From the Governor
“We need real vocational, technical and agricultural education in our public schools, and we don’t need a massive, costly government project to do it. We have willing partners in the private sector.” —Gov. Bill Lee
Driving Development in the Volunteer State
Tennessee experienced strong economic growth in 2018, much of which was driven by the availability of talent and new workforce initiatives. DENSO, Chemring Group and RMC Advanced Technologies have announced new facilities here in the past year. Companies such as CKE Restaurants and Asurion are also expanding their headquarters in the state.
FastTrack Economic Development Fund: Offers funds to offset things not covered by other grants for projects that offer significant new jobs and investment.
Job Tax Credit: Offers up to $4,500 per job to offset up to 50% of franchise and excise taxes on any given year. Can be carried forward up to 15 years. Eligible companies must invest at least $500,000 and create at least 25 full-time jobs within three years.
Tennessee Department of Economic and Community Development: tnecd.com
Tennessee Valley Authority: tva.com/Economic-Development
Greater Chattanooga Economic Partnership: greaterchatt.com
Economic Development Growth Engine for Memphis and Shelby County: growth-engine.org
Nashville Area Chamber of Commerce: nashvillechamber.com/economic-development
Knoxville-Oak Ridge Innovation Valley: knoxvilleoakridge.com
Highlighted Program or Initiative
The Drive to 55 initiative aims to have 55% of state residents equipped with a college degree or post-high school certificate by the year 2025.
- DENSO announced in February 2018 a $190 million expansion and 320 new jobs at its facility in Athens.
- Asurion announced in February 2018 it will consolidate operations to a new headquarters in Nashville and create 400 new IT jobs.
- RMC Advanced Technologies announced in May 2018 it will locate its U.S. headquarters and expand manufacturing operations in Hawkins County.
- Defense contractor Chemring Group announced in May 2018 a $40 million expansion and 11 new jobs in Toone.
- South Korean company Dong-A Hwa Sung announced in May 2018 it will locate its first U.S. operations in Martin and will create approximately 220 jobs.
- CKE Restaurants announced in June 2018 the creation of 145 jobs and an expansion at its headquarters in Franklin.
- Faurecia Interior Systems announced in August 2018 a $30 million production facility in Spring Hill that will create 143 new jobs.
- Stonepeak Ceramics announced in September 2018 a $70 million expansion of its facility in Crossville. The project is expected to increase production capacity by 20% and add 160 jobs in the next five years.
11 Fortune 500 companies are headquartered in the state, including:
Community Health Systems
“For almost two decades, Asurion has been part of Nashville’s vibrant growth and is excited to continue building the city’s tech hub brand…. Our consolidation into a facility that will serve as the global product and technology hub for Asurion’s innovation and development in the heart of Nashville further cements our commitment to tech job growth and the city.” —Tony Detter, CEO, Asurion
“As we look back on our first year here in the Nashville area, we remain excited for the opportunities we see in both job creation within our surrounding communities, as well as the continued growth of our business…. We are thrilled to be part of the Middle Tennessee community and deeply value our partnership with the state of Tennessee—a partnership that has enabled us to invest heavily in both local talent and technology.” —Jim Sullivan, Head of Development, CKE Restaurants
“We are excited to expand our presence in North America to the Spring Hill community of Tennessee…. Exceptional partnerships with community leadership and the highly motivated and skilled workforce in this state made this opportunity possible.” —Donald Hampton Jr., President, Faurecia Interior Systems