Chamber officials announce 2015 economic impact results
By STAFF REPORT - Published on February 3, 2016
Chattanooga Area Chamber of Commerce leaders announced today that they assisted on economic development projects last year that will create nearly 5,000 jobs.
"It takes an economic development team to create results like those we have enjoyed, and we’re fortunate that our local, regional and state economic development professionals and elected officials work tirelessly to position us as the best choice for businesses to locate," Hamilton County Mayor Jim Coppinger said in a prepared statement.
Chamber-assisted projects will create 4,945 direct and indirect jobs, according to an impact analysis conducted by the Chattanooga Chamber and Younger Associates.
The analysis examined the projected economic impact of 2015 Chamber-assisted new business projects and expansions.
"The city and our partners will continue to focus on smart economic development and creating more jobs to reach more Chattanoogans," Chattanooga Mayor Andy Berke said in a prepared statement. "That means a focus on several sectors including high-tech companies moving to our Innovation District as well as leveraging our assets by attracting companies that complement existing businesses."
Key takeaways from the impact analysis include:
—Chamber-assisted projects will create $238 million in annual economic impact from wages and operations.
—Construction activity will create a one-time impact of $650 million locally as well as more than 700 construction jobs.
—These projects generate nearly $3 million annually in new tax payments to the Hamilton County Department of Education and city and county general funds.
—For each dollar in incentives and chamber economic development funding last year, these projects generate $1.57 in local tax revenue in the first year and $5.59 over the next 10 years.
—Local businesses benefit from $191.4 million in new annual consumer spending as a result of these new jobs and wages.
"The chamber’s economic development focus continues to be on jobs, and this report illustrates the significant fiscal impact our efforts have in generating local tax revenues as well as broader spending in the community," Charles Wood, vice president of economic development with the Chattanooga Chamber, said in a prepared statement.
The full impact analysis is available here.