The Tennessee Valley Authority paid a new high of $579 million in tax equivalent payments in fiscal year 2012, a $49 million increase over fiscal 2011.
The biggest chunk – more than $354 million – was paid to Tennessee governments.
TVA pays tax equivalent payments to state and local governments in the states where it sell electricity or owns power plants and other assets.
“These funds provided by TVA play a significant role in the continued economic development, improved quality of life, and strong community growth across TVA’s service region,” outgoing TVA President and CEO Tom Kilgore said in a news release. “The payments also are an important part of TVA’s mission to help the consumers we serve every day.”
Shares of Green Mountain Coffee Roasters are up today, but the company has brewed mostly bad buzz in recent days.
The headlines have to give local economic development officials heartburn. GMCR, which has a large roasting and distribution operation in East Knox County, represents one of the region’s largest manufacturing investments in recent years.
The stock price has lost about half its value in the last week. And some observers question the company’s spending.
Public investment in clean energy has proven to be a significant economic force, especially in those states with dedicated clean energy funds, says a new study released this week by the Brookings Institution.
” … CEFs, which exist in more than 20 states, generate about $500 million annually, making them strategic investors with significant potential,” according to one of the report’s authors, Mark Munro, senior fellow and policy director at Brookings’ Metropolitan Policy Program.
In the last 10 years, these funds have “invested $2.7 billion to support renewable energy markets and leveraged an additional $9.7 billion from other sources,” Brookings says.
Anyway you cut it, the report shows that public support for clean energy projects is a smart investment.
When it came to boosting the economy, the Tennessee Valley Authority was one of best utilities in North America in fiscal 2010, according to Site Selection magazine.
Knoxville-based TVA is one of ten utility companies included on the annual “Top Utilities in Economic Development” list published in the magazine’s September issue.
The magazine cited TVA for providing services, incentives and financial assistance that “helped companies invest $4.3 billion in economic development projects and attract or retain 41,000 jobs across the region in fiscal year 2010 …”
In a rare display of cooperation and good sense, five small counties in northwest Tennessee and southwest Kentucky have formed an alliance to work on economic development.
The Ken-Tenn Regional Alliance, which represents Obion, Weakley and Lake counties in Tennessee and Fulton and Hickman counties in Kentucky, operates at the other end of the state, but East Tennessee economic develoment officials would do well to pay close attention to the group’s efforts.
Working across county and state lines presents certain political hurdles, but joint ventures can serve taxpayers well if local officials are sincere in their efforts to cooperate.
Manufacturing has suffered severe job losses since 2000, but it remains critical to the economy of some states, including Tennessee, according to a think tank report released today.
The report calls on states to rethink their economic development policies and to invest in “advanced manufacturing centers” that would provide research and education services for manufacturers.
“America’s manufacturing sector must be reinvigorated in order to build a healthy economy, and the nation’s states and metropolitan areas are strongly positioned to be the vanguard for this effort,” according to a report from the Brookings Institution.
Tennessee continues to fall behind most other states when it comes to converting its science and technology assets into jobs and companies, according to the Milken Institute’s State Technology and Science Index for 2010.
Tennessee slipped into the Bottom 10 at No. 41 in the 2010 rankings, down from No. 40 in the 2008 index and No. 34 in 2004.
Governors looking to boost job creation in their states should cultivate industry clusters that focus on existing businesses and home-grown start-ups, says a Brookings Institution report released on Wednesday.
Old economic development strategies — tax credits, research and development, training programs, and physical infrastructure — won’t by themselves get it done in today’s post-recession environment, according to the report, Job Creation on a Budget.
Knoxville is in the running for a company that could potentially invest $1 billion and create thousands of new jobs, Knoxville Chamber Chairman Michael Strickland said Thursday.
The chamber is competing “right now for a huge company with huge federal funding that is looking at us, Virginia and Texas,” Strickland said in remarks at the chamber’s annual meeting at Cafe 4 on Market Square.
Initially the unidentified company could employ 1,000 workers and in five to 10 years the company has the potential for 5,000 to 10,000 workers, Strickland said.