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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 July 22, 2014 07:31 GMT
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The world's largest retailer has cut prices on 10 percent on more back-to-school items compared with last year, signaling that the second-most important shopping season behind the winter holidays will be fiercely competitive. The Bentonville, Arkansas-based retailer also said that it's increasing the number of back-to-school products sold on its website by 30 percent to 75,000 this year from last year.
In an interview with The Associated Press on Monday, Steve Bratspies, executive vice president, general merchandise at Wal-Mart, said he's seeing back-to-school promotions start early this year. He expects that its low-income shoppers will stagger their buying throughout the season, a trend it has seen in the last few years. A little over 300 back-to-school items will have what Wal-Mart refers to as "rollbacks" or discounts.
SAN FRANCISCO (AP) -- Second-quarter earnings for Netflix more than doubled as new episodes from a hit series helped the Internet video service surpass 50 million worldwide subscribers for the first time.
The gains announced Monday include an additional 570,000 U.S. subscribers, slightly more than Netflix's management predicted. The quarter is typically the company's slowest of the year, as people spend more time outdoors instead of watching video.
Investors applauded the second-quarter results, pushing Netflix's stock up $4.05 to $456 in extended trading. The shares have surged by 23 percent this year, while the Standard & Poor's 500 index has increased 7 percent. The second quarter featured one of Netflix's marquee attractions, "Orange Is The New Black," which returned for its second season in early June. As with Netflix's other original series, all 13 episodes of "Orange Is The New Black," were released simultaneously so subscribers could watch the story unfold at their leisure.
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While the FDA has since conducted an independent review on the public health impact of menthol cigarettes, Monday's ruling could hinder the agency's ability to defend any future regulations.
U.S. District Court Judge Richard Leon in Washington ordered the agency Monday to reconstitute the tobacco panel and barred it from using its older report on menthol cigarettes.
Cigarette makers Lorillard Inc. and Reynolds American Inc. sued the agency in 2011, alleging conflicts of interest and bias by several members of the panel tasked with advising the FDA on tobacco-related issues.
Only one of the members challenged in the suit remains on the committee.
JOHNSON & JOHNSON-BUYBACK
J&J buying back $5 billion worth of its shares
NEW BRUNSWICK, N.J. (AP) -- Johnson & Johnson, the world's biggest maker of health care products, plans to buy back up to $5 billion of the company's common stock.
The maker of prescription drugs, medical devices and Tylenol said Monday that its board of directors had approved the stock buyback program. The company says in a statement that the program has no time limit and could be discontinued at any time.
Johnson & Johnson's shares have risen strongly over the past two years, from about $68 to a July 7 all-time closing high of $106.47. They ended Monday down 53 cents to $101.27 and were up 75 cents at $102.02 in after-market trading following the announcement of the buyback program.
Johnson & Johnson, based in New Brunswick, New Jersey, said it has about 2.8 billion stock shares outstanding.
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New York-based credit ratings agency Moody's Investors Service dropped Pennsylvania's $11.1 billion of general obligation bonds a rung on its rating ladder, from Aa2 to Aa3, leaving it ranked among the six worst states in Moody's ratings for the 47 states with general obligation debt.
It was the second downgrade by Moody's in two years. Fitch Ratings downgraded Pennsylvania last year, and Standard & Poor's has warned it could downgrade Pennsylvania if it didn't see significant strides to address deficits and pension liabilities.
NEW YORK (AP) -- Yahoo is buying Flurry Inc., a startup that helps other programmers build better mobile applications and craft marketing campaigns for smartphones and tablets.
The deal announced Monday is the latest in a wave of mostly small acquisitions that Yahoo Inc. has made during the two-year reign of CEO Marissa Mayer as the company's tries to attract more traffic on mobile devices.
The shopping spree hasn't yet provided Yahoo with the means to boost its revenue growth at a time more advertising is moving to online services. The Sunnyvale, California, company last week disclosed another lackluster performance in the April-June period.
Yahoo didn't disclose how much it is paying for Flurry, an indication that the price isn't big enough to affect Yahoo's finances.
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