How flood-damaged businesses in Asheville are rebuilding

Summary

Marketplace Morning Report: How Flood-Damaged Businesses in Asheville Are Rebuilding
Released on July 3, 2025
Host: David Brancaccio, Marketplace

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Economic Impact of Natural Disasters: The Asheville Rebuilding Effort

In this episode of Marketplace Morning Report, David Brancaccio delves into the resilient spirit of Asheville, North Carolina, where local businesses are grappling with the aftermath of Hurricane Helene—the most destructive storm in the state's history. The segment, reported by Laura Hackett of Blue Ridge Public Radio, provides a comprehensive look at the challenges and strategies involved in rebuilding a community battered by severe flooding.

Mark Oliver’s Story: From Despair to Reconstruction
Mark Oliver, a woodworking studio owner located in Asheville's vibrant arts district along the French Broad River, epitomizes the struggles faced by many local entrepreneurs. Before Hurricane Helene struck, Oliver's studio thrived in a bustling area. However, the hurricane unleashed approximately 16 feet of water into his building, causing the structure's front to collapse.

“I was gonna quit and go work for a friend. But just before filing for bankruptcy, my church stepped in,” shares Oliver at [06:21]. This timely support from his community and volunteer organizations provided essential resources, allowing him to set up a temporary workspace in an industrial tent.

Today, Oliver's makeshift studio buzzes with activity as woodworkers create everything from shelves and bowls to acoustic guitars. “The second we got our power hooked up, it's like so nice and freeing and it's just nice to work again,” Oliver expresses at [07:31]. His optimism shines as he looks forward to reopening his original workshop this summer with improved infrastructure designed to withstand future floods.

Strategic Rebuilding and Flood Mitigation
Reconstructing in Asheville isn't just about restoring businesses to their former states but also about adapting to future environmental challenges. Lisa Raleigh, director of a local nonprofit focused on protecting the French Broad River, emphasizes the importance of thoughtful rebuilding. “Unless you have people invested in a river, unless you bring an economy to a river, sometimes it's harder to get people to care and protect the asset,” Raleigh explains at [07:34].

Asciilians are urged to prepare for the inevitability of future floods. Raleigh adds, “Another quote thousand year flood could happen at any time. Hurricanes and other tropical storms are getting bigger and wetter and are moving further inland into mountainous areas.” This perspective underlines the necessity for businesses to incorporate flood resilience into their rebuilding plans.

Innovative Solutions: Devin Dehal’s Rock Climbing Gym
An exemplary case of innovation in disaster response is Devin Dehal's effort to resurrect his rock climbing gym, which suffered extensive flood damage. “I mean, you can see the bones are still okay. The steel structure is fine,” Dehal remarks at [08:13], highlighting the durability of the building's core despite floodwaters reaching up to 10 feet.

Dehal and his team are implementing creative flood-proofing measures. The installation of a VAVAC (vented air and ventilation) system near the top of the building and the inclusion of tall, bright windows are pivotal changes. “Next time, if it were to flood, it'll break the windows and the water will flow through the building and it won't knock the walls down,” Dehal explains at [08:25]. This design allows water to pass through without compromising the structural integrity, thereby minimizing damage and facilitating quicker recovery.

Long-Term Economic Strategies
Lisa Raleigh advocates for a long-term perspective in Asheville’s reconstruction efforts. By rebuilding with future floods in mind, businesses can mitigate potential losses and sustain their operations despite recurring natural disasters. “This is a chance for us to sort of rethink the way that we're doing things,” she suggests at [08:10].

Asheville's efforts serve as a blueprint for other communities facing similar challenges, demonstrating that with strategic planning and community support, economic recovery post-disaster is achievable and can even lead to more resilient infrastructure.

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Trade Dynamics: U.S.-Vietnam Trade Deal and Its Implications

Parallel to the discussion on Asheville’s rebuilding, Brancaccio reports on significant developments in international trade. President Trump announced a new trade agreement with Vietnam aimed at mitigating the imposition of higher tariffs on imports from numerous countries threatening to escalate by the middle of next week.

