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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 August 22, 2014 07:30 GMT
FORT WORTH, Texas (AP) -- American Airlines says it will extend its fee for unaccompanied minors to charge $150 extra each way for children between 5 and 14.
The change starts Sept. 3. Currently, American charges a fee on top of the regular fare for unaccompanied minors between 5 and 11.
The airline announced the change Thursday in an employee publication.
American says extending the fee to more youths will ensure the safest possible travel for them and match the policy at US Airways. The two merged in December to form American Airlines Group Inc.
United Airlines charges $150 each way for minors 5 to 11; Delta charges $100 each way for those 5 to 14; at Southwest it's $50 each way for kids 5 to 11.
NEW YORK (AP) -- A report from the Census Bureau is the latest evidence that the rich are getting richer while the poor get poorer.
The study released Thursday divided the U.S. into five groups, from wealthiest to poorest. The median net worth of the richest households rose 11 percent between 2000 and 2011, to $630,754. The next-wealthiest group's net worth also rose.
But because wealth dropped for the majority of Americans, the median household net worth for the country overall declined about 7 percent to $68,828.
The report was compiled using surveys done by the Census. It includes stocks, money in the bank, home values, retirement accounts and other assets in its measurement of net worth.
AIRLINES-LABOR DAY TRAVEL
Airline group forecasts uptick in Labor Day travel
A trade group for the nation's big airlines predicts that air travel over the Labor Day weekend will rise 2 percent from the same holiday last year.
If correct, the forecast would be more good news for the airlines. Nine big U.S. carriers earned $3.8 billion in the first half of this year, allowing them to pay down debt, reward shareholders and order new planes.
Airlines for America predicted Thursday that 14 million people would fly within the U.S. in the seven days ending Sept. 2, the day after Labor Day.
Separately, the auto club AAA forecasts that 34.7 million Americans will travel at least 50 miles from home by car or plane over a 5-day period ending on Labor Day. That would be a 1.3 percent increase over 2013.
NEW YORK (AP) -- Home Depot says Craig Menear, the president of its U.S. retail operations, will become president and CEO of the company Nov. 1.
Frank Blake has been Home Depot's chairman and CEO since 2007, and he will remain chairman of the company.
Menear became president of the company's U.S. retail unit in February. He has worked for Home Depot since 1997.
Home Depot Inc. is based in Atlanta and is the largest U.S. home improvement retailer. On Tuesday, the company reported strong second-quarter results and raised its forecast for the full year. It said purchases of major items like appliances and water heaters improved compared to last year, and its results have been helped by the improving U.S. housing market.
DETROIT (AP) -- Ford is recalling more than 160,000 vehicles in North America for two safety issues.
The largest recall involves 159,395 Focus ST and Escape vehicles from the 2013 and 2014 model years. Ford says their engines could hesitate or stall because of a wiring problem.
Ford also is recalling 616 Focus and C-Max cars made earlier this month because their steering gears don't have the proper number of ball bearings. That can potentially degrade the remaining ball bearings and lead to a loss of steering control.
Ford says there have been no accidents or injuries related to either recall. The 616 cars are still at dealerships and haven't been sold.
Ford Motor Co. will notify customers and repair the vehicles for free.
NEW YORK (AP) -- A U.S. judge says Argentina's announced plans to evade his orders by failing to make required payments to U.S. bondholders is illegal and cannot be carried out.
Judge Thomas Griesa called the republic's actions toward U.S. bondholders "lawless" at a court hearing in New York City on Thursday.
But he stopped short of finding Argentina in contempt.
Argentine officials have called the U.S. hedge funds that refused to swap their bonds for lesser valued ones "vultures."
The funds are owed about $1.5 billion. Argentina says paying it would force it to owe other bondholders over $20 billion.
A lawyer for Argentina urged the judge to reject as premature a request by U.S. bondholders that Argentina be found in contempt.
TIJUANA, Mexico (AP) -- Thousands of Mexican citizens deported by U.S. authorities are finding refuge at call centers in Tijuana and other border cities.
In perfect English -- some hardly speak Spanish -- they converse with American consumers who buy gadgets, have questions about warrantees or complain about overdue deliveries.
Many of the workers spent nearly all their lives in the U.S., which is a major selling point for Mexico over English-language industry leaders like India and the Philippines. They can chat comfortably about the U.S. housing market and Super Bowl contenders. They know slang.
One consulting firm estimates that by end of the year, Mexico's outsourced call centers will have more than 85,000 workstations -- which may be staffed two or three shifts a day. It expects Mexico to hit 110,000 in 2020.
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