Tuesday: Mostly sunny with highs in the mid 70s. Increasing cloud cover during the afternoon. A southwest wind at 10mph.
Tuesday Night: Cloudy with a slight chance ... More...
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 March 10, 2014 17:07 GMT
WASHINGTON (AP) -- President Barack Obama's top economists say the nation is on track to make economic progress over the next two years, but say it would do even better if Congress would enact the additional spending he proposed in his most recent budget. A divided Congress in an election year is not likely to heed that call.
In their annual report to the president, the Council of Economic Advisers says the nation's economy would grow by 3.3 percent in 2014 and 3.5 percent in 2015. It adds that unemployment would drop to 6.4 percent in 2015 and 6 percent in 2016. February's unemployment rate was 6.7 percent.
That forecast assumes that Congress would approve $56 billion in spending that is above the limits set in a bipartisan budget agreement earlier this year.
DUBLIN (AP) -- Yes, they have more bananas.
Fruit supply companies Chiquita of the United States and Fyffes of Ireland said Monday they had agreed to merge to create the world's biggest banana supplier.
The all-shares agreement means the two companies will become ChiquitaFyffes PLC, be traded on the New York Stock Exchange and be headquartered in Dublin, a more tax-efficient corporate base.
The companies said the deal, which requires shareholder and regulatory approval in Ireland and the United States, would generate $40 million in pre-tax savings through more efficient operations.
Current Fyffes and Chiquita shareholders each would own half of a combined operation expected to generate $4.6 billion in annual sales.
The two companies said the merger would create a banana behemoth that ships more than 160 million crates worldwide, about a quarter more than either of their main rivals, Dole and Del Monte. ChiquitaFyffes also would become the world's No. 3 distributor of pineapples and melons.
OAK BROOK, Ill. (AP) -- McDonald's says a key sales metric dropped 1.4 percent in the U.S. in February, yet again hurt by tough winter weather.
Global sales at locations open at least 13 months dipped 0.3 percent.
In the Middle East, Africa and the Asia Pacific region, sales declined 2.6 percent mostly on softness in Japan as well as weakness in Australia and a shift in the timing of the Chinese New Year.
Europe was a bright spot, with sales up 0.6 percent on a strong performance in the U.K. and growth in France.
McDonald's Corp., the world's largest hamburger chain, has been dealing with competition from rivals like Burger King and Wendy's, who also have value menus and special offers.
It is also trying to adapt to shifting eating habits by introducing items that are positioned as healthy or fresh.
NEW YORK (AP) -- Sbarro says it's filing for Chapter 11 reorganization, marking the struggling pizza chain's second trip through bankruptcy court in less than three years.
The filing comes shortly after it closed 155 of its U.S. locations. It still has more than 800 locations worldwide.
Sbarro had also filed for bankruptcy protection in April 2011 and emerged a few months later, saying that it significantly cut its debt and received a capital infusion. A new CEO then led a push to revitalize the chain's image by touting new recipes and ovens. But the efforts apparently didn't take hold.
Sbarro, based in Melville, N.Y., says its strategy of store closings and balance sheet restructuring will improve its profitability and reduce outstanding debt by more than 80 percent.
LITTLE ROCK, Ark. (AP) -- Alabama-based Peco Foods says it will build a new poultry plant, hatchery and feed mill in northeast Arkansas in a $165 million operation expected to create 1,000 jobs in two rural counties.
Gov. Mike Beebe announced the development Monday alongside Peco Foods President, CEO Mark Hickman and other local and regional leaders. The company plans to build in Randolph and Clay counties with the first phase of groundbreaking planned for next month.
Peco Foods is receiving more than $4.5 million in state and local incentives with additional tax breaks planned.
Hickman says the company picked Arkansas because of its "outstanding workforce," noting that its existing poultry plant in Batesville has been a success.
Based in Tuscaloosa, Ala., Peco Foods is the eighth-largest poultry producer in the country.
DALLAS (AP) -- American Airlines is getting more than $425 million from selling takeoff and landing slots at New York's LaGuardia Airport and Reagan National Airport outside Washington.
That price was disclosed Monday in comments filed in federal court in Washington by the U.S. Department of Justice.
The department says the value of those slots shows that it drove a hard bargain last year when it settled its antitrust lawsuit against the merger of American and US Airways. The airlines agreed to give up slots at LaGuardia and Reagan and gates at five other big airports.
The Justice Department filed its response to public comments on the settlement. Consumer groups, lawmakers, the Detroit airport and Delta Air Lines lodged complaints about the settlement.
NEW YORK (AP) -- American Airlines and JetBlue Airways Corp. are ending an agreement that allowed travelers to add connections to their itinerary on each other's aircraft.
The termination of the interline sales agreement is effective Monday.
The companies also said that they are ending a reciprocal frequent flyer program accrual agreement. Travelers won't earn miles or points when traveling on eligible routes run by the other airline beginning April 1.
All American AAdvantage miles or JetBlue TrueBlue points already accrued through the partnership will be credited to customers' accounts and are not affected.
Last month Delta announced changes to its frequent flier program. Starting next year, Delta customers will earn miles based on how much they spend, not just miles flown.
American Airlines Group Inc. is the holding company for American Airlines and US Airways.
WASHINGTON (AP) -- The Supreme Court has sided with a Wyoming property owner in a dispute over a bicycle trail that follows the route of an abandoned railroad. The decision could force the government to pay hundreds of millions of dollars to compensate landowners.
The justices ruled 8-1 Monday that property owner Marvin Brandt remains the owner of a 200-foot-wide trail that crosses his 83-acre parcel in southern Wyoming's Medicine Bow National Forest. The trail once was the path of a railroad and is among thousands of miles of abandoned railroads that have been converted to recreational trails.
Chief Justice John Roberts said the government was wrong to assert that it owns the trail.
The government says it faces compensation claims involving 10,000 properties in 30 states, possibly topping $100 million.
The Good Life
Celebrating the events, adventures and activities that represent "The Good Life" in the NewsChannel 9 viewing area.
Stories of HonorCelebrate black history all February long with Stories of Honor, sponsored by the Tennessee Lottery.
SideroadsTake a ride with Don Welch to explore the unique people and places to be found along the Sideroads of the NewsChannel 9 viewing area.
Road TrippinCome Road Trippin' with us and see all the great sites in your area!
Closings and DelaysThese are the latest School and Business Closings reported to NewsChannel 9. If you see errors or need to add a school or business, call 423-757-7320.
Educator of the WeekEach week WTVC will profile a teacher in Southeast Tennessee and acknowledge their part in the advancement of the education of their students and the contributions to their profession.
Deaf & Hard of HearingInformation provided to NewsChannel 9 by members of the Deaf and Hard of Hearing Community.
Sponsored EventsCheck Back Often for NewsChannel9 Sponsored Events!