creating community and collaboration.
Bosser also shared some highlights from the past year. Iredell is the sixth fastest growing economic county in the state as well sixth in highest average wage. Iredell County’s population has surged by 10.5 percent to 206,361 residents since the 2020 census.
Retail and manufacturing are the largest industry sectors in the county, followed by healthcare, accommodations and food, construction, and education. The labor force in Iredell has risen from 84,460 individuals in 2020 to 104,122 this year.
County wages rose by 26.1 percent (to $62,669), property tax revenue is up 74 percent ($39.8 billion), and annual sales tax revenue is up 66 percent (to $18.1 million) in the past five years.
Municipal tax bases also skyrocketed in the past five years, with Mooresville up 74.6 percent, Statesville up 57.1 percent, and Troutman up 199.4 percent, with the county as a whole up 66 percent.
Workforce is a key driver for business attraction and retention, added Bosser. The top two criteria for site selections are labor costs and the availability of skilled labor, present and future.
Iredell Ready, now in its fourth year, helps keep the skilled labor pipeline flowing through its collaboration with education and business/industry to build better career pathways for students.
“We were honored to be recognized by FutureNc as one of nine counties to achieve ‘attainment ready’ status,” said Bosser.
Since Iredell Ready’s creation, Iredell high school students’ credentials have increased four times, community college enrollment increased 15 percent, graduation rates grew 1 percent to 91 percent, and residents with a degree or credential increased 3 percent to 55 percent.
Median county household income rose from $68,308 in 2020 to $84,335 this year.
In 2024-2025, Iredell County and municipalities issued 3,944 residential permits (at a value of $531.7 million) and 1,178 commercial permits valued at $537.9 million.
Bosser noted that in a recent IEDC local business pulse survey, which garnered 100 responses, respondents noted challenges with global uncertainty, inflation, tariffs, and supply chain disruptions during this past year, but the majority were positive about the local business climate, were focused on growth, and plan to maintain or grow their operations and employment.
“Utility requirements continue to intensify, with the need for more power, water, and waste water capacity. Behind the scenes, we work closely with local governments, utility providers, and developers,” said Bosser.
Reflecting on her six years with IEDC, Bosser thanked the “rock stars” on her staff and board who are “committed to the work and this community, and that makes all the difference.”
CHANGE IS THE ONLY ECONOMIC CERTAINTY
Certified Economic Developer Ted Abernathy, who is managing partner of Economic Leadership, LLC, delivered the keynote address, assessing the present and future economic trends.
One problem is not knowing who to trust about economic news, and the pace of change is quicker, he said. However, the labor market is mostly stagnant, with people now staying in their jobs as job growth has slowed since 2022. Overall, unemployment remains low.
One exception are those fresh out of school or college or those re-entering the job market. They are now seeing record high unemployment because labor markets are “frozen.” However, for everyone else, “it’s a pretty good time,” said Abernathy.
Only 23 out of 100 North Carolina counties had job growth, with Iredell being one of the fortunate ones.
On a positive note, 66 percent of Polymarket users predicted a 2025 recession in May, but that number is now down to 12 percent.
Abernathy said that consumer spending makes up 70 percent of the economy. Consumer sentiment is down, and spending is stagnant or declining. Credit card spending is also significantly up.
The top 10 percent of earners now drive about half of spending, according to Moody’s. Wealthy Americans in the top 20 percent continue to grow their spending. Meanwhile, middle-class and lower-income Americans have their spending roughly in line with inflation.
Though they love lower taxes and less regulations, businesses hate uncertainty and tend to take a wait- and-see approach before hiring or expanding. Government actions, interest rates, and uncertain housing markets fuel the unease.
The good news is that since 2000, corporate profits are the highest in history, and corporate financial solidity is widespread, Abernathy said.
Inflation, caused by government economic stimulus, has come come down. Energy prices have declined (except natural gas), and rent and housing costs are down 9 percent in the past year,
Abernathy said that businesses have so far absorbed most of the tariff costs, but they will soon either switch to American suppliers or lower tariff sources, stop carrying the items resulting in fewer consumer choices, or pass more of the cost increase on to consumers.
WORK FORCE
Business competitiveness is place-based. Local business climate challenges include the regulatory climate, energy and other infrastructure needs, workforce recruiting from within US, innovation, and risk issues, including fiscal stability, lack of affordability, budget cuts.
Businesses looking for a location prioritize availability of workforce training, the presence of skilled labor, labor costs, affordable housing, quality of life, and population growth. North Carolina scores well in these areas, coming up at or near the top in multiple “best states for business” rankings.
The Charlotte area ranks ninth overall among the 100 most populous metros, ranking seventh in the Future Index and fifth in Talent. In Iredell County, the labor force and employment rate continue to rise.
‘You are in one of the most competitive states, the most competitive metros, and competitive counties in the country!” Abernathy said.
