Tennessee Named Co-State of the Year by Southern Business and Development
July 15, 2010
Southern Business and Development magazine’s annual "Top Deals and Hot Markets" rankings have been released, and Tennessee is at the top of the list. The Volunteer State, alongside Louisiana, has been named the Co-State of the Year for the second year in a row.
“I am pleased that Tennessee has received this recognition for our success in economic development,” said Governor Phil Bredesen. “We’ve worked hard to bring better paying, high skilled jobs to Tennessee, and this award reflects the success of our efforts.”
To determine these rankings, SB&D considers only companies making public commitments of 200 jobs or more, or $30 million in capital investment.
“Despite the economic downturn, Tennessee welcomed more than 21,000 new jobs and almost $6 billion in new capital investments in 2009,” said Matt Kisber, commissioner of the Tennessee Department of Economic and Community Development. “It is rewarding to see Tennessee acknowledged for our economic development wins in light of what Southern Business and Development recognizes as a challenging time.”
Calling Bredesen and Kisber a “dynamic team,” the magazine cites Tennessee as one of only two states in the South that has not been affected by the recession as far as recruiting large job generating projects is concerned.
“The Volunteer State has landed several of the South's largest and most prominent projects since 2006, including those announced by Volkswagen, Nissan, Dow Hemlock, Wacker Chemie and SAIC,” writes Southern Business and Development’s Lee Burlett. “Tennessee is also a Southern leader in recruiting renewable energy projects, specifically solar related deals.”
In addition to the State of the Year honor, Tennessee was also awarded the Automotive and Green Economy Deals of the Year for Nissan’s decision to modify its Smyrna manufacturing plant to produce zero-emissions vehicles and state-of-the-art lithium-ion battery packs. Memphis was named the SB&D Major Market of the Year, and Nashville was given an Honorable Mention in the same category. In the mid-market category, the Tri-Cities region was given an honorable mention, along with Cleveland in the small market category. Wacker Chemie and Nissan were also named as two of the Top 10 Deals of 2009.
The Southern Business and Development magazine honor is the latest in a number of awards Tennessee has received for its economic development efforts. Most recently, Area Development magazine honored Tennessee with a Silver Shovel Award for success in economic development and job creation. In March, Trade & Industry Development magazine named Wacker Chemie and the Tennessee Department of Economic and Community Development among the winners of its 2010 Corporate Investment & Community Impact (CiCi) Awards. Tennessee also received top five honors in Site Selection magazine’s Governor’s Cup for economic development and was ranked among the top five states in the U.S. for best business climates.
About the Tennessee Department of Economic and Community Development
The Tennessee Department of Economic and Community Development’s mission is to create higher skilled, better paying jobs for all Tennesseans. The department seeks to attract new corporate investment in Tennessee and works with Tennessee companies to facilitate expansion and economic growth. To find out more, go to www.tn.gov/ecd or www.InvestTennessee.org.
The Tennessee Department of Economic and Community Development’s mission is to create higher skilled, better paying jobs for all Tennesseans. The department seeks to attract new corporate investment in Tennessee and works with Tennessee companies to facilitate expansion and economic growth. To find out more, go to www.tn.gov/ecd or www.InvestTennessee.org.