Tennessee made a major splash last year, courting a 5,000-job Amazon operations office hub and the corporate headquarters of New York money manager AllianceBernstein. Yet Tennessee’s momentum has continued this calendar year.
TNECD has secured approximately 4,500 new job commitments from businesses expanding or locating headquarters operations in Tennessee since Gov. Bill Lee took office in January. These companies are investing approximately $470 million.
The recent string of string of announcements sends a clear message: Tennessee is an attractive place for international companies to call home, and the Volunteer State has the skilled labor force to meet the needs of a diverse and growing pool of businesses.
We’ve recently documented Amazon’s decision to make a substantial investment in downtown Nashville, as well as the faster-than-anticipated growth of AB’s corporate headquarters. But step back and you’ll find that these two projects are part of a larger tide of headquarters growth in Tennessee.
Since 2013, headquarters jobs have grown by nearly 40 percent in Tennessee – the fastest growth among states in the Southeast. Those gains have occurred across the board – whether its finance companies like AB or UBS, auto and tire businesses such as Bridgestone, logistics giants like FedEx, healthcare companies like SmileDirectClub, or businesses in the food and beverage industry such as ICEE.
For Tennessee’s economy, the impact of these projects is widespread. For starters, in each case, the company is putting its roots down in Tennessee. Its leadership is making decisions locally and has a stake in the community’s success.
But most importantly, corporate headquarters bring high quality jobs with salaries that are considerably higher than the state’s average. Higher earnings in the pockets of Tennesseans generates a host of consumer spending, spurring all types of activity in the housing market, at local retailers and restaurants, and in other corners of the economy.
Here’s a look at the tale of the tape in the first six months under Governor Lee. Read more.