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Casavant pointed out that existing businesses may encourage some of their suppliers and even their customers to locate in Chattanooga. “It is easier to attract new business if it can be demonstrated that existing companies are successful and expanding,” he said. “In a sense, local companies become ambassadors to prospective new firms.”
From January 2006 to June 2007, BREV team members visited and surveyed 75 companies in Hamilton County. | The companies range in size from one employee to over 4,100 employees; 55 percent of the businesses have 100 or fewer employees. Thirty-two of the companies are producers of industrial goods; eight are in the consumer goods services sector, while six are in advanced manufacturing.
“The survey results suggest a number of positive trends in job growth and business investment in Chattanooga,” according to Hiatt. “Responses show that over 80 percent of the businesses have introduced a new product in the last five years and over 80 percent anticipate introducing new products in the next two years.
“It is worth noting that in most cases, new product development comes out of a company’s Chattanooga operation, with several company research and development facilities located here.”
The survey also showed that 98 percent of the companies enjoy increased or stable sales.
“Market share of key products is also strong for area businesses, with 60 percent of companies indicating that their share of the market is increasing,” Hiatt said. “It is promising that Chattanooga businesses also enjoy a national market, with 40 percent of surveyed companies reporting that their primary market focuses on national consumers.”
Overall, the Chattanooga area’s strengths received twice as many positive responses as compared to the number of responses regarding its weaknesses. “The Chattanooga community’s greatest strengths, according to the businesses surveyed, are its central location, workforce and quality of life, Hiatt said. “These attributes play an important role in our local companies’ abilities to grow and expand in the Chattanooga area.
“Of the community’s weaknesses, workforce was also the most frequently mentioned business concern. Twenty-four percent of respondents included workforce as a community weakness which may suggest that some are not finding the skill sets required of their particular business.”
Hiatt said that the Chamber will use the results of the survey to shape the Chamber’s overall business plan in the areas of business retention, workforce development, education initiatives and public policy.
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