Report documents job growth
Posted: Monday, February 6, 2012 9:26 pm
A recently released state economic development report shows 28,535 new jobs were created in Tennessee in 2011 and more than $4 billion was invested in the state.
Gov. Bill Haslam and state Commissioner of Economic and Community Development last week released the department’s 2011 annual report. The report details successful changes and historic milestones achieved by the department over the past year.
After reshaping the model for economic development, the state department had one of the most productive years in the state’s history and job creation hit its highest mark in the last five years and since the onset of the global recession, according to a news release.
“Making Tennessee the No. 1 state in the Southeast for high quality jobs continues to be a top priority for this administration,” Haslam said.
“Our Jobs4TN plan is working. We continue to focus on regionalism, existing businesses and key clusters while also pursuing new businesses for Tennessee,” he said.
“Tennessee transformed its economic development model in 2011, applying solid business principles to set the stage for long-term growth,” Hagerty said.
The department was able to significantly lower the average cost of incentives per new job created compared to the previous decade.
In 2011, the average incentive cost per job was $2,640 compared to $5,586 for the years 2002-2010, a reduction of more than 50 percent, according to the news release.
The top-to-bottom review resulted in the Jobs4TN economic development plan announced in April 2011.
This new strategy narrowed the department’s focus to key sectors where the state holds a unique competitive advantage along with a renewed emphasis on helping existing companies that create the vast majority of all new jobs in the state.