CDF: Steering Straight Ahead Through Choppy Waters
May 2, 2024 - Tupelo, MS
by: Dennis Seid, Daily Journal
There were no big announcements during the past year from the Community Development Foundation, but that doesn't mean the economic development agency for Tupelo and Lee County has been sitting still.
For example, the Tupelo region was ranked the No. 7 micropolitan in the nation for new and expanding industries for the 14th time since it first made the list in 2005.
Despite an economy still battling high prices and inflation, Tupelo and Lee County prospered with six new and expanded industries with 572 jobs created. There was more than $101 million in new capital investment and $22.8 million in new payroll.
"It's like Jim Collins' ' 20 Mile March - 'No boom no bust, just keep on keeping on,'" said CDF president and CEO David Rumbarger. "There are choppy waters, but we're steer straight ahead."
Through the work of the CDF, 17 existing businesses saw $7.3 million in cost savings and new sales growth.
The CDFs Chamber of Commerce added 125 new members and took part in 70 ribbon cuttings and 47 CDF events.
All this information was shared at the CDF's annual open house on Thursday, where outgoing chairman Chris Bagley of Cadence Bank passed the baton on to Charlie Kinney, the chairman of NAPA Auto Parts.
"I think we've done great," Bagley said of the past year's achievements. "All the credit goes to the CDF team, the Chamber and all the support that they provide. They do such a good job for the community. I couldn't be more pleased and proud of it during my short time."
Bagley said the best advice he could offer to Kinney was to listen to the experts at CDF.
"They will take care of you all the way," he told Kinney. "But you're going to provide great leadership, too, because you provide the connections to the businesses and the community that you have to bring to CDF. There are energies and synergies that they're very good at taking advantage of, and you're going to enjoy your time."
Kinney said he plans to "stay out of the way" and let CDF lead the way. He lavished praise on Rumbarger and his staff and their proven track record.
"It's amazing to see the industry growth, the downtown growth, everything that's grown so much around here," he said. "In my 15 years here, it's clear that Tupelo and Northeast Mississippi is a special place. David and his crew do such a fantastic job. I'm looking forward to playing my small role during the next year."
Rumbarger said CDF is working on several projects, some of which are "right on the border" of becoming official economic development announcements. He said gauging domestic and international companies has been challenging amidst a bit of lingering economic uncertainty.
"They want to expand but they're not sure how big, how wide, how far or how long the economy will stay the way it is," he said. "Consumer goods and durable goods are still strong, the economy seems to have kept it up ... we're working hard on more and better jobs, of course."
Among those looking to break ground soon is Hush Aerospace. which said last year it would build a state-of-the-art assembly for the assembly, manufacturing and testing of unmanned aerial systems in the HIVE industrial park. The nearly $14 million investment will add 80 jobs.
"The companies that are here doing well are doing well," Rumbarger said. "Labor and talent is still a big issue we're focused on. Attracting talent and keeping talent is important. You have to keep what you've got and build on that. We've got a good quality of life, and we want to build on that, too. It's a good time to be in Tupelo, and all the municipalities in Lee County have contributed — Baldwyn, Guntown, Saltillo, Shannon, Plantersville, Verona and Nettleton all continue to prosper."