Details of the Trade Agreement
Monica Nickelsberg reports that “President Trump says there'll be a 20% tariff on imports from Vietnam and a 40% tariff on transshipped goods,” at [01:28]. The latter targets products passing through Vietnam destined for the U.S., primarily targeting Chinese manufacturers attempting to bypass existing tariffs.

Additionally, Vietnam has agreed to eliminate tariffs on U.S. imports, potentially boosting American exports such as domestically made SUVs. However, the affordability of these vehicles for Vietnamese consumers remains uncertain. Notably, former President Biden had previously negotiated a trade deal with Vietnam in 2023, signaling ongoing efforts to strengthen economic ties.

Market Reactions and Economic Implications
Following the announcement, stocks of Vietnam-based companies saw an uptick as confidence grew in the sustainability of the U.S.-China trade agreement. “Stocks in Vietnam based companies are trending higher this morning as you might expect more evidence now that the U. S. China trade truce is sticking,” Brancaccio notes at [02:16].

Key American semiconductor firms, such as Synopsys and Cadence Design Systems, have received clearance from the U.S. Commerce Department to resume selling their chip design software to China. This reversal, first halted in May under Trump's administration due to national security concerns over rare earth exports, represents a significant shift in U.S.-China trade relations.

“Sophmetly, or semiconductors, or chips have been a sticking point in relations between Beijing and Washington,” states Katie Silver of the BBC at [02:35]. The authorization aims to restore access to advanced chipmaking technologies, essential for maintaining competitiveness in the global tech market.

Financial Markets and Policy Developments
Brancaccio highlights the immediate market responses to these trade developments, noting that S&P and Nasdaq futures remained stable, while Dow futures saw slight gains ahead of critical hiring and unemployment reports. The bond market also showed movement, with the 10-year interest rate dropping to 4.26%, indicating investor confidence amidst policy shifts.

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Energy Sector Struggles: Southern California Wildfires

Brancaccio also touches upon the ongoing repercussions of wildfires in Southern California, particularly focusing on the financial strain on Southern California Edison (SCE). Six months after the onset of severe wildfires, investigations into the causes and financial liabilities are still underway.

“Southern California Edison Stock is down 34% since just before the January fire,” Brancaccio reports at [08:51]. The Eaton firestorm alone destroyed 9,400 structures, mostly homes, with an additional 6,800 structures lost in the Palisades fire. The financial impact on SCE has been profound, as the company anticipates significant material losses and has faced increased lawsuits related to wildfire damages.

Utilities in California have contributed to a common fund to address such lawsuits, reflecting the broader financial challenges posed by climate-related disasters. This scenario underscores the critical intersection of environmental challenges and economic stability within the energy sector.

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Looking Ahead: Upcoming Economic Reports and Legislative Actions

As the episode concludes, Brancaccio provides a brief outlook on anticipated economic indicators and legislative actions. With a final vote looming on a substantial tax and program-cutting bill, market participants remain cautious. The upcoming hiring and unemployment reports will be pivotal in assessing the labor market's health, especially following a recent showing of unexpected weakness in private sector hiring.

“Forecasters are expecting 100,000 more people on payrolls during the month of June, but a private sector hiring report yesterday showed surprising weakness,” Brancaccio explains at [03:24]. The outcome of this data will significantly influence investor sentiment and market trajectories in the near term.

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Conclusion

This episode of Marketplace Morning Report offers a multifaceted exploration of economic resilience in the face of natural disasters, international trade dynamics, and sector-specific challenges. From Asheville’s determined rebuilding efforts to the nuanced shifts in U.S.-Vietnam trade relations and the energy sector's hurdles amidst wildfires, the report underscores the intricate interplay between local actions and global economic trends. Listeners gain valuable insights into how communities and industries navigate and adapt to evolving economic landscapes.

