Economic Development

Economic development is at the heart of TVA’s mission of making the Valley a better place to live. A thriving economy means good jobs, more investment in the region, quality growth, and opportunities for Valley residents to build more prosperous lives.

In the past three years, TVA and its economic development partners have helped attract or retain more than 145,000 jobs for Valley communities. TVA loan commitments of $57.4 million during this time have directly leveraged $832 million in additional investments. In FY 04, the overall efforts of TVA and its partners leveraged investments of $2.1 billion.

Because of its regional approach to economic development, TVA is in a unique position to foster the Valley’s industrial growth, with a focus on plastics, automotive assembly and suppliers, food processing, distribution and warehousing, biotechnology, and emerging technologies. To help the region attract major automotive plants, TVA commissioned McCallum Sweeney Consulting to identify, evaluate, and certify “megasites” for automotive assembly operations, resulting in the certification of large industrial sites in Columbus, Mississippi, and Hopkinsville, Kentucky.

By 2007, 400 people are expected to cite Aisin Automotive Casting Tennessee Inc. as their employer. With funding from TVA, the State of Tennessee, the cities of Clinton and Oak Ridge, and Anderson County, an incentive package enabled Aisin to break ground on a new $67 million parts plant in Clinton, Tennessee.

TVA’s financial and technical assistance helped the world’s largest manufacturer of automotive sunroof assemblies, Webasto Roof Systems, choose to invest $14 million to build a 105,000-square-foot facility in Murray, Kentucky. The German automotive manufacturer plans to make a total capital investment of $22 million and employ more than 160 workers within three years.

With financial assistance from TVA to purchase new equipment, Electricfil Automotive of France plans to establish its American headquarters in Athens, Alabama, with a $5.3 million initial capital investment. Electricfil is the European leader for ignition systems and specializes in engine management, transmission, and climate-control sensors. Electricfil employs 1,100 people worldwide and had sales of $150 million in 2003.

TVA assistance also helped Wayne Farms decide on a $55-million expansion of its poultry-processing plant in Decatur, Alabama, which will create 160 jobs. The groundbreaking ceremony (middle photo at right) included Alabama Governor Bob Riley (third from left) and TVA Chairman Glenn McCullough (third from right).

TVA economic development assistance doesn’t stop when a business sets up shop in the Valley. TVA also focuses its efforts on retaining companies and helping them expand. Partnering with the Knoxville Area Chamber Partnership, Tellico Reservoir Development Agency, and the State of Tennessee, TVA helped Brunswick Boat Group expand its operations in Knox County and Monroe County, Tennessee, rather than make a move to Mexico. That decision saved 510 jobs at the company’s Tellico operation (bottom photo at right) and is expected to result in the addition of 200 jobs and $22 million in new capital investment. As an added benefit, the company has committed to reducing its volatile organic compound emissions by 90 percent.