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 January 28, 2015 18:32 GMT
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The Federal Trade Commission says TracFone promised unlimited data in its advertising, but then drastically slowed or even cut off consumers' mobile data after they hit a certain limit.
TracFone's prepaid wireless service is sold under various brands, including Straight Talk, Net10, Simple Mobile and Telcel America.
Consumers with phones operated by TracFone who had their service slowed or cut will be able to request a refund.
The commission sued AT&T late last year over the same issue -- promising unlimited data but then allegedly slowing or throttling a consumer's Web browsing after a certain amount of data was used.
WASHINGTON (AP) -- A Senate committee has voted unanimously to exclude veterans from the 50-worker threshold that triggers required coverage for employees under President Barack Obama's health care law.
Before the Senate Finance Committee approved the measure by 26-0, Chairman Orrin Hatch -- a Utah Republican -- said the measure would encourage companies to hire veterans.
Democrats said they shared that goal, but said they believed the bill would have little if any impact on veterans.
Obama's law is gradually phasing in a requirement that companies with at least 50 workers offer health coverage to their workers.
The Senate bill would let employers exclude from that count veterans who receive health care from the Department of Veterans Affairs or the military.
The House approved the legislation earlier this month 412-0.
CONGRESS-NATURAL GAS EXPORTS
WASHINGTON (AP) -- The Republican-controlled House has passed a bill aimed at expediting approvals of natural gas exports.
In a 277-133 vote on Wednesday, the House approved a bill giving the Energy Department a 30-day deadline to authorize natural gas exports from facilities after they are reviewed and approved.
It's the third energy-related bill passed by the House this Congress. They've also approved bills authorizing construction of the Keystone XL oil pipeline and fast-tracking new natural gas pipelines.
The natural gas boom has revived a push for liquefied natural gas exports from coastal terminals. Nearly all U.S. natural gas exports today are by pipeline.
More than three dozen applications to build export terminals are pending and have yet to reach the Energy Department. DOE has authorized natural gas exports from four projects.
GAS-LIQUID PLANT DELAY
NEW ORLEANS (AP) -- Amid falling oil prices, a South Africa-based energy company is delaying final plans for a $14 billion gas-to-liquid plant in Louisiana.
Sasol made the announcement Wednesday in a news release about its plans to conserve cash in response to lower world oil prices.
The statement says construction on an ethane cracker at its complex near Lake Charles, in southwestern Louisiana, will continue. And the company made clear that plans for the gas-to-liquid plant are not being abandoned. Sasol said the company would evaluate the possibility of phasing in the project. The plant would convert natural gas into diesel and other liquid fuels.
Lake Charles is home to numerous petro-chemical plants and is about 30 minutes from the Texas state line.
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NEW YORK (AP) -- BP is selling part of its stake in an emerging oil-producing region in the Gulf of Mexico to Chevron, and the two companies, along with Conoco Phillips, will work to develop the fields together.
Terms of the deal were not disclosed. The joint-development agreement is a way for the companies to try to reduce the cost and risk of exploring and developing large, complex fields in the Gulf's deep waters at a time of low oil prices.
For BP, it allows the company to move some of its recent discoveries closer to production as it continues to work to settle claims resulting from its 2010 oil spill in the Gulf.
Under the deal, which spans 24 jointly-held offshore leases, Chevron will replace BP as project operator.
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The biggest recall covers nearly 205,000 Ford Taurus, Lincoln MKS and Police Interceptor models in North America from the 2010 to 2013 model years. Ford says a door latch spring can become unseated, allowing the door to unlatch in a side-impact crash. The company says it knows of no injuries from the problem. Dealers will inspect the latches and replace door handles if needed.
The second recall covers just over 16,000 Transit Connect small vans in the U.S. from the 2014 model year. Seat belt fasteners can loosen, causing the belts to malfunction. Ford says the problem hasn't caused any crashes or injuries.
Dealers will replace and tighten the seat belt fasteners.
DETROIT (AP) -- Nissan is recalling nearly 768,000 SUVs worldwide to fix faulty hood latches and electrical shorts that could cause fires.
The largest recall covers more than 552,000 Rogue small SUVs worldwide from 2008 to 2014. Snow and salty water can seep through the driver's side carpet to a wiring harness, causing electrical shorts. Nissan says there were reports of shorts but no fires or injuries.