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For more in-depth analysis and updates, tune into the next episode of Marketplace Morning Report.

Transcript

[Joshua McNichols]

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Choose. Here in Seattle, we're building the technologies of the future, from AI to clean energy.

[Monica Nickelsberg]

But we're also dealing with some of today's biggest challenges like the housing crisis and the skyrocketing cost of living.

[Joshua McNichols]

We're here to break it all down for you. I'm Joshua McNichols.

[Monica Nickelsberg]

And I'm Monica Nickelsberg. Join us on Booming, a weekly podcast from KUOW about the economic forces shaping our lives here in the Pacific Northwest.

[David Brancaccio]

Listen on the KUOW app or wherever.

[Joshua McNichols]

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[David Brancaccio]

We're tracking trade and market reaction to the giant Moneyball about to pass Congress. I'm David Brancaccio in Los Angeles. President Trump says the US has reached a trade deal with Vietnam. This is one of many agreements the White House is trying to hammer out before higher tariff rates on hundreds of countries snap back into place, possibly the middle of next week. Marketplace's Nancy Marshall Genzer reports.

[Monica Nickelsberg]

Details on the Vietnam agreement are scarce. In a social media post, President Trump says there'll be a 20% tariff on imports from Vietnam and a 40% tariff on transshipped goods, that is products that pass through Vietnam on their way to the U.S. that provision appears to be aimed at Chinese manufacturers trying to avoid steep tariffs on products from China. Trump says Vietnam also agreed to drop all tariffs on things it imports from the U.S. in his post, Trump talked about increasing exports of American American made SUVs to Vietnam, but it's not clear that Vietnamese consumers could afford that. Former President Biden also negotiated a trade deal with Vietnam after visiting the country in 2023. I'm Nancy Marshall Genser for Marketplace.

[David Brancaccio]

Stocks in Vietnam based companies are trending higher this morning as you might expect more evidence now that the U. S. China trade truce is sticking. American companies that do high tech semiconductor design are resuming business with Chinese customers. Our editor editorial partners at the BBC are following this for us. Here's Katie Silver.

[Katie Silver]

Synopsys and Cadence Design Systems of two of the world's most important companies when it comes to chip design, and they're both American. They've told the BBC that they've received notices from the U.S. commerce Department now allowing them to sell their software to China. The Trump administration stopped this in May as part of a number of measures in response to Beijing limiting rare earth exports. Semiconductors, or chips have been a sticking point in relations between Beijing and Washington. Three years ago, President Biden the US Implemented export controls on many advanced chips and chipmaking technology. Citing national security concerns, the companies say they are now working to restore access to the products in China. Rival chip design software giant SIEMENS and the U.S. commerce Department did not immediately respond to a BBC request for comment.

[David Brancaccio]

Katie Silver reporting there. As you've been hearing, the big tax cutting and program cutting bill has cleared a procedural obstacle, with a final vote likely this morning. S and P and Nasdaq future futures are essentially unchanged at the moment. Dow futures are up just slightly ahead of the big hiring and unemployment reports due in just over an hour and a half. Forecasters are expecting 100,000 more people on payrolls during the month of June, but a private sector hiring report yesterday showed surprising weakness. We'll see how that resolves. Interest rates are lower this morning with bonds up the 10 year is down at 4.26%.

[Joshua McNichols]

This Marketplace podcast is supported by Dell. The Black Friday in July event from Dell Technologies is here. There's never been a better time to upgrade. Now's your chance for great offers on popular trusted technology. You'll also discover huge deals on exciting new AI ready laptops like the Dell 14 plus featuring Intel Core Ultra processors starting at $699.99. Don't forget to explore big savings on top electronics and accessories. Plus enjoy fast free shipping and other exclusive benefits like Dell Rewards Premium Support and Dell care Premium, which provides 24.7support with no hidden fees or deductibles. Upgrade for a limited time [e-mail] deals that's Dell.com deals greetings Marketplace listeners. It's Neil Scarborough, Vice president and General Manager of your favorite business shows. I'm coming to you today with an opportunity to help shape the future of economic journalism and philanthropy. Marketplace's parent company, American Public Media, is looking for board members and we'd like to invite listeners like you to join either the APM Board of Trustees or the Marketplace Philanthropic Council. If you believe in our mission to raise the economic intelligence of the nation, and if you love building community through public media, we're looking for strategic innovative leaders to help ensure that Marketplace continues to evolve and expand its reach and impact across the country. Applications are open now through July 6th. Visit marketplace.orgboard to learn more. Thanks for your consideration and thanks for listening.

