The Great Depression
The Great Depression hit Asheville harder than almost every other city in the country, and on November 20, 1930, eight local banks failed. Because of the explosive growth of the previous decades, the per capita debt owed by the city through municipal bonds was the highest in the nation.
By 1929, both the city and Buncombe County had incurred over $56 million in bonded debt to pay for a wide range of municipal and infrastructure improvements. Rather than default, the city paid those debts over a period of fifty years.
Despite Asheville's misfortune, the Depression era provided some advantage. Many of Asheville's buildings avoided demolition as the popular “urban renewal” of the 1950s and 1960s sought to replace the old and to build new in other cities. As the city and county diligently repaid its debt, Asheville lay dormant for almost 50 years with little new construction and only minor renovations including cladding original facades with metal and screen. The thinly veiled buildings awaited better fortune until 1976 when the city paid and ceremoniously burned its last bond.
By 1929, both the city and Buncombe County had incurred over $56 million in bonded debt to pay for a wide range of municipal and infrastructure improvements. Rather than default, the city paid those debts over a period of fifty years.
Despite Asheville's misfortune, the Depression era provided some advantage. Many of Asheville's buildings avoided demolition as the popular “urban renewal” of the 1950s and 1960s sought to replace the old and to build new in other cities. As the city and county diligently repaid its debt, Asheville lay dormant for almost 50 years with little new construction and only minor renovations including cladding original facades with metal and screen. The thinly veiled buildings awaited better fortune until 1976 when the city paid and ceremoniously burned its last bond.