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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.
More Business News
Last Update on July 25, 2014 17:51 GMT
WASHINGTON (AP) -- Orders for long-lasting manufactured goods rebounded in June after a May decline, helped by a recovery in demand in a key category that signals business investment plans.
The Commerce Department says that orders for durable goods increased 0.7 percent in June on a seasonally adjusted basis following a 1 percent decline in May.
A category viewed as a proxy for business investment plans rose a solid 1.4 percent, recovering after a revised 1.2 percent drop in May. It was the best showing since orders in this core capital goods category rose 4.7 percent in March.
The strength last month came from solid gains in demand for commercial aircraft and machinery. Economists expect economic activity will strengthen in the second half of the year, helped by stronger factory production.
DETROIT (AP) -- U.S. safety regulators are investigating whether an electrical problem can knock out the air bags on some older Hyundai Sonatas.
The probe announced Friday covers about 394,000 midsize cars from the 2006 through 2008 model years.
The National Highway Traffic Safety Administration says it has received 83 complaints about the problem. The agency says a sensor inside the seat belt buckle might fail. This can cause the air bags to malfunction or not inflate if there's a crash.
The problem also can affect the mechanism that tightens the seat belts before a crash. The problem can happen in either the driver or passenger buckles. In most cases the air bag warning light came on.
Investigations can lead to recalls but none has been issued so far in this case.
CHILD TAX CREDIT
WASHINGTON (AP) -- The House has passed a bill that would gradually increase the child tax credit and make it available to more families with higher incomes.
But millions of low-income families would lose the $1,000-a-child credit in 2018, when enhancements championed by President Barack Obama are set to expire.
The bill also aims to make a dent in illegal immigration by prohibiting people without Social Security numbers from claiming a portion of the credit reserved for low-income families.
The White House has threatened to veto the bill, saying it favors high-income taxpayers over the poor, while adding $90 billion to the budget deficit over the next decade.
House Republicans say the bill strengthens the tax credit by increasing it as inflation rises, and by making it available to more middle-income families.
LONDON (AP) -- Official figures show Britain's economy has surpassed its pre-recession size for the first time since the 2008 global banking crisis.
The Office for National Statistics says gross domestic product grew by 0.8 percent in the three months through June compared with the previous quarter. It grew 3.1 percent over the year, putting it 0.2 percent ahead of its pre-crisis peak in early 2008.
The global financial crisis triggered a deep downturn for the British economy. By mid-2009, GDP was more than 7 percent below its pre-recession level.
Treasury chief George Osborne said Friday's figures marked a "major milestone in our long-term economic plan."
Government critics say the recovery is not built on solid foundations and point out that per-capita GDP remains about 6 percent lower than before the crisis.
BERLIN (AP) -- German business confidence is down for a third month in a row amid ongoing concerns about the economic impact of the crises in Ukraine and Iraq.
The closely-watched Ifo Institute survey fell to 108 points in July from 109.7 points in June. Economists had widely been expecting a slight rise over June's figure.
The institute said Friday that businesses' assessment of their current situation fell to 112.9 points from 114.8 the previous month, while their expectations for the future fell to 103.4 from 104.8.
The Ifo survey is based on monthly responses from about 7,000 companies.
MOSCOW (AP) -- Russia's central bank has unexpectedly raised its key interest rate in a bid to stem inflation and support the currency as the country faces increasing economic pressure over its policies in Ukraine.
The bank said Friday it has lifted its one-week auction rate by 0.5 percentage points to 8 percent. The central bank cited "heightened geopolitical risks" that are likely to push down the Russian ruble, fueling consumer price inflation. Higher rates tend to support a currency but can hurt economic growth.
The rate has risen from 5.5 at the beginning of the year. That has helped support the ruble after a period of weakness, but growth is sliding.
The United States last week imposed tougher sanctions on Russia over its alleged unwillingness to help end the conflict in Ukraine.
BERLIN (AP) -- Germany's biggest airline, Lufthansa, says it and subsidiaries in other European countries will resume flights to Tel Aviv on Saturday after canceling operations for several days over safety concerns.
Lufthansa said Friday that it made the decision "on the basis of the most up-to-date information we have available and our own assessment of the local security situation."
It says flights will resume in stages starting Saturday morning. The decision also applies to subsidiaries Germanwings, Austrian Airlines, Swiss and Brussels Airlines.
The European Aviation Safety Agency on Thursday lifted a recommendation that airlines refrain from flying to Israel's main airport, which it made because of security concerns after a Hamas missile landed nearby this week. However, Lufthansa canceled flights scheduled for Friday.
AIR CANADA- ISRAEL FLIGHT
TORONTO (AP) -- An Air Canada flight had to circle Tel Aviv's airport for 10 minutes after air traffic control said the conditions needed to be confirmed as safe for landing.
Airline spokeswoman Isabelle Arthur said Friday Flight AC84 was advised to circle by Israeli Air Traffic Control shortly before 12 p.m. local time. She says the plane altered its course about 5 miles from Ben Gurion airport and landed 10 minutes later without incident. She did not say why.
Arthur says the return flight to Toronto departed Tel Aviv about two hours later. The airline plans to operate this evening's flight to Tel Aviv.
Flights by Air Canada and other airlines to Tel Aviv resumed Thursday after a suspension Tuesday following a Hamas rocket strike nearby.
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