News Summary
In a landmark year, Tennessee has achieved record business growth with $7.2 billion in capital investment, creating nearly 9,666 new jobs. This growth has significantly benefited rural areas, which received 51% of the projects, leading to a surge in economic development. Industries such as automotive, manufacturing, and food have all played pivotal roles in this achievement. Wilson County has emerged as a hub for business due to its strategic location and supportive community environment. As economic growth flourishes, Tennessee is positioning itself for a prosperous future.
Tennessee Achieves Record Business Growth in 2024 with Historic Investments and Job Creation
Nashville, TN – It’s been an exciting year for the Volunteer State as Tennessee has hit a major milestone for business attraction and expansions in 2024! The numbers are in, and they’re nothing short of impressive. Tennessee has recorded its largest capital investment in history, coming in at a whopping $7.2 billion. Yes, you read that right!
A Bright Spot for Rural Areas
What makes these figures even more remarkable is that 51% of the projects attracted to the state are located in rural areas, marking the highest percentage we’ve seen since 2018. In total, Tennessee successfully attracted 67 projects across 38 counties, including 22 rural and 16 urban spots. This means that almost 80% of the total capital invested found its way into rural areas, while just 21% settled in urban settings.
This year, the state has committed to creating 9,666 new jobs, and it’s being warmly welcomed by rural communities, which account for a hearty 53% of these new positions. With so many new opportunities popping up, communities are buzzing with excitement and anticipation!
Spotlight on Job Creation
Leading the charge is Wilson County, which wasn’t just the star of the show but also the county where 1,918 jobs were committed. What an achievement! Close behind is Shelby County, snagging five projects of its own. The automotive industry emerged as the biggest player this year, landing a whopping 14 projects, which translates to 2,090 new jobs and an impressive $950 million in investment.
Now, if you’re fortunate enough to live in Tennessee, you’ll be pleased to know that approximately 142,900 residents work for over 900 automotive companies right here in the state. Talk about driving local employment!
Other Thriving Sectors
But it wasn’t just the automotive industry that stole the spotlight. The appliance and electrical manufacturing sector wasn’t far behind, contributing with eight projects, resulting in 2,112 new jobs and $489 million in capital investment. In fact, Tennessee ranks a glorious third in the U.S. for employment in household appliance manufacturing.
The food and beverage sector is also cooking up some success, landing eight projects that will create 489 jobs and total $192 million in capital investment. And, if you’re a whiskey lover, you’ll be thrilled to hear that Tennessee was the top exporter of whiskey in the U.S. last year, exporting a staggering $900 million worth in 2023!
Innovation in Tech and Financial Sectors
The tech and finance sectors have also made their mark this year. With five projects, these industries created 1,053 new jobs and invested $37 million. With more than 26,800 companies operating in this sector, employing around 213,200 residents, the job opportunities just keep growing.
Wilson County: The New Hub for Business
Wilson County stands out as a prime location for businesses, thanks to its fantastic connectivity with major interstates, rail systems, and the Nashville International Airport. This vibrant county boasts a diverse landscape of industries, including advanced manufacturing, logistics, and technology.
But it’s not just about work—Wilson County also offers a top-notch quality of life. Residents enjoy outdoor recreational activities, excellent schools, and lively downtown areas. Community leaders are more committed than ever to maintaining a friendly business environment that attracts and retains fresh investments.
2024 is shaping up to be a year to remember for Tennessee, as economic growth continues to soar. It’s an exciting time to be living and working in the Volunteer State, and it looks like the best is yet to come!
Deeper Dive: News & Info About This Topic
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- JD Supra: North Carolina Economic Development
