Economically, the year 2023 was better than expected in many regards, as job growth continued and a projected recession never came to pass. 

In the Inland Northwest, the year was characterized by the start of some major projects and the completion of others. It also was marked by the passing of some business legends and separately, a new era of leadership in many organizations. And as promising young companies garnered funding and promised growth, some familiar names decided to close their doors. 

Below are 23 of the top business stories of 2023.

Jan. 1: Farm credit bureaus merge: Northwest Farm Credit completed its merger with Rocklin, California-based Farm Credit West. The new organization, AgWest Farm Credit, is headquartered in Spokane, and at the time of the merger, it had about 1,060 employees and 22,000 customers in seven western U.S. states. 

Jan. 4: Developer Dick Vandervert dies: Spokane developer Dick Vandervert died unexpectedly of heart failure at age 78. Vandervert was involved in constructing and developing retail centers and other commercial buildings throughout the Inland Northwest. 

Feb. 16: City Hall move talks prompt outcry:  An idea floated by some Spokane City Council members to move City Hall to the Premera Blue Cross office campus in East Spokane spurred an outcry from the business community. Three months later, the city would exercise an exit clause in its option to purchase of the office complex. 

Feb. 22: Citywide impact fees surface: As a building moratorium along U.S. 195 neared its end, the city of Spokane proposed citywide impact fees to fund infrastructure projects spurred by growth. The fees would go into effect later in the year, yet some city leaders began discussing another moratorium along U.S. 195. 

A total of 22 project worth $252 million were planned or underway in downtown Spokane and on its periphery this year.

March 1: Tampien group buys Peyton Building: A real estate investment group led by developer Jordan Tampien bought the historic Peyton Building, at 10 N. Post in downtown Spokane, for $12 million. The group disclosed plans to convert the seven-story commercial building into residential units. The project would be one of 22, worth a total of $252 million, planned or underway in the city's core and on its periphery during the year as developers doubled down on downtown. 

March 19: Civic leader Rich Hadley passes: Rich Hadley, longtime CEO of Greater Spokane Incorporated, died at age 76 after being diagnosed with amyotrophic lateral sclerosis a few months earlier. Hadley had led the Spokane chamber for 21 years before retiring in 2014. 

April 13: Angel Alliance launches new Kick-Start fund: Angel investor Tom Simpson launched Kick-Start V, the newest venture capital fund to invest in local and regional startups. The newest fund was worth $3.8 million, bringing the total raised through the series of VC funds to just under $13 million. 

April 27: UPS plans new distribution facility: United Parcel Service Inc. leased one of the first three buildings in the planned, massive Douglass Legacy Park complex on the West Plains. UPS would open a distribution facility in the 96,000-square-foot space later in the year. 

May 15: Visit Spokane names new CEO: Visit Spokane named Rose Noble as its new CEO. Noble, who came to the destination marketing organization from Illinois, replaced Meg Winchester, who retired at the beginning of the year. 

June 22: Spokane real estate startup acquired: Doorsey Inc., the online real estate platform founded by Spokane entrepreneur Jordan Allen, was acquired by Auction.io, a Dallas-based online auction and e-commerce service. The start and ascension of Doorsey followed the rise and fall of Allen's Stay Alfred startup, which was a vacation-rental company that shuttered at the onset of the COVID-19 pandemic. 

June 28: Regional homelessness group proposed: A group of business and civic leaders put forth a plan to form the Spokane Regional Collaborative to take a regional approach to reducing homelessness. Later in the year, the Spokane City Council would pause the process of forming the regional group, and talks are expected to continue in 2024.

July 1: Spiceology names new CEO: Spicelogy Inc., the fast-growing Spokane-based spice maker, named Darby McLean as its new CEO. A bioscientist who joined Spiceology in 2020, McLean replaced Chip Overstreet after his three years at the helm. 

August 17: Historic Flight Foundation closes: The Historic Flight Foundation, an aviation-themed museum at Felts Field, closed to the public amid legal woes of the organization's founder John Sessions. He had hoped to reopen the attraction, but it remained shuttered late into the year.

Heather Rosentrater became the first female president in Avista Corp.'s 134-year history. (Photo courtesy of Avista Corp.)

Sept. 7: Avista names first female president: Avista Corp. named Heather Rosentrater as its new president. She became the first woman to hold that position in the power company's 134-year history. 

Sept. 14: Treasury4 raises $20M in capital: Treasury4 Inc., the Spokane-based fintech that develops treasury technology, secured $20 million in series A funding, the largest amount raised by a Spokane startup at that point in the year. The funds were expected to help the company develop additional projects. 

Sept. 18: Fire shutters Lucky Friday Mine: Hecla Mining Co., of Coeur d'Alene, closed its Lucky Friday Mine, in Mullan, Idaho, to make repairs following a mine-shaft fire. Nobody was injured in the accident, and the mine is scheduled to reopen in early 2024. 

Sept. 26: One Spokane Stadium opens: One Spokane Stadium, the new, 5,000-seat sports and entertainment venue in Spokane's North Bank neighborhood, opened to the public. A few weeks earlier, the Spokane Public Facilities District, which is managing the venue, inked an agreement to enable USL Spokane professional soccer teams to play at the stadium.  

Oct. 23: Aerospace tech hub makes national short list: The American Aerospace Materials Manufacturing Center received the federal designation as a "regional technology and innovation hub," putting it on a short list of projects to compete for up to $70 million in federal funds. A consortium of 50-plus partners led by Gonzaga University has proposed converting the former Triumph Composites Systems Inc. plant into the advanced aerospace center.

Nov. 9: Key Tronic lays off over 100 employees: Key Tronic Corp., the Spokane Valley-based contract manufacturer, laid off 100 employees, mostly at its plant in Juarez, Mexico. The company attributed the layoffs to situational changes and said long-term manufacturing trends remained favorable. 

Nov. 9: Old Purcell Systems plant to be shuttered: EnerSys, the global energy systems and technology provider that bought Purcell Systems Inc. in 2013, disclosed plans to close the Spokane Valley plant and lay off 77 people. The layoffs are scheduled to begin in early 2024. 

Nov. 26: Developer Harlan Douglass dies: Harlan Douglass, a real estate developer and investor who built a billion-dollar enterprise during his career, died at age 86. His holdings included over 250 commercial buildings, about 2,000 apartment units, and several storage complexes across seven western U.S. states. 

The proposed expansion of the Coeur d'Alene Resort is envisioned north of the existing waterfront hotel. (Photo by Hagadone Hospitality)

Dec. 21: Coeur d'Alene Resort to expand: Hagadone Hospitality disclosed plans to develop a new hotel tower along Sherman Avenue, north of the current resort, in downtown Coeur d'Alene. Work on the new structure, to be called Sherman Tower, is expected to begin in 2025. 

Dec. 26: Kaspien Holdings to wind down operations: Kaspien Holdings Inc., a Spokane Valley-based ecommerce company that grew rapidly after its simple beginnings at a Spokane startup event in the late 2000s, disclosed its intention to wind down operations, expecting to close permanently on May 1, 2024. The decision came roughly six months after the company announced plans to voluntarily delist its stock from the Nasdaq exchange.