Chattanooga Chamber of Commerce Drives $582 Million Economic Impact
Feb. 26, 2018 (Chattanooga, Tenn.) – The Chattanooga Chamber of Commerce assisted 14 companies between July 1, 2015 and Dec. 31, 2017, including 11 expansions and three companies new to our area.
These companies include West Star Aviation, Yanfeng Automotive Interiors, Chattanooga Seating Systems, HomeServe USA and M&M Industries, whose recent decision to expand will create more than 110 jobs in the Highland Park area.
“We’re grateful to Hamilton County and the City of Chattanooga for their partnership and the incentives they provide to ensure our businesses have what they need to grow and prosper,” said Charles Wood, Vice President of Economic Development, Chattanooga Chamber of Commerce.
A recent economic impact analysis examines both the one-time and ongoing economic impact of that growth. The study measures the dollar value of total economic output, jobs, wages, local tax revenue and consumer expenditures resulting from the Chamber’s economic development work.
Highlights of the Chamber’s impact based on this analysis include:
- A one-time economic impact, from private capital investment, of $582 million
- Additional school tax revenue of $3 million from that investment
- Creation of more than 5,000 direct and indirect jobs during the study period of July 1, 2015 to Dec. 31, 2017, with $251 million in wages
- New city and county tax revenue of $6.9 million generated by these jobs
- A return of $4.27 for each dollar Hamilton County and the City of Chattanooga contributed to the Chamber’s economic development efforts during the study period
- A return of $10.95 for each dollar Hamilton County and the City of Chattanooga contributed to the Chamber’s economic development efforts, when considering a 10-year period of continuous operation for the companies the Chamber assisted
“This study tells the story of the ripple effect of economic development on our community, not only capital investment and jobs, but also additional tax revenue and consumer spending generated by economic activity — restaurants, grocery stores, housing, entertainment and more,” Wood said. “We are proud of these results we achieved with our public and private partners, and we know our continued work is important for many people in the region who still need good jobs.”
Read the full analysis here.