Workforce problems are going to continue to worsen because millennials are having fewer children.
In 2024, foreign born workers made up 20 percent of the U.S. workforce. This year, 1.7 million left the United States.
“That’s going to tighten things down,” Abernathy said.
However, Iredell is projected to be above 10 percent in labor force growth (ages 25-64) with North Carolina’s rate projected to grow overall by 8.2 percent.
Workers considering relocation look at cost of living, housing availability, safety and crime rates, quality healthcare, life/work/play balance, and a welcoming local population.
“Young people like new things. If you are not building new houses, you are not getting young people,” warned Abernathy.
ECONOMIC POLICY VIEWS SHIFT
The shift away from global trade and the concept of comparative advantage, which states that a country can produce some goods or services more cheaply and efficiently, as well as the introduction of tariffs, is causing uncertainty.
The good side of this change is more emphasis on manufacturing over the past ten years and an accelerating GDP. “From January 2020 to February 2025, real GDP in the sector rose nearly 11%, to $3.1 trillion from $2.8 trillion in 2025 dollars, per data from the Bureau of Economic Analysis.”
However, Abernathy said this increase has happened without an increase in workforce. “In January 2020 there were 12.75 million workers in manufacturing. In February 2025 that number was 12.76 million, hardly budging, per data from the Labor Department.”
In the past year, Abernathy said job losses only occurred in two sectors – manufacturing (down 0.9 percent) and professional and technical services (down 0.3 percent mostly from cuts in government contracts).
Currently, employers cannot fill 500,000 manufacturing jobs.
Abernathy said a mind shift is necessary to steer young people toward pathways in advanced manufacturing and skilled trades, occupations that require specialized training, hands-on experience, and often involve technical skills.
Common examples include electricians, plumbers, carpenters, HVAC, and welders, who are essential for various industries like construction, manufacturing, and services.
AI IMPACTS
To replace workers, businesses and industries are turning to technology. Ford CEO Jim Farley declared, “Artificial intelligence is going to replace literally half of all white-collar workers in the U.S. AI will leave a lot of white-collar people behind.”
With generative Al, 30 percent of hours worked today could be automated by 2030, according to the McKinsey Global Institute.
Abernathy said estimates vary, but somewhere between 20-30% of occupations could be subject to automation within next five years. Some jobs will be fully automated, many augmented with AI tools, and others minimally impacted.
Highly-educated, higher-wage, white-collar and creative occupations will be most “exposed” to GenAI replacement. The STEM fields will more likely be exposed to AI overall, but with the advent of GenAI, the demand for AI-specific skills will spread to a broader set of occupations than just tech.
Industries will be impacted at varying levels, with Abernathy estimating that probably 20 to 30 percent will experience impacts ranging from replacement or having to learn new AI tools.
Some sectors with the most exposure to AI-related automation and augmentation include:
• Financial Services;
• Legal;
• Insurance;
• Information Technology;
• Telecommunications;
• Media/Publishing; and
• Real Estate
The World Economic Forum said the core job skills for 2030 and beyond are knowledge of AI and big data, technological literacy, creative thinking, resilience/flexibility/agility, analytical thinking, and curiosity/lifelong learning. Faster and self-paced learning will become more common.
SOCIAL SHIFTS
Abernathy said social shifts are also occurring rapidly, including a declining marriage rate, fewer children, less home ownership, and declining interest in higher education.
Fewer career ladders, increasing on-the-job expectations (outside traditional 9 to 5 availability), more females in the workforce, interrupted life cycles (back to school, early and later retirements, etc.) and living longer, healthier lives are other changes.
People also have less brand loyalty, get their information from fragmented sources, trust only those in their “tribe,” and have fewer roots, less sense of community, and more isolation.
In 1950, 50 percent of 30-year-olds were married homeowners. The number today is 15 percent.
Even “partying” is down, with alcohol consumption down to 54 percent in 2025 from 70 percent in 1985, according to Gallup.
Since 2003, social interaction is down 50 percent in those 15 or older, with the 15 to 24 age group reporting a whopping 69 percent decline, according to the American Time Use Survey.
In 2025, Abernathy said Americans are expected to spend $157 billion on their pets, 62 percent more than in 2019, drawing chuckles from the audience.
An estimated $67.1 billion will be spent on pet food/treats, $41.4 billion on veterinary care and products, $34.3 billion on supplies, live animals & OTC meds, and $13.5 billion on other items.
While pet food costs are up 20 percent since Covid, pet services like veterinary bills and grooming services are 42% more costly.
DEALING WITH RAPID CHANGE
All this change, both economic and societal, will require agility and insight on the part of business and industry.
Abernathy advised in times of uncertainty, risk, and relentless noise, business owners must:
Narrow their focus;
Prioritize their time;
Tend relationships; and
Verify what they hear
“Focus on what you can control or impact and what is important to your success,” advised Abernathy.