Over the past 40 years, Spokane’s business community has been defined by examples of resilience, innovation, and collaboration. For me, the best stories center around adaptability, fueled by a shared commitment among local businesses to invest in our most important asset: a strong community. As we look to the future, our ability to embrace change will determine our region’s success in a rapidly evolving economy. 

The last 40 years: Silos to partnerships

Four decades ago, Spokane’s economy was still largely centered on traditional industries like timber, agriculture, and manufacturing. These sectors provided economic stability and gainful employment for our region. These industries were our economic foundation, but as we saw through the '70s and '80s, they were highly vulnerable to market fluctuations. Over time, diversification became increasingly essential. 

The rise of industries such as health care, higher education, and professional services helped to broaden our economic base. Through partnerships like the University District and initiatives like Urbanova, we showed the world how Spokane embraces innovation and collaboration to create spaces where academia and industry can meet to solve real-world challenges.

Technological advancement has positioned Spokane as a city where entrepreneurs thrive alongside legacy companies. It has been a game-changer. Businesses here have leveraged digital tools to expand beyond local markets, while still maintaining deep community roots. As I envision what the next 40 years may hold, I believe we are well-positioned to grow our local economy and continue to advance technologies that will allow our region to compete and thrive in a rapidly changing world. 

Homegrown continues to matter

One of Spokane’s greatest assets is its ability to nurture homegrown companies that remain deeply connected to the region. Avista is proud to be one of those companies. Founded in 1889 as Washington Water Power, we’ve grown alongside Spokane for more than a century. 

Today, as a publicly traded company headquartered here, Avista continues to bring benefits to this community:

• Economic stability and jobs: Our growth and strength as a company safeguards thousands of local jobs and sustained investment in critical infrastructure.
• Community engagement: The decisions we make are made with Spokane in mind. From supporting local nonprofits to partnering on economic development projects, our commitment goes beyond our bottom line.
• Investor confidence: Being publicly traded provides access to capital for the community that fuels innovation — whether it’s modernizing the grid or developing clean energy technologies.

Being a homegrown company means that Spokane residents have a voice in shaping the future of a company that powers their homes and businesses. 

My family’s history in this area extends back to the founding of Avista and Spokane. Having grown up here and attended Gonzaga University, Spokane has been the backdrop of my life. I have a deep sense of responsibility for my role in stewarding the resources we’ve been granted and the opportunities that lie ahead of us. This personal connection drives my commitment to ensuring Avista’s decisions benefit Spokane’s future. 

As a business community, if we remain committed to the values of collaboration, sustainability, innovation, and inclusivity, Spokane will not only adapt to the challenges of the next 40 years but will thrive in them.

The next 40 years: Looking beyond challenges

Looking ahead, I believe Spokane’s business community has an opportunity to evolve around three key themes: clean energy, digital transformation, and inclusive growth.

Access to energy will remain a foundational element to the success of the regional economy. At Avista, we remain committed to building a future that includes the delivery of clean, reliable, and resilient energy to our customers. Factors such as increased energy market fluctuation, government policies, inflation, growing demand for large load, and infrastructure investments to manage risks have made the task of delivering energy increasingly challenging.

As I have been sharing with business leaders, decision makers, and groups throughout the Northwest in my first year as CEO, our ability to be successful in a rapidly changing world hinges on our ability to collaborate across sectors. This transition is complex, but also exciting and full of opportunity. I invite all Spokane businesses to join Avista as we lead our region in developing sustainable energy solutions that attract investment and talent into our community.

Digital transformation is accelerating the rate in which businesses grow. Businesses of all sizes will need to harness data and automation to remain competitive. Spokane’s growing tech ecosystem, coupled with our strong educational institutions, and access to abundant reliable energy will continue to position us well to develop the workforce of tomorrow.

Finally, inclusive growth must be a priority for Spokane. I am honored to work for a local company that embodies the valuable contribution of diverse ideas and industries. Our community is at its best when we are inclusive and supportive of each other. That principle will strengthen our communities as we navigate the challenges on the horizon in the next 40 years. 

Heather Rosentrater is president and CEO of Spokane-based Avista Corp.