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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 31, 2014 07:30 GMT
MUMBAI, India (AP) -- Asian stock markets are uninspired by an upbeat report on the U.S. economy, with most drifting lower Thursday after the U.S. Federal Reserve said it would make further cuts to its monetary stimulus as expected.
Markets slipped in Hong Kong, Tokyo and South Korea. China's Shanghai Composite was nearly flat.
Shares of South Korean consumer electronics kingpin Samsung dived 4 percent after it reported a bigger-than-expected fall in second quarter profit on slowing smartphone sales.
ECONOMY-THE DAY AHEAD
WASHINGTON (AP) -- Investors will be looking at two Labor Department reports today.
The first deals with the number of people who applied for unemployment benefits last week. In the previous week, the number fell to its lowest level in more than eight years.
The second release is the second-quarter employment cost index.
Freddie Mac will also report weekly mortgage rates. Last week, the average for the 30-year loan was 4.13 percent, unchanged from the previous week.
MasterCard and Exxon Mobil will release their quarterly financial results before the market opens and LinkedIn and Tesla Motors will report quarterly earnings after the market closes.
SEOUL, South Korea (AP) -- Samsung Electronics Co. says its second-quarter profit dropped 20 percent as smartphone and tablet sales fell.
The South Korean company says its net income during the April-June quarter was $6.1 billion, the lowest since the second quarter of 2012 and below forecasts.
Samsung had warned that the second quarter would be the worst in two years as its handset business halted growth.
It struggled to compete in the cheap smartphone business, which is the fastest-growing smartphone segment.
Sales fell 9 percent while operating profit sank 25 percent, in line with Samsung's guidance earlier this month.
The company's reliance on its semiconductor business for profit is expected to increase as it cannot expect an explosive growth of handset profit anymore. Samsung is the world's largest maker of memory chips.
MILWAUKEE (AP) -- Journal Communications Inc. of Milwaukee and E.W. Scripps Co. of Cincinnati have announced an agreement to merge broadcasting operations while spinning off newspaper holdings into a separate public company.
As part of the deal announced by the companies Wednesday, the newspaper component, Journal Media Group, will be headquartered in Milwaukee.
The Milwaukee Journal Sentinel reports Journal Media Group will include the Journal Sentinel and Scripps newspapers, including the Memphis Commercial Appeal, and others.
Meanwhile, Journal Communications' broadcast assets will be folded into Scripps, with headquarters remaining in Cincinnati.
The newspaper reports Scripps will emerge from the deal as the nation's fifth-largest independent TV group, with 34 stations.
News releases say both companies' boards of directors approved the deal. It is expected to close in 2015.
BEIJING (AP) -- The owner of the KFC and Pizza Hut restaurant chains says a scandal over food safety in China has hurt sales and might be severe enough to cut into the company's global profit.
Yum Brands Inc., in a filing with the U.S. securities regulator, says the scandal over accusations Shanghai Husi Food Inc. sold expired beef and chicken has caused a "significant, negative impact" on sales.
It gave no financial details and said it was too early to know when sales might rebound. But it said that if the "significant sales impact" continues, it might hurt this year's profit.
Chinese authorities have detained five Husi employees but have yet to confirm a TV report the company sold expired meat to KFC and McDonald's Corp. restaurants in China.
WASHINGTON (AP) -- President Barack Obama will sign an executive order today that cracks down on labor violations by companies that contract with the federal government.
The White House says the order will require companies seeking federal contracts to make public any previous violations of labor laws. Federal agencies will be given more guidance on how violations should factor into contract determinations.
Obama's order will also say that corporations with large federal contracts can't force workers to submit labor disputes to binding arbitration. The White House says it's designed to ensure those who suffer sexual assault or civil rights violations can have their day in court.
The order requires that workers be given information each pay period to ensure their paychecks are accurate.
J&J withdraws fibroid treatment device from market
WASHINGTON (AP) -- Johnson & Johnson is asking surgeons not to use a line of devices for removing growths from the uterus amid regulators' growing concern that the electronic surgical tools raise the risk of spreading cancer to other parts of the body.
In April, J&J suspended sales of the devices, known as laparoscopic power morcellators, after the Food and Drug Administration discouraged doctors from using them. Surgeons use the devices to treat painful fibroids, either by removing the growths themselves or the entire uterus.
J&J says it is conducting a worldwide withdrawal of all its morcellators still on the market. The company cites an FDA meeting earlier this month that reinforced "the complexity of this issue."
FDA is weighing regulatory actions to reduce the risk of cancer spread.
NEW YORK (AP) -- Talks between Argentina and U.S.-based creditors have ended without a settlement that would avoid the country's second default in 13 years.
Argentine Economy Minister Axel Kicillof says his country is unable to accept demands of investors led by U.S. hedge funds his government has deemed "vultures."
A defiant Kicillof said Wednesday that the investors refused to a stay of a judge's order that would have allowed the country to pay other creditors while continuing negotiations.
He also said the creditors would not accept a generous compromise offered by the South American country.
A court-appointed mediator says Argentina will immediately go into default.
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