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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 October 31, 2014 17:47 GMT
WASHINGTON (AP) -- U.S. consumers expect better economic growth and rising incomes in the coming months, pushing a measure of confidence to a seven-year high in October.
The University of Michigan says that its index of consumer sentiment rose to 86.9 from 84.6 in September. That's the highest since July 2007, five months before the Great Recession began. Still, the index regularly topped 90 before the downturn.
Richard Curtin, the survey's chief economist, says that almost six in ten of the respondents said the economy has improved recently, the highest proportion in more than 10 years.
The measure is the second this week to show consumer confidence has reached the highest level since the recession. Greater confidence and more hiring could lead to faster spending and healthier economic growth.
WASHINGTON (AP) -- U.S. consumer spending fell in September, the first decline since January, as shoppers took a breather after a big spending spree in August. Income growth posted the slowest gain this year.
The Commerce Department says consumer spending dropped 0.2 percent in September. Income edged up 0.2 percent in September, the smallest monthly gain since a flat reading last December.
The spending decline followed a big 0.5 percent increase in August. In September demand fell for durable goods such as autos and for nondurable goods, a drop that partially reflected falling prices for gasoline.
Spending is closely watched because it accounts for 70 percent of economic activity. Economists believe September will be a temporary pause as continued hiring gains pushing up spending and the overall economy in coming months.
NEW YORK (AP) -- The average price of gasoline in the U.S. hit $3 a gallon Friday, and should soon drop below the benchmark for the first time since December 2010.
The price at the pump fell 33 cents in October, thanks mainly to plunging oil prices, according to AAA.
Many exuberant drivers have taken to social media to post pictures of gas station signs with prices of $2.99 or lower. Drivers in South Carolina and Tennessee are paying the lowest prices, with an average of $2.75 a gallon.
Drivers in New York are paying the most in the continental U.S., at an average of $3.37. That's still 22 cents cheaper than a year ago.
Gasoline is cheaper than milk again. In September the national average price of milk was $3.73 per gallon.
NEW YORK (AP) -- Falling oil prices hardly seem to be bothering the two biggest U.S. oil companies, but things could get tougher in the coming months.
Exxon and Chevron leaned on strong performances from their refining operations to increase profits in the third quarter despite plummeting global oil prices.
The global price of oil fell 18 percent from the beginning of the quarter to the end, and it cost both companies. Revenue slipped at Exxon by 4 percent and at Chevron by 8 percent.
But low oil and natural gas prices make for low raw material costs -- and higher profit -- for refining and chemical operations, which turn oil and gas into fuels and chemicals. Profit at Exxon's refining and chemicals operations rose 38 percent compared with a year earlier, and Chevron's profit from its so-called downstream operations more than tripled.
Those results helped Exxon's overall earning rise 3 percent in the quarter to $8.07 billion. Chevron's earnings rose 13 percent to $5.59 billion.
NISSAN-AIR BAG RECALL
DETROIT (AP) -- Nissan says it's recalling more than 1,800 Infiniti SUVs in the U.S. for an air bag problem that could send shrapnel into the passenger compartment.
The recall covers the QX56 SUVs from 2013 and the QX80s from 2014. The company says inflators made by Takata Corp. were built with an incorrect outer baffle part. That can cause pressure to build up, and the inflators can rupture if driver's side air bags are deployed.
Nissan has no reports of injuries from the problem. It was discovered after General Motors recalled 33,000 Cruze compact cars for the same problem in June. The Infiniti recall is part of a larger global recall of 260,000 Nissans announced last week.
Takata says the recall is separate from another one affecting 8 million vehicles in the U.S.
FRANKFURT, Germany (AP) -- Inflation has crept higher in the 18 countries that use the euro but the rise to 0.4 percent in the year to October is unlikely to offer much relief to the European Central Bank as it tries to boost a weak economy.
The official figure released Friday was up from 0.3 percent the month before.
The European Central Bank is under pressure to give the eurozone another dose of stimulus measures in coming months because inflation is so low and growth so weak. There are fears the eurozone could even fall into outright deflation, a crippling downward price spiral.
Core inflation, a key measure because it excludes volatile food and energy prices, fell to 0.7 percent from 0.8 percent.
The bank's goal is to keep inflation just below 2 percent.
LONDON (AP) -- Royal Bank of Scotland, which is majority-owned by the U.K. government, has set aside 400 million pounds ($639 million) to cover potential fines arising from international investigations into alleged manipulation of foreign currency trading.
The total represents over half the 780 million pounds the bank earmarked for "conduct and litigation costs" in third-quarter earnings released Friday.
The results show the bank, which was bailed out by the government during the 2008 financial crisis, swung back to profit during the July-September period. Its net income of 896 million pounds follows an 828 million-pound loss last year.
CEO Ross McEwan says the bank knows it has "a long list of conduct and litigation issues to deal with and much, much more to do to restore our customers' trust in us."
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