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WATAUGA ECONOMIC DEVELOPMENT COMMISSION RELEASES OCTOBER 2024 BUSINESS SNAPSHOT REPORT 

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BOONE, NC – In an effort to track real-time conditions for local businesses as recovery from the impacts of Hurricane Helene continue, the Watauga County Economic Development Commission released its first Business Snapshot Report on Monday, November 18, 2024.
 
The establishment of these monthly reports will provide data on the state of business in Watauga County, with a focus on current concerns, performance toward revenue expectations, and ability to meet staffing needs among its core analysis.
 
“These numbers are consistent with what we’ve been hearing from businesses over the last several weeks and hopefully the data makes an even stronger case for the need for support,” said Joe Furman, Director of Economic Development for the Boone Area Chamber of Commerce.
 
“October is a prime month for our small businesses and the revenue loss they experienced is going to serve like a weight on their shoulders until more assistance arrives. The return of visitors has been helpful, and hopefully that will continue as we get deeper into the choose-and-cut and ski seasons. We still require support from our State and Federal governments to provide the stability that our small businesses need, and we intend to continue to make that case with these numbers.”
 
The initial data set included 54 respondents that reported on their October 2024 performance. Of those businesses, 44 reported they were located within the corporate limits of Boone or Blowing Rock.
 
Among key statistics from the October 2024 report:
 
  • Of businesses surveyed, 79% reported an employee count between 1-25.
  • When asked to rate the current state of their business, 51% of respondents answered at 5 or lower, with 34% of respondents reporting a level of 4 or 5.
  • Reliable revenue stream (35%) and overall financial stability (28%) were the top two answers regarding current concerns about their business.
  • 81% of respondents said their business failed to meet revenue expectations for October 2024. Of those respondents, 28% reported a year-over-year loss of 51-75%, while 22% reported a year-over-year loss of 26-50% of revenue.
  • 37% of respondents reported a decrease in their staffing levels during the month of October, while 59% reported their staffing levels remained the same.
  • When asked if they anticipated improvements to their business conditions over the next six months, 54% said they expect conditions to improve, 24% expect conditions to decline, and 22% expect conditions to remain the same.
The Watauga EDC will conduct this study each month through October 2025. Businesses of all types inside the Watauga County limits are encouraged to participate, and can have monthly survey links sent to them directly by sending a request to This email address is being protected from spambots. You need JavaScript enabled to view it.. Participants remain anonymous during the process and are only asked to identify their industry for data analysis purposes. Watauga EDC and the Boone Area and Blowing Rock Chambers of Commerce will use this data in their advocacy to policy makers and elected officials in seeking additional support for relief.