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Partnership 2010 announces economic goals for year exceeded
77 relocations/expansions, 19,000 new jobs highlight successful fiscal year for Nashville region
For Immediate Release
October 9, 2007
NASHVILLE, Tenn. - The Chamber exceeded its four primary goals for economic growth during the 2006-2007 fiscal year (July 1, 2006, through June 30, 2007), further cementing the Nashville region's reputation as the nation's hottest city for businesses.
Jack Bovender, president and CEO of HCA and Partnership 2010 co-chairman, announced during the Partnership 2010 annual meeting today that with employment growth of 19,386 (11,500 goal); population growth of 33,602 (31,752 goal); personal income growth of $1,842 per capita ($1,353 goal); and 77 corporate relocations and expansions (60 goal) this past fiscal year, the Nashville region continues to ride an unprecedented wave of momentum.
"We are aware of the tremendous success Nashville has experienced in terms of economic development the last several years, so to exceed our goals again in 2006-2007 is quite a remarkable achievement,"said Bovender. "The fact that we are not just adding jobs but also increasing personal income is a sign that we are adding the right kinds of jobs to the region. Bizjournals recently issued a national study that ranked Nashville third in income growth over the past 25 years."
Forty-three new companies relocated or established major new facilities in the Nashville 10-county region between July 1, 2006, and June 30, 2007, accounting for 2,435 jobs and $229 million in new capital investment. In addition, 34 companies expanded their existing operations in the region, adding 3,380 jobs and representing $700 million in capital investment.
Among the notable companies that relocated to Nashville were: Accelerated Christian Education (corporate headquarters); Amer Sports/Wilson Sporting Goods (distribution facility); Kirkland's, Inc. (administrative center); Oreck (sales and marketing office); Sanderson Pipe (manufacturing facility); and ZOI Interactive Technologies (headquarters).
Expansion highlights of the past year include:
AmMed Direct: 125,000-square-foot headquarters and distribution center ($8.6 million investment) in Davidson County
General Motors: $225 million renovation at Spring Hill facility
Mars Petcare: Headquarters and R&D facility in Williamson County
Verizon Wireless: Expansion of existing customer care center in Murfreesboro
Vought Aircraft: $25 million investment and nearly 1,300 jobs retained at Davidson County facility
The Nashville region's economic success continues to be recognized by the national media, with more than 30 placements for Nashville in various "Best Cities"rankings, including:
Hot Cities for Entrepreneurs: Nashville ranks eighth based on the "entrepreneurial activity index"by Entrepreneur magazine
Top 10 Metro Areas for Per-Capita Income Growth: Nashville ranks third by Bizjournals
Best Large City for Relocating Families: Nashville ranks second by Worldwide ERC & Primacy Relocation
Best Cities for African-Americans: Nashville ranks fifth by Black Enterprise magazine.
Bovender said the region's continued success will require the same advance planning and creativity that helped Nashville become the city it is today. To that end, new Partnership 2010 initiatives for the year ahead include:
The Entrepreneur Project, through which a task force will build an agenda that strengthens the growth, retention and attraction of high-growth entrepreneurial ventures; analyzes the strengths and weaknesses of the region's entrepreneurial offerings; and markets Middle Tennessee as an entrepreneurial center
The Nashville Area Labor Market Study, to be completed in November 2007, that will identify the region's current and future workforce needs and education and training assets
The College Graduate Retention Committee, which will implement new strategies to connect area college graduates with employers in the region
The Business Engagement Committee, which will work with Metro schools to develop connectivity between area employers and the thematic academies being established at eight comprehensive high schools
Mayor Karl Dean will serve as the new co-chair of Partnership 2010 for the next four years, replacing former mayor Bill Purcell. The 2006-2007 fiscal year marked the first year of Partnership 2010's new five-year economic development cycle, which runs through 2011.
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