Dealers will inspect the wiring and replace or seal it.
The second recall covers nearly 216,000 Nissan Pathfinders from 2013 and 2014, and Infiniti JX35s from 2013 and QX60s from 2014. The secondary hood latch could stay open when the hood is closed. Nissan says some hoods have been damaged but no crashes or injuries were reported. Dealers will fix the latches for free.
MILAN (AP) -- Carmaker Fiat Chrysler reported a two-thirds drop in 2014 earnings due mainly to costs of acquiring the final stake of U.S. carmaker Chrysler.
Fiat on Wednesday reported full-year net profit of 632 million euros ($718 million), compared with a restated 1.9 billion euros in 2013. Fiat attributed the decline to a 495 million euro payment to the Chrysler union's retiree healthcare trust to complete the purchase of Chrysler. Earnings also took a hit from the devaluation of the Venezuelan currency.
Chrysler drove the group's revenue growth of 11 percent, with a 15 percent boost in North American revenue to 52 billion euros. Europe saw a small increase while Latin America suffered.
Net profit for the fourth quarter was 420 million euro, down from 1.2 billion from a year earlier.
BERLIN (AP) -- German automakers are throwing their support behind a new trade deal being negotiated between the European Union and the United States.
Representatives from major car manufacturers like Daimler, BMW, Porsche and Volkswagen lobbied Wednesday for the deal at an event in Berlin.
Organizer Matthias Wissmann, of the German Association of the Automobile Industry, says Germany, as one of the world's biggest exporters, "benefits from and lives, like virtually no other country, on globalization."
Negotiations on the Transatlantic Trade and Investment Partnership, or TTIP, started in 2013 but many Europeans remain skeptical over concerns about environmental protections, labor security and other issues.
Volkswagen CEO Martin Winterkorn called TTIP a "historic opportunity" that would allow Europe and the US to set joint standards, "which will shape our world in the coming decades."
CHICAGO (AP) -- Boeing Co. says fourth-quarter profit is up 20 percent as it delivered more commercial planes, offsetting weakness in the defense business.
The results topped Wall Street expectations, but the company is giving a cautious outlook for 2015.
Boeing said Wednesday that it earned $1.47 billion, or $2.02 per share, compared with $1.23 billion, or $1.61 per share, a year earlier.
Excluding special items, Boeing says so-called core earnings were $2.31 per share. Analysts expected $2.11 per share, according to FactSet.
The company says adjusted earnings this year will be between $8.20 and $8.40 per share -- below analysts' forecast of $8.66 per share, the FactSet survey showed.
The airplane builder posted revenue of $24.47 billion in the period, also beating Street forecasts. Analysts expected $23.73 billion, according to Zacks.
Boeing shares have climbed almost 2 percent since the beginning of the year, while the Standard & Poor's 500 index has dropped slightly more than 1 percent. The stock has declined roughly 4 percent in the last 12 months.
STOCKHOLM (AP) -- Home appliance maker Electrolux swung to a profit in the fourth quarter, citing cost cuts and rising sales.
The Swedish company on Wednesday posted a net profit of 969 million kronor ($117 million), compared with a loss of 987 million kronor in the same period last year.
Revenue rose 9 percent to 31.4 billion kronor, from 28.9 billion kronor in the fourth quarter of 2013.
Electrolux said cost cuts boosted income in Europe and Asia while U.S. operations were hurt by new energy standards for fridges and freezers.
WILMINGTON, Del. (AP) -- A Delaware judge says the Chapter 11 case of casino giant Caesars Entertainment Corp. will proceed in Illinois, not Delaware.
The judge on Wednesday denied a motion by several creditor groups who wanted the case to be heard in Delaware, where they filed an involuntary bankruptcy petition just days before Caesars' operating unit made its own filing in Chicago.
Creditor attorneys argued that Caesars filed in Illinois partly because it will be easier there to shield company officials from lawsuits over what creditors allege were improper transfers to shield the operating unit's assets from creditors.
Caesars contended that the judge should defer to its choice of Illinois as the best place to try to fashion a consensual plan maximizing value for all stakeholders.
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