Tennessee named second best in the nation for new business investment
Reprinted online from Site Selection Online. For the complete story, please click here.
Tennessee places second in this years ranking it placed fourth in the survey of corporate site selectors. Gov. Phil Bredesen and his Commissioner of Economic Development, Matt Kisber, have built a solid reputation for Tennessee as a pro-business state that has caught the attention of business and industry worldwide.
Tennessees free-enterprise-friendly policies have led to $4 billion in new investment, which will lead to thousands of new jobs, said Margaret Spellings, executive vice president of the U.S. Chamber of Commerces National Chamber Foundation at a July 2010 regional roundtable event. The 260,000 person upswing in Tennessees population is further proof that people are voting with their feet and choosing Tennessee.
During the event, the U.S. Chamber released an expanded Tennessee profile, an addition to the Enterprising States study released in May 2010, which highlights state and local policies role in creating an environment needed to spur job creation and economic growth.
The studys expanded Tennessee profile looks at how the state has implemented initiatives to streamline red tape and help businesses sort through layers of government regulation. Among its findings are these: Straightforward, understandable taxes have minimized uncertainty and have provided incentive for private sector investors. The profile also highlights how targeted investments in infrastructure projects at the state level can create growth-friendly environments in the state. Science- and technology-based economic development and clean-tech initiatives continue to grow throughout the state. Global exports and strategies for foreign direct investment (FDI) in Tennessee have also made significant headway. Finally, cultivating people through work-force development has allowed for continued economic growth in Tennessee.
“States continue to develop innovative strategies to build their work forces and expand their economic bases, even in tough economic times, and Im pleased this report highlights the success Tennessee and other states have had in creating these jobs, said Gov. Bredesen.