Why invest in Tennessee

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"Computer networking and software developer ProLogic of Fairmont, West Virginia has been purchased by Ultra Electronics Holdings, a British defense and security company. ProLogic p..."

U.K. company, Ultra Electronics Holdings, acquires ProLogic
Fairmont, West Virginia

Why invest in Tennessee

 

Tennessee Department of Economic and Community Development

Tennessee is nationally recognized among U.S. states for it’s strategic location, business climate and it’s highly productive workforce. Focusing on Governor Phil Bredesen’s strategic directive to bring “higher skilled, better paying jobs” to Tennessee, ECD Commissioner Matt Kisber has focused on recasting Tennessee’s incentive offerings into a flexible, workable series of programs designed to meet the actual needs of business.  Tennessee does not take a “one size fits all” approach to working with business, but crafts proposals based on a company’s unique needs and challenges.
Tennessee is currently home to approximately 350 European-owned companies, representing a combined capital investment of $9 billion and providing almost 60,000 jobs.
Tennessee is called the “Heart of the South,” boasting an ideal location and a growing transportation infrastructure.  Eight major national interstates travel through Tennessee, making it possible to reach 75% of U.S. customers within 24 hours by ground transportation.  Tennessee is also home to the world’s busiest cargo airport in Memphis and the state’s proximity to FedEx and UPS hubs are important assets for companies with time-sensitive delivery windows. 
Each year, Tennessee strategically reviews its incentives to maintain its competitive posture, with a focus on eliminating red tape, improving customer service and create strong partnerships with local communities to provide companies a single point of contact and to eliminate confusion. The results of these strategic initiatives has been embraced by business, resulting in the creation of more than 140,000 new jobs and more than $21 billion in new capital investment since 2003.
In 2008, Site Selection magazine named Tennessee the most competitive state in the U.S. for business investment. 

Tennessee Incentives at a Glance

Tennessee has developed a strong reputation for its business-friendly climate and its speed and flexibility in responding to requests for assistance from business. The state offers a variety of incentives, including job training reimbursement, infrastructure development and a wide variety of tax credits.  The state’s comprehensive guide to available programs and incentives, The Tennessee Tool Kit, is available for download at www.tnecd.gov. 

Job Training

  • FastTrack Job Training Assistance Program (FJTAP) – a training reimbursement program which helps a company plan, develop and implement customized training.
  • Tennessee Job Skills – a program similar to FJTAP, but with an emphasis on companies creating high skill, high wage jobs in emerging and technology focused sectors.

Tax Credits

  • Jobs Tax Credit – a credit based on investment and number of jobs created.
  • Rural Opportunity Initiative – an enhanced jobs tax credit for companies locating or expanding in qualifying counties.
  • Jobs Tax Super Credit – an even greater credit for more capital intensive investments.
  • Industrial Machinery Tax Credit – a credit for capital investments in industrial machinery.
  • Headquarters Tax Credit – a credit for companies relocating to Tennessee based on the cost of relocation and building a new headquarters facility.
  • Emerging Industry Tax Credit – a credit giving the state broad latitude to classify companies as part of an emerging or high growth industry.
  • Data Center Tax Credit – a credit for the purchase of materials related to the construction of data centers housing high technology computer systems and related equipment.
  • Pollution Control Tax Credit – a credit for the purchase of industrial equipment designed to reduce emissions impacting water and air or for treating hazardous wastes.

Foreign Investment in Tennessee

  • Europe was the largest investor in Tennessee in 2007 with 55 projects, 3,021 new jobs and an investment of more than $1.4 billion.
  • Foreign direct investment in Tennessee increased from $755 million in 2006 to $1.42 billion in 2007, an 88.77% increase.
  • Job creation increased from 3,997 in 2006 to 5,034 in 2007, a 25.94% increase.
  • The number of new and expansion projects increased from 81 in 2006 to 118 in 2007, a 45.68% increase.

We’re Here For You

  • Tennessee’s Department of Economic and Community Development provides research on available buildings, facilities, industrial properties, demographics, community and county data profiles, labor statistics and wage surveys.
  • Technical assistance is available in energy, environmental regulations, transportation, licensure, site location and export development.
  • For more information, please visit www.tnecd.gov.