Chattanooga Plays Counterpoint to National Economy

By Tom Edd Wilson Chamber President and CEO

Our region is not immune to the national economic downturn, and yet, we continue to experience positive counterpoints to the challenging times everyone is experiencing.

Wacker’s billion dollar investment in neighboring Bradley County will benefit the Chattanooga area just as Volkswagen’s billion dollar assembly operation will create economic opportunities for people across our region.

As stock markets all over the world continue to be bearish and capital is scarce, there are few areas in the world that have attracted a billion dollar business investment. We are extremely fortunate to have two – not to mention a nearly $300 million investment by Alstom.

These projects are creating immediate benefit for our community as the companies spend hundreds of millions of dollars to construct their facilities and ramp up to become operational. Over the next few years, these three companies will hire nearly 3,000 workers into excellent family-wage jobs.

As the unemployment rate rises, and we experience other ill-effects from global economic movements, we should remember that three, huge international companies have seen the value of investing in our region. Alstom, Volkswagen and Wacker are moving forward with those investments because they know the economy will improve. They see the value of ramping up during the downturn, so they can make the most of the upswing.

That’s why we recently launched the Chattanooga Chamber’s Volkswagen Team. Led by Trevor Hamilton, this special unit is dedicated to maximizing the positive economic impact our community receives (please see Page 24 for more information).

Our economy is also benefiting from savvy small business owners. The lead article features the Chattanooga Chamber’s Small Business Award Finalists (please see Page 12). Their stories include examples of how small business owners took proactive measures as the economy began to slide and how they continue to find creative ways to navigate these difficult times.

In years to come, we will all benefit from the foresight and determination of Chattanooga’s small and large businesses. Whether well-established or still under construction, our businesses are the source of all economic vitality in our region through the people they employ and the investments they make.

At the Chamber, we continue our mission to accelerate economic growth on all fronts. The Chamber’s Business Development Center is serving nearly 60 fledgling companies with about 300 employees. We continue aggressive efforts to support existing industry retention and expansion, and our Volkswagen Team is leading the charge to recruit automotive parts makers and ensure that local companies have a fair chance at bidding on Volkswagen contracts.

Through these efforts and many others, the Chamber strives to ensure that the Chattanooga region is ready to blossom when the economic climate warms.