2015 – Best Year of Economic Development in Tennessee History

Tennessee’s all-time job commitment record of 24,221 new jobs in 2014 was always going to be a hard act to follow. But TNECD Commissioner Randy Boyd reports in a blog post that 2015 was literally the best year of economic development in the state of Tennessee’s history.

TN Flag

Photo – DoddsPhotography/flickr

Tennessee economic development performance report for 2015:

– 161 company commitments which represented $5.5 billion in capital investments and 25,837 new job commitments;

– TNECD’s 2015 projects have a forecasted direct economic output of $4.71 billion over the next ten years and a total economic output of $9.86 billion;

–  ROI on state investments in recruiting these businesses is projected to be 40.3 percent annually, providing a pay back in 2.4 years;

– Foreign direct investments totaled $2.25 billion in capital and created 7,815 new job commitments. Investments by Japan-based companies alone totaled $1.02 billion, followed by Canada-based companies with investments of $478.8 million, and China-based companies announcing $298 million in Tennessee investment projects.

Commissioner Boyd noted in the blog post that beyond all the records and rates of return, “it is about families throughout the state. As a result of the success we had in 2015, over 25,000 Tennessee families will have great jobs and better lives.”

Another new development in 2015 was the creation of the Center for Economic Research in Tennessee (CERT), which reorganizes the state’s research department. CERT will be publishing regular white papers throughout the year and will be an indispensable resource to the entire state.

Other Tennessee economic development programs that were initiated include the Rural Task Force created by Gov. Bill Haslam to find holistic solutions by bringing together key partners from agencies like the Tennessee Valley Authority, USDA and several Tennessee state agencies.

Changes within TNECD in 2015 included the appointment of Amy New as the first-ever Assistant Commissioner for Rural Development. This led to rural economic development initiatives such as a $6 million grant program to develop new and existing industrial sites across the state. Not to mention a $1 million grant program to develop tourism assets in partnership with the Tennessee Department of Tourist Development.

For 2016, TNECD has set lofty goals that include a target of 29,000 new job commitments, ten new Select Tennessee Certified Sites, and the opening of five new international offices. Landing an OEM on the Memphis Regional Megasite is likewise one of their top priorities for 2016.

Leave a Reply

Your email address will not be published. Please enter your name, email and a comment.