Bank of America community event unpacks sales tax hike, small business struggles

Business and government leaders gathered at the Bank of America Corporate Center for a community roundtable discussion Thursday.

The conversation, hosted by the bank’s President of Business Banking, Sharon Miller, ranged from the upcoming sales tax increase to the value of the region’s airport.

Here is what we learned.

In November, Mecklenburg County voters approved a 1% sales tax increase to fund regional transportation projects. It will go into effect on July 1.

The tax is expected to generate $19.4 billion over the next 30 years, according to the Charlotte Area Transit System.

Robert McCutcheon, CEO of Charlotte Regional Business Alliance, said the investment could lead to a 1.7% incremental GDP growth rate for the area over three decades.

“Every person sitting in traffic, every family, there’s a cost to that, right? And so, unpacking that creates opportunity for an amazing amount of businesses,” McCutcheon said. “So, what do we need to do? We need to do a lot to get our workforce and small businesses prepared for that.”

Panelists also spoke about current issues influencing hiring patterns.

“Energy prices and gas prices have created a lot of that uncertainty, so we’re seeing a little bit of softening in hiring right now,” said Shay Shearer, managing director of Southeast Region Executive Business Banking at Bank of America.

James Estes, district director for U.S. Congressman Tim Moore R-NC, said that business owners are increasingly incorporating AI.

“It’s incredible to think about with AI, you have maybe a company of five people that today can do what only a big company could have done five years ago,” McCutcheon said. “It’s really shocking. I mean, both scary and crazy opportunistic.”

Estes said some small businesses are struggling to find workers to hire in the area, as four-year degrees become increasingly common. Businesspeople have visited schools to help students explore other routes, including community college and vocations such as HVAC technicians.

“That’s a great opportunity for these young people, men and women, to kind of jump into the workforce at a young age,” Estes said.

The U.S. Small Business Administration granted 85,000 loans for a total of $45 billion in the fiscal year 2025 with partners including Bank of America. Elaine Fairman, executive director of Business Expansion Funding Corp., talked about the importance of helping small businesses find resources.

In May, the Charlotte Douglas International Airport received $28 million from the Federal Aviation Administration’s airport terminal program.

Ranked as the sixth-busiest airport in the world, panelists discussed its role as an economic driver that creates business opportunities. “Don’t forget how important that is to our region,” McCutcheon said.

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