Tennessee Valley Authority economic development efforts were successful in attracting and retaining more than 60,300 jobs and spurring a record $8.5 billion in business investments in the TVA region in fiscal year 2014. This significantly exceeds the previous year’s results of 52,000 new and retained jobs and $5 billion in capital investment, according to sources at TVA.
TVA attributed the gains in 2014 to two factors: more opportunity because of an increase in new projects the past couple of years and TVA’s competitive and reliable power.
TVA works with local power companies and regional, state and local economic development agencies to attract new companies and investments; encourage existing businesses and industries to stay and grow in the Valley; and help communities prepare for economic growth opportunities.
“Economic development is a core component of TVA’s mission to serve and improve the quality of life of the 9 million residents in the Valley,” TVA President and CEO Bill Johnson said.
“It is a credit to the dedicated work of our employees and the strong relationships we have built with our customers and communities that together we had a banner year in 2014.”
More than 190 companies were recruited to the region or expanded existing operations, contributing to the following job totals and business investments in 2014:
- Alabama: 5,800 jobs and $428 million
- Kentucky: 4,600 jobs and $909 million
- Middle Tennessee: 18,800 jobs and $2.3 billion
- Mississippi: 4,700 jobs and $1.2 billion
- Northeast Tennessee and Virginia: 11,800 jobs and $1.1 billion
- Southeast Tennessee, Georgia and North Carolina: 7,000 jobs and $1.4 billion
- West Tennessee: 7,600 jobs and $1.2 billion
The region has seen job growth in a variety of industries. Some of the announced major companies in 2014 included: Academy Sports + Outdoors in Cookeville, Tenn.; Beretta USA in Gallatin, Tenn.; Enovate Medical in Murfreesboro, Tenn.; Mohawk Industries in Dickson, Tenn.; Hankook Tire in Clarksville, Tenn.; Remington in Huntsville, Ala.; Volkswagen in Chattanooga, Tenn.; Unilever in Covington, Tenn.; Grammer AG in Shannon, Miss.; Fresenius Medical Care in Knoxville, Tenn., and Bilstein Group in Bowling Green, Ky.
In some cases, expansion at one company led to new investment by others. Automotive suppliers Comprehensive Logistics Co. and Magna International announced new investments creating more than 500 jobs in response to General Motors’ plans to expand its manufacturing operations in Spring Hill, Tenn.
“These success stories result from the strong partnerships and in the competitiveness of the region, including the benefit of affordable, reliable TVA electricity,” Mr. Johnson noted.
In 2014, TVA was recognized by Site Selection magazine for the ninth consecutive year as one of the Top 10 North American utilities for leadership in economic development. TVA’s economic development contributions have attracted and retained more than 300,000 jobs and over $38 billion in capital investments since 2008.