Today, almost all companies, large or small, are affected by global events and competition. International business is one of the key components of our Partnership 2020 economic development strategy because we know it is crucial to our regional prosperity.
As communicated in the Chamber and Partnership 2020
Annual Report, the 2010-2011 fiscal year saw positive growth for international businesses in our region and state.
From July 2001 through June 2011, 135 out of 892 total relocations and expansions (15 percent) were from internationally owned companies, creating 11,903 jobs.
From July 2010 to June 2011, 23 out of 103 total relocations and expansions (22 percent) were from internationally owned companies, creating 1,610 jobs.
Since July, 16 percent of the total corporate relocations and expansions in Middle Tennessee have been from internationally owned companies, creating 320 jobs.
Tennessee has grown into the 15th-largest exporter in the nation. Products made in our state -- such as cars, musical instruments, billiard tables and whiskey -- are enjoyed by people all over the world.
The following statistics from the Tennessee Department of Economic and Community Development illustrate just how crucial international business is to our state's economy:
- As of December 2010, 774 foreign-owned firms representing 36 different countries are operating in Tennessee, representing more than 103,000 jobs and a total capital investment of more than $23 billion.
- Between 2003 and 2010, Tennessee experienced an average annual growth of 25.9 percent in foreign direct investment.
- In 2010, foreign direct investment represented almost $2.50 out of every $10 invested in Tennessee, corresponding to nearly 24 percent of all investment in the state.
- From 2006 to 2010, foreign direct investment represented nearly $4 out of every $10 invested in Tennessee, encompassing more than 35 percent of all investments made in Tennessee for that time period.
At the Chamber, we are committed to attracting additional foreign direct investment and ensuring that the Nashville region maintains a friendly and welcoming business environment.