General Electric Aerospace is investing over $100 million across four North Carolina manufacturing sites: Wilmington, Asheville, Durham, and West Jefferson. This move not only upgrades GE’s jet engine production capabilities but also delivers a powerful economic stimulus to these regions. Here’s a breakdown of the impacts by region, along with housing, population, and business growth trends.
Wilmington (New Hanover County)
GE Investment: $52 million in new equipment at Castle Hayne facility
Region Highlights: Coastal hub, major port city, strong in-migration trends
Growth Impact:
- Projected population growth: +16% by 2030 (to ~262,000)
- Housing demand rising rapidly: current median home value ~$407,000
- Surrounding areas like Brunswick and Pender Counties are among NC’s fastest-growing
- Expect increased home construction, retail expansion, and suburban development
Local Business Effects:
- High-wage job creation will lift consumer spending
- Potential growth in hospitality, retail, and local services
- Infrastructure upgrades (roads/utilities) may follow
Asheville (Buncombe County)
GE Investment: $20 million to expand advanced ceramics production
Region Highlights: Vibrant arts city, mountain tourism, tech-driven manufacturing
Growth Impact:
- County population projected to grow +10% by 2030 (to ~298,000)
- Average home value ~$472,000; housing supply remains tight
- Rental rates high; construction expanding in suburban zones
Local Business Effects:
- New skilled jobs support local suppliers, trades, and tech training
- Small businesses (e.g., food, retail, outdoor gear) will benefit
- GE’s presence reinforces Asheville’s role in advanced manufacturing
Durham (Durham County)
GE Investment: $16 million to increase jet engine assembly capacity
Region Highlights: Core of the Research Triangle, young and growing tech-savvy population
Growth Impact:
- County population projected to grow +12.5% by 2030 (to ~365,000)
- Current average home value ~$399,000; tight housing market
- Mix of rentals and homeownership; demand strong in suburbs
Local Business Effects:
- Manufacturing jobs diversify the region’s tech-heavy economy
- Boost for engineering, logistics, and professional services
- Potential retail expansion near GE and in fast-growing neighborhoods
West Jefferson (Ashe County)
GE Investment: $13 million plant expansion
Region Highlights: Rural mountain town with flat population trends
Growth Impact:
- Population stable at ~26,500; GE investment may reverse out-migration
- High homeownership rate (76%) and large housing vacancy (31%)
- Modest housing demand increase could reduce vacancy and spur limited new construction
Local Business Effects:
- Manufacturing job growth supports local shops, contractors, services
- Long-term potential for new industries and local entrepreneurship
- Revitalizes community confidence and youth retention
Final Takeaways
GE Aerospace’s multi-site expansion is more than a corporate upgrade—it’s a catalyst for:
- Job creation across diverse NC geographies
- Strengthened housing markets in urban and rural areas
- Business growth ranging from contractors to cafés
- Improved infrastructure and training pipelines
North Carolinians are well-positioned to benefit from this momentum. From the Blue Ridge to the coast, communities tied to this investment are seeing real, measurable economic energy. It’s a good time to live—and invest—in North Carolina.
Sources:
- Economic Development Partnership of North Carolina
- U.S. Census Bureau & NC State Demographer
- NC Department of Commerce County Profiles
- Zillow Housing Data
- GE Aerospace Press Releases
- Local Government & Media Reports
Eddie Coleman, CCIM, is the Principal Investment Officer at NC Capital Group. With over 40 years of experience in Commercial Real Estate in North Carolina and South Carolina, his experience spans multifamily, retail, office, historic adaptation, etc. In addition to advising clients and brokering transactions, he has extensive knowledge of North Carolina through experience in corporate site acquisition, development, capitalization, HUD financing, etc. He holds the prestigious Certified Commercial Investment Member (CCIM) designation.