TVA Economic Development Efforts Spur $5.9 Billion In Investments In FY 2012

Wednesday, November 14, 2012

Tennessee Valley Authority economic development programs ? including technical services, research and financial assistance ? helped stimulate $5.9 billion in business investments in the TVA service area in fiscal year 2012.

John Bradley, TVA senior vice president of Economic Development, said TVA’s efforts also helped attract or retain 48,000 jobs, bringing TVA’s economic development contributions to more than 300,000 new or retained jobs and $32 billion in business investment since 2005.

“Creating jobs, helping local communities, and improving quality of life in the Tennessee Valley is what TVA Economic Development is all about. We thank our many partners ? local power companies, industry, state and local officials, and others ? for helping make these programs so successful,” Mr. Bradley said.

In 2012, TVA’s economic development activities helped recruit or expand more than 150 companies and contributed to the following job totals and business investments for the TVA service area:

  • Alabama : 7,800 jobs and $1.2 billion
  • Kentucky: 4,800 jobs and $957 million
  • Middle Tennessee: 11,700 jobs and $1.2 billion
  • Mississippi: 5,100 jobs and $504 million
  • Northeast Tennessee and Virginia: 6,300 jobs and $506 million
  • Southeast Tennessee, Georgia and North Carolina: 4,450 jobs and $412 million
  • West Tennessee: 8,400 jobs and $1.0 billion

           TVA in 2012 won a Gold Award for its Megasites Program from the International Economic Development Council for excellence in economic development. Bill Adams, TVA Target Market specialist, conceived the idea of creating a “catalog of certified sites.” The program, which teams TVA with local partners to market large industrial tracts to manufacturers, remains one of TVA’s most successful economic development efforts. 

Megasite tenants include Volkswagen, which opened a $1 billion Passat factory on a Megasite in Chattanooga in May 2011; and Toyota, which in 2007 selected a Megasite near Tupelo, Miss., for a plant to build Corollas. TVA’s two remaining megasites are near Hopkinsville, Ky., and Stanton, Tenn. For more information, on TVA’s Megasites program, visit http://www.TVAed.com/megasites.htm.

In September, TVA was named for the seventh straight year to Site Selection magazine’s list of the top 10 utilities in North America for economic development. The Site Selection rankings are based on a number of factors, including project activity, input from corporate end users and site consultants, website tools and data, and innovative programs and incentives for business.

Four new locations in the Valley region were identified in fiscal year 2012 for potential development under TVA’s program to attract data centers. The new locations are in Warren County, Tn. (two sites), Hopkinsville, Ky., and Cookeville, Tn., raising the total number of potential data center sites identified in the program to 22. For more information see www.TVAed.com/datacenters/.

TVA Economic Development staff and leadership also were honored in 2012. Bradley was named by Southern Business and Development magazine as one of the Top 10 economic developers in the South; TVA Business recruitment specialist Tim Tidwell was a co-recipient of the first Excellence in Economic Development Award from the Site Selectors Guild. TVA staff conducted dozens of Community Development workshops in 2012 to help communities identify economic opportunities and be more competitive. TVA staff also provided help with financial assistance through programs such as the Valley Investment Initiative, technical services, economic research, proposal writing, training and other services.

In addition, the Rural Development Strategy focuses on supporting economic development efforts in rural and economically distressed areas. The Retail Development assistance program also helps foster business growth for commercial businesses.

Business investments and expansions from companies participating in TVA Economic Development programs in 2012 include $53.7 million and 800 jobs by Magneti Marelli’s new automotive lighting production operation in Pulaski, Tenn.;  $500 million and 200 jobs from Carpenter Technology Corporation to build a premium metals plant near Athens, Ala., in Limestone County; $8 million and 500 jobs from Agero, a global driver assistance services firm, in Clarksville, Tn.; $9.5 million and 207 jobs by Propulsys, a global manufacturer of hydraulic drive products,  in Hopkinsville, Ky.; $130 million and 150 jobs from Roxul, Inc., a leader manufacturer of stone wool insulation products in Byhalia, Ms.; and $15 million and 150 jobs at Mann+Hummel an original equipment supplier to the international automotive and mechanical engineering industries, in Dunlap, Tn.



Corker Asks Colleagues To "Oppose Blatant Budget Gimmick Proposal To Fund Highway Trust Fund"

In remarks on the U.S. Senate floor Monday, Senator Bob Corker said senators should reject using a budget gimmick known as pension smoothing to pay for a short-term extension of the Highway Trust Fund and instead commit to a long-term, sustainable solution to highway funding. “Many claim that budget gimmicks should not be used as offsets to pay for spending," said Senator Corker. ... (click for more)

Cornerstone Community Bank Has Rise In Earnings

Cornerstone Bancshares, Inc. (OTCBB: CSBQ; CSBQP), parent company of Cornerstone Community Bank, today reported earnings for the second quarter ended June 30, including a rise in income. Net income for the quarter was $409,000, a 3.3 percent increase from the same quarter of 2013.  Net interest income increased 5.5 percent from the same quarter last year. “Cornerstone ... (click for more)

EPB Says It Did Not Overbill The City; Says City Got $685,877 Break

EPB officials said Tuesday that an exhaustive audit of its street light contract with the city showed that it did not overbill the city. Instead, it said it found that the city was underbilled $685,877. EPB said it only goes back one year on errors so the amount owed by the city would be $178,314. Officials said that would be discussed with the city. Stan Sewell, the city's ... (click for more)

Citizens To Comment Next Tuesday On Sound Control Ordinance That Allows Higher Sound Around Downtown Clubs

Citizens will be allowed to comment next Tuesday on a new Sound Control Ordinance that allows higher sound from nightclubs in a downtown Controlled Sound Boundary. Track 29 behind the Chattanooga Choo Choo, that has drawn the wrath of some nearby Southside residents, is within the boundary, which goes from Fourth Street to Main Street. The hearing before the City Council ... (click for more)

I'm Number One In A Round About Way

Roundabouts have been popping up all over Chattanooga over the past few years and for the most part have been successful.  Unfortunately there are some who just don’t get it as I have found out the hard way.    My latest instance was last week when a young woman on her cell phone almost t-boned me as she flew into the roundabout without yielding.  A near miss ... (click for more)

Roy Exum: Oscar Brock’s True Passion

I don’t pay much attention to the Hamilton County School Board. Once the moon and the stars aligned behind Superintendent Rick Smith, you hear very little, if anything, from the nine-member council that oversees an annual budget of almost $400 million and employs 4,480 people. So chew this for a minute: approximately 2,000 of those people are not teachers. Yes, there are 78 principals ... (click for more)