Tennessee ranked among top 5 in US for economic development by site selection
Posted: Thursday, March 4, 2010 9:10 pm
NASHVILLE — Tennes-see has again been ranked among the top states in the nation in Site Selection magazine’s annual Gov-ernor’s Cup rankings for its economic development performance in 2009, with Union City ranked among the top small cities in the nation.
The economic development publication put the Volunteer State at No. 5 — the highest ranking of any Southeastern state.
The Governor’s Cup award recognizes states with the most new or expanded private-sector capital projects as tracked by publisher Conway Data Inc.’s New Plant Database. The magazine gave its top ranking to the state of Ohio, followed by Texas, Michigan and Pennsylvania.
“I’m pleased the editors of Site Selection have included Tennessee among the top performing states in the nation for job creation,” Gov. Phil Bredesen said. “We’ve worked hard to develop and enhance a strong business climate and to create strategies aimed at placing Tennessee at the forefront of emerging industries. That hard work is paying off for Tennesseans.”
“This recognition is especially rewarding be-cause it comes during one of the most challenging economic development environments in decades,” Tennessee Economic and Community Development Commissioner Matt Kisber said. “Tennessee’s ability to help companies with projects by reducing red tape, finding answers quickly and developing partnerships with local communities has been a key differentiator for our state.”
Since January 2003, ECD-led economic development projects have resulted in the creation of more than 179,000 new jobs, $29 billion in new capital investment and 49 new corporate headquarters.
In addition to the state’s recognition, a number of Tennessee municipalities were ranked among the top communities in the nation for economic performance. Memphis ranked No. 9 in metropolitans with a population of more than 1 million people, while Jackson and Morristown tied for sixth place on the Top Metropolitans list for cities with populations of less than 200,000 people.
In the Top Micropolitan category, Tennessee tied for third place among states, with a total of 10 communities ranking among the top small cities in the country. Among Tennessee communities named, Tullahoma tied for 12th place and Cookeville and Lewisburg tied for 17th place. Other Tennessee cities and towns named to the rankings include Greeneville, Humboldt, Athens, Columbia, McMinnville, Shelbyville and Union City.
The tallies are based on expansion or relocation projects that meet at least one of three standards: a capital investment of at least $1 million, creation of at least 50 new jobs or creation of at least 20,000 square feet of new floor space. Only corporate projects are considered, meaning the magazine does not track retail or government projects, hospitals or schools.
Site Selection, published by Conway Data, is the oldest publication in the corporate real estate and economic development field and the official publication of the Industrial Asset Management Council.
Many corporate real estate analysts regard the magazine’s rankings as “the industry scoreboard.” Site Selection’s audience consists of executives involved in corporate site selection decisions, most at the CEO/president/COO level.
The Governor’s Cup is the latest in a number of honors Tennessee has added to its mantle in the past year. Most recently, Business Facilities magazine named Tennessee its State of the Year. In addition, Tennessee was ranked among the top five states in the U.S. for best business climates by Site Selection magazine and named co-state of the year by Southern Business & Development magazine.
In 2009, Area Development magazine presented the state with its prestigious Gold Shovel Award, which is presented annually to the state achieving the most success in terms of job creation and economic impact.
To read more and see the complete Governor’s Cup rankings, visit Site Selection’s Web site, www.siteselection.com.
Published n The Messenger 3.4.10