[David Brancaccio]

Now to the economics of rebuilding after natural disaster. This is something that businesses in Asheville, North Carolina have been facing since the fall after the most destructive storm in state history, Hurricane Helene. Blue Ridge Public Radio's Laura Hackett reports.

[Monica Nickelsberg]

On the rebuild Before Hurricane Helene, the waterfront of the French Broad river was a bustling, colorful destination in Asheville's arts district. We got about 16ft of water in the building and so the front of the building fell off. Mark Oliver is talking about his woodworking studio, which was housed in an old leather tannery. It's one of hundreds of structures in the county that were damaged. He did not have flood insurance and he thought his business was done for. I was gonna quit and go work for a friend. But just before filing for bankruptcy, his church stepped in. Volunteers donated labor and money to rebuild and made him a makeshift studio space, a massive industrial tent. It seems crazy, cause it is crazy. Local artists also use the space. Today the tent is abuzz with woodworkers sawing and hammering everything from shelves and bowls to acoustic guitars. The second we got our power hooked up, it's like so nice and freeing and it's just nice to work again. The tent is temporary. Oliver is repairing his original workshop and hopes to reopen this summer with a better drainage system and stronger roof. I've got one major rebuild and me, because the conversation is if we ever.

[Joshua McNichols]

Get this much water again, I'm out.

[Monica Nickelsberg]

Rebuilding is expensive, but it's crucial to do it thoughtfully, says Lisa Raleigh. She directs a nonprofit that works to protect the French Broad river. Because unless you have people invested in a river, unless you bring an economy to a river, sometimes it's harder to get people to care and protect the asset. And she wants Asheville to remember that another quote thousand year flood could happen at any time. Hurricanes and other tropical storms are getting bigger and wetter and are moving further inland into mountainous areas. So businesses should rebuild with the expectation that they'll flood again. This is a chance for us to.

[Joshua McNichols]

Sort of rethink the way that we're doing things.

[Monica Nickelsberg]

Devin dehal is resurrecting his rock climbing gym, an airy concrete building that filled with 10ft of water in the storm. It's a shell of its former self.

[Joshua McNichols]

I mean, you can see the bones are still okay. The steel structure is fine.

[Monica Nickelsberg]

They're getting creative about flood proofing The H Vac system will be near the top of the building and it'll have tall, bright windows.

[Joshua McNichols]

Next time, if it were to flood, it'll break the windows and the water will flow through the building and it won't knock the walls down.

[Monica Nickelsberg]

So when the next flood comes, the new waterfront will be built for it. The idea is that by owning the risk, business owners may save in the long run. In Asheville, North Carolina, I'm Laura Hackett.

[David Brancaccio]

For Marketplace and Next week marks six months since one of this year's Southern California wildfires started. An investigation into the power company's and starting the Eaton fire is ongoing. Southern California Edison's CEO told investors in May it is probable the company will incur material losses. Utilities in California paid into a common fund to handle lawsuits when power companies cause wildfires. The eden firestorm destroyed 9,400 structures, mostly homes. Another 6,800 structures were destroyed in the Palisades fire. To the west, where the power company is not implicated, Southern California Edison Stock is down 34% since just just before the January fire. In Los Angeles, I'm David Brancaccio, Marketplace Morning Report from APM American Public Media.

[Monica Nickelsberg]

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