County's economic development corporation celebrates 40 years, $16.5 billion in investments, 20,000 jobs

ASHEBORO — The Randolph County Economic Development Corporation celebrated 40 years during its annual meeting on June 17. It was an occasion to look back but also to build for the future.

EDC President Kevin Franklin called the progression of the county’s industry during the past 40 years as “textiles to Toyota.”

Although the legacy industries of textiles and furniture have diminished, the local economy has become more diversified, as exemplified by Toyota Battery of NC and the Ross Stores distribution center, both under development.

“The EDC started in 1985 as an offshoot of the Asheboro/Randolph Chamber of Commerce,” Franklin said. “The first project was Ultracraft in Liberty.”

Over the 40 years, he said, Randolph County has seen $16.5 billion in announced investment and 20,882 jobs. During the past year, investments totaled just under $10 million with the addition of 63 jobs with an average annual wage of $63,000.

“It is our people and industries that are the backbone of our economic success across Randolph County, and their impact is felt across our state, and around the world,” Franklin said.

“In our county, we do more than promote economic development — we build thriving communities through our commitment to the people who power our businesses forward. Then we recruit and seek to retain a growing industrial base that will lift the entire region.”

Fred Smith, chair of the EDC Board of Directors, said, “I acknowledge the debt of gratitude we owe to our core legacy — our industrial, business and agricultural communities — and to the entrepreneurial spirit of those who have sustained our economy through successes, economic downturns and even a global pandemic. Whether no longer with us or flourishing today, we honor these companies and citizens with sincere appreciation and admiration.”

David Ramsey, secretary/treasurer of the EDC board, announced that the Timken Company had been voted the 2025 Outstanding Industry and Baxter Hammer was named the inaugural Industry Leader.

During a short business session, Shannon Morrow of Rheem Manufacturing and Jamie Halstead of Toyota Battery Manufacturing NC were elected to the board and Frank Edmondson of Schwarz Properties was reappointed to a second term.

A special presentation on regional water and wastewater capacity was given by David Parrish of New Page Capital and Damon Dequenne, High Point assistant city manager. The message was that, in order to meet future growth, local governments must collaborate on regional water and wastewater systems. Dequenne said that includes understanding river basins and managing those basins down to the ocean.

Parrish said, “There’s a growing demand for water and wastewater capacity” which requires planning for years to come. He said good progress is being made on a draft plan for the next 50-75 years. “We want to make sure every town and area gets a win. We have to start now coming up with a plan or miss the opportunity.”