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TVA Economic Development Efforts Spur $5.9 Billion in Investments in FY 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,” 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, Tenn. (2 sites), Hopkinsville, Ky., and Cookeville, Tenn., 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, Tenn.; $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, Miss.; and $15 million and 150 jobs at Mann Hummel an original equipment supplier to the international automotive and mechanical engineering industries, in Dunlap, Tenn.
For additional information about TVA’s economic development programs, please see the recently redesigned website, www.TVAed.com.
The Tennessee Valley Authority, a corporation owned by the U.S. government, provides electricity for business customers and distribution utilities that serve 9 million people in parts of seven southeastern states at prices below the national average. TVA, which receives no taxpayer money and makes no profits, also provides flood control, navigation and land management for the Tennessee River system and assists utilities and state and local governments with economic development.
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Last Update on November 28, 2014 08:26 GMT
WTO-GLOBAL TRADE DEAL
GENEVA (AP) -- The World Trade Organization has pulled off a major deal that could boost global commerce by $1 trillion annually after years of negotiation.
Diplomats says the deal approved Thursday is the first multilateral trade agreement in the organization's 20-year history. It will go into effect after all 160 member countries ratify, expected sometime next year.
A U.S.-India deal this month over food stockpiling by India cleared the way for the agreement that U.S. Trade Representative Michael Froman said "preserved the letter and spirit of the package of decisions" reached at a WTO summit last December in Bali.
European Union Trade Commissioner Cecilia Malmstroem said the deal will "lift millions out of poverty."
VIENNA (AP) -- OPEC oil ministers have decided to keep their present output target at 30 million barrels a day, despite an oversupply of crude and plunging prices.
The decision Thursday was expected. OPEC oil power Saudi Arabia had indicated before the meeting that it favors the status-quo.
The Saudis are the top producers within the 12-nation organization and effectively decide the cartel's policy.
Some less well-off members had favored a cut, to reduce supplies and push prices back up. But because of booming shale production in the U.S, that would not have made a sizable dent in supply.
TOKYO (AP) -- Japan's inflation rate fell to a six-month low, highlighting the difficulty Prime Minister Shinzo Abe faces in his campaign to overcome deflation in the world's third-largest economy.
The core consumer price index, excluding fresh foods, rose 2.9 percent in October from a year earlier, according to data released Friday. Excluding the impact of a 3 percentage point sales tax hike in April, it rose 0.9 percent.
The tax hike broadsided the recovery as consumers and companies reined in spending after splashing out early in the year. Retail spending and household incomes also fell in October from a year earlier.
Other data for October were mixed. Industrial output edged up from the month before but fell 1 percent from a year earlier. The unemployment rate eased slightly.
NEW YORK (AP) -- It's what's quickly becoming a new holiday tradition, gift shopping on Thanksgiving.
Just a few years ago when some stores started opening late on the holiday, the move was met with resistance from workers and shoppers who believed the day should be sacred.
Last year, more than dozen major retailers opened at some point on Thanksgiving evening. And this year, at least half of them opened earlier in the evening.
The Thanksgiving openings are one way retailers are trying to compete for Americans' holiday dollars. Retailers used to focus sales promotions on Black Friday. But increasingly, they've been pushing promotions earlier to grab deal-hungry shoppers' attention.
The National Retail Federation expects 25.6 million shoppers to take advantage of the Thanksgiving openings and it's starting to take a bite out of Black Friday business. Indeed, sales dropped 13.2 percent to $9.74 billion on Black Friday last year.
BUENOS AIRES, Argentina (AP) -- Argentina's tax agency charged HSBC bank Thursday with helping more than 4,000 Argentines evade taxes by placing their money in secret Swiss accounts.
The head of the country's AFIP tax agency, Ricardo Echegaray, said Argentine citizens evaded about $3 billion in taxes that were handled by intermediaries through a network of offshore accounts.
Echegaray alleged that some of those accounts in Geneva are owned by HSBC Argentina's president and other bank executives. He did not say if the bank's operations had been suspended in Argentina.
AFIP said it got its information from France, where HSBC was placed under formal investigation last week for possibly aiding tax evasion. The banking company has also been charged in Belgium with organized fiscal fraud.
HSBC said it respects Argentine laws and has committed no wrongdoing.
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