Patrick Mumford, President & CEO, Gaston Business Association
In an interview with Invest:, Patrick Mumford, President & CEO of Gaston Business Association, discussed the organization’s key milestones and achievements since its formation, the impact of the current economic environment on the business community, and the collaborative efforts driving regional development and economic mobility in Gaston County.
What have been the most significant milestones and achievements for the Gaston Business Association?
We were formed three and a half years ago through a merger of the Gaston Regional Chamber of Commerce, established in 1913, and the Greater Gaston Development Corporation. Although the Gaston Business Association is relatively young, we have successfully combined the strengths of both predecessor organizations to serve businesses throughout Gaston County, ranging from sole proprietors to CaroMont Health, our community’s largest employer We’ve been laying the foundation, creating a strategy, aligning the board and putting theory into practice. We’re thrilled to have proven ourselves as a valuable resource for activities that others aren’t performing.
While the Economic Development Commission excels in traditional economic development, we focus on a complementary approach in support of our numerous municipalities throughout the county. We’re seeing a resurgence in people’s desire to live and work in these historically significant towns and are helping with strategic development and revitalization, particularly in Gastonia. This aligns with our goal of building awareness about investment and business location opportunities in Gaston County.
How does the current economic environment, marked by high inflation rates and interest rates, impact the business community and the county?
Inflation and high interest rates impact everyone. The current rate environment isn’t favorable for development, requiring debt financing, causing some slowdown. Projects with secured financing continue, but future activity may decrease. The national political environment also adds uncertainty, leading businesses to hesitate in investments and hiring. Despite these challenges, being next to Charlotte offers cost advantages for Gaston. It’s relatively less expensive to buy land, and operate a business in Gaston, resulting in our recent growth surge. Traffic, while a concern for many current residents, is manageable compared to larger cities.. People from outside the region see opportunities for quality returns on investment in Gaston County.
What are the key priorities you have in place to advocate for a healthy business climate in the county?
Our priorities extend beyond the county to the state level. We advocate for a thoughtful tax policy and environment. While taxes are necessary to fund community priorities, we emphasize a value assessment, not just a cost assessment. We promote thoughtful public tax policies at the local, state, and federal levels that benefit the Gaston business community Another priority is the regulatory environment. While public and workplace safety are crucial, regulations can become burdensome when they accumulate over time without review of the regulatory environment. As an example, we support streamlining the development process to reduce the time, and associated cost, spent securing required entitlements. Advocating for infrastructure improvements, with a focus on critical transportation projects connecting Gaston and Mecklenburg Counties, and smaller-scale mobility enhancements is another area of emphasis. In addition, we promote public policy.
How does the GBA engage with the local community to promote business growth, economic mobility, and prosperity for all residents?
Our small business advocacy and support reflect our commitment to economic mobility. Through our talent initiatives, we work collaboratively with educators, businesses, and nonprofit agencies to help individuals gain the skills needed for enhanced employment opportunities. Education is a key factor in economic development and individual prosperity, with regions having higher percentages of bachelor’s degree holders thriving economically. We support educational initiatives and promote access to quality education with our partner organizations.
What are some of the key trends that you think will impact the business landscape of Gaston County over the next couple of years?
Transportation is a significant trend. The North Carolina Department of Transportation has approved a project to widen a 10-mile stretch of the I-85 from the Catawba River to Highway 321, including replacing 17 bridges and five interchanges. This is crucial because the current traffic situation on I-85 is inhibiting growth. Another trend is creating local opportunities to reduce the need for travel. With the rise of remote work, placemaking has become essential. People now often choose where they want to live before finding a job. Gaston is an enticing place to live, attracting senior-level professionals whose disposable income benefits our local economy.
There’s also a growing recognition of Gaston County’s competitive advantages stemming from our natural amenities. We’re seeing an increasing micro-economy around outdoor activities like kayaking, hiking, and mountain biking. Over the next few years, we’ll be intentionally knitting these elements together to create an attractive environment. We have historic downtowns and mills that add a unique charm. Learning from other regions’ experiences, we have an opportunity to develop Gaston thoughtfully and attract outside investment. Additionally, we need a multi-generational approach to create an environment that appeals to both younger and older generations.
We are currently determining what initiatives we should undertake in response to the growing impact of artificial intelligence (AI). Acknowledging the profound and transformative influence of AI across various sectors, we are dedicated to equipping local businesses with the essential skills and knowledge required to navigate this rapidly evolving landscape. The GBA aims to empower others to leverage AI to enhance operational efficiency, drive innovation, and sustain a competitive advantage. This strategic initiative underscores our commitment to fostering economic growth and sustainability within the community through technological advancement.
