- TVA helped add nearly 22,000 jobs with $1.8 billion in income from 2015-2020, according to a study from the Center for Economic Competitiveness, an initiative of the Greater Memphis Chamber.
- TVA-involved economic development projects boosted the economy by $2.4 billion and paved the way for another $4.1 billion in new sales in those five years.
- Economic data shows value of energy service to scoring new jobs, investment to the region.
MEMPHIS, Tenn. (Tuesday, 5/3/22) – The Tennessee Valley Authority (TVA), the nation’s largest publicly owned utility company, added tens of thousands of jobs and billions of dollars to Shelby County’s economy through its economic development work in 2015-2020, according to a study released today by the Greater Memphis Chamber’s Center for Economic Competitiveness (CFEC).
To read the executive summary of the study’s findings, click here. For TVA’s overview, click here. To read the study in its entirety, click here.
While TVA has supported economic development in Greater Memphis for decades, CFEC narrowly reviewed the economic impact of TVA-involved developments from Oct. 1, 2015, through Sept. 30, 2020. In that time, TVA helped attract and retain a total of 21,892 permanent and construction jobs to the county with an estimated total income of $1.8 billion. TVA projects also contributed $2.4 billion to the county’s gross domestic product (GDP) and led to $4.1 billion in new sales for businesses in the country.
“Economic development is a team sport, and the Tennessee Valley Authority is one of the most valuable players in Memphis and Shelby County,” said Ted Townsend, chief economic development officer of the Greater Memphis Chamber. “In just five years, TVA has helped us secure thousands of jobs and billions of dollars in investments that are changing lives right now in our community. Our Center for Economic Competitiveness follows the data wherever it leads. In this case, the data clearly shows TVA played a clutch role in growing our economy even after the start of the pandemic."
Clean, reliable, and affordable energy is a major factor for many of the companies looking to do business in the county. As the lead economic development organization for the region, the Chamber often works with critical state and regional partners – including TVA – to bring new jobs and investment to the region.
The study was based on data compiled by CFEC and commissioned by TVA. One of the functions of CFEC, which was launched in 2021, is to leverage the unique economic development expertise of the Chamber to create data-based reports providing economic insights, including commissioned reports.
Media contact: Email Ryan Poe, director of communications, Greater Memphis Chamber.
About the Center for Economic Competitiveness: The Center for Economic Competitiveness (CFEC) was created by the Greater Memphis Chamber in 2021 to gather and analyze the data of the region and its peers and then create strategies to address the market’s challenges and capitalize on its opportunities. In keeping with the Chamber’s mission to relentlessly pursue prosperity for all, CFEC regularly releases reports on the market and its industries. To learn more, visit CFEC’s webpage on the Chamber’s website.
About the Greater Memphis Chamber: One of Memphis’ oldest institutions, dating back to 1838, the Greater Memphis Chamber is a privately funded nonprofit that serves as the region’s lead economic development organization and the “Voice of Memphis Business” at the local, state, and national levels. The Chamber’s mission is to relentlessly pursue prosperity for all — through economic and workforce development, pro-growth advocacy, and by providing support and resources to its investors, including many of the region’s largest employers. For more information about the Chamber, visit memphischamber.com and memphismoves.com. Also, follow us on Twitter, Facebook, LinkedIn and Instagram, and sign up for our weekly newsletter, the Memphis Fourword.
