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Dept. of Economic & Community Development November 19, 2012 Presented by Allen Borden, Assistant Commissioner

Dept. of Economic & Community Development

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Dept. of Economic & Community Development. November 19, 2012 Presented by Allen Borden, Assistant Commissioner. Jobs4TN. Strategy 1 Prioritize Key Clusters and Existing Businesses. Strategy 2 Establish Regional “Jobs Base Camps”. #1 location in the Southeast for High Quality Jobs. - PowerPoint PPT Presentation

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Page 1: Dept. of Economic & Community Development

Dept. of Economic & Community Development

November 19, 2012Presented by Allen Borden, Assistant Commissioner

Page 2: Dept. of Economic & Community Development

Jobs4TN

Strategy 2Establish

Regional “Jobs Base Camps”

Strategy 3Invest in

Innovation

Strategy 1Prioritize Key Clusters and

Existing Businesses

Strategy 4Reduce

Business Regulation

#1 locationin the

Southeast for High

Quality Jobs

Page 3: Dept. of Economic & Community Development

Department Reorganization

Reorganized the department into a regional structure Recruiting assets in direct, day-to-day contact with businesses Nine regional Jobs Base Camps established

Led by a Regional Director Serve as a single point of contact for all jobs and business-

related issues in the region

Leaner department with overall

reduction in staff size by more than

42%

At the same time, business

recruitment team grew by more than

70%

Page 4: Dept. of Economic & Community Development

Key Clusters

Motor Vehicles Automotive Parts

Automotive Components Forgings & Stampings

Flat Glass Production Equipment

Small Vehicles & Trailers Tires & Inner Tubes

Automotive

Intermediate Chemicals & Gases Packaged Chemical Products Other Processed Chemicals

Refractories Ammunition

Plastic Materials, Resins & Products Paints & Allied Products

Synthetic Rubber Carbon Fiber & Advanced Composite

Chemical Products & Plastics

Headquarters Data and Call Centers

Financial Services Online Information Services

Computer Services & Programming Facilities Support Services

Business Services Healthcare

Surgical Instruments & Supplies Dental Instruments & Supplies Medical Devices & Equipment

Diagnostic Substances Healthcare Services

Healthcare IT Biological and Biotechnology Products

Health Insurance Products

Health Care

Motors, Generators & Batteries Refrigeration & Heating Equipment

Appliances Lighting Fixtures & Electrical Parts

Turbines & Turbine Generators Clean Energy Products

Electric Services

Advanced Manufacturing & Energy Technologies

Air & Land Transport Transportation Arrangement &

Warehousing Merchandise, Apparel, Accessories,

Food Products, Farm Material & Supplies Wholesaling Catalog & Mail-order

Airports & Bus Terminals Trucking Terminals

Transportation, Logistics, & Distribution Services

Page 5: Dept. of Economic & Community Development

Jobs Base Camps

Page 6: Dept. of Economic & Community Development

Job Creation and Outreach

From January 2011 – October 2012:

More than 35,174 new jobs announced

More than $6.2 billion announced

3,887 stakeholder meetings held

6,057 existing company visits

Page 7: Dept. of Economic & Community Development

Major Announcements: 2012

Smyrna, TNRutherford, County

Decherd, TNFranklin County

HCA, Parallon, Sarah Cannon Nashville, TN

Davidson County

Chattanooga, TNHamilton County

Pulaski, TNGiles County

Clarksville, TNMontgomery County

Bristol, TNSullivan County

Spring Hill, TNMaury County

Dayton, TNRhea County

Page 8: Dept. of Economic & Community Development

Major Announcements

Knoxville, TNKnox County

LaVergne, TNRutherford County

Trenton, TNGibson County

Knoxville, TNKnox County

Union City, TNObion County

Memphis, TNShelby County

Nashville, TNDavidson County

Page 9: Dept. of Economic & Community Development

New Economic Development Fund

Reimbursable grants made to local industrial development boards

Supports projects in a variety of ways: relocation expenses, temporary office space, capital improvements, retrofitting and other expenditures not previously covered

Only to be used in exceptional cases where the impact of the project on a given community is significant

ECD’s FastTrack program expanded to create economic development fund providing additional grant support for projects

Page 10: Dept. of Economic & Community Development

ECD Trade Missions

Mexico

Trade mission on July 17 - 20, 2012, focusing on the state’s automotive industry

Companies attending: Andersen Flaps, BPS Engineering, Colonial Diversified Polymer Products, eSpin Technologies, Global Industrial Components, Gayle Technologies, Quality Filtration

China and South Korea

Trade mission on April 15-21, 2012, focusing on TN’s medical device manufacturers and other health care companies

Companies attending: ABT Molecular Imaging, Christie Medical Holdings, Dream Systems, E-Spin Technologies, Fillauer, Gryphus Diagnostics, Hollywog, iScreen Vision, Silicone Arts Laboratories, Stinger Medical, VenX Medical

Page 11: Dept. of Economic & Community Development

SEUS JapanTennessee served as host state

for the 35th Annual Joint Meeting of the Southeast U.S./Japan and Japan-U.S. Southeast associations in Tokyo from Sept. 13-15, 2012

Promotes trade, investment, understanding and friendship between Japan and member states of the Southeast U.S.

Hosted the Tennessee Existing Industry Luncheon for the

Tennessee delegation and officials of Japanese companies operating in the state

Page 12: Dept. of Economic & Community Development

International OfficesInvestment Promotion Contracts for investment promotion offices awarded through a

competitive bid process in Japan, Canada and Germany, with the UK in process

Trade RFPs for trade offices issued for India, Germany, China, Mexico and the UK

within the next few months. These offices will be supported by federal STEP funding from the SBA.

Page 13: Dept. of Economic & Community Development

Film, Entertainment and Music

Incentive delivery process streamlined

Refundable tax credit repealed

ABC’s “Nashville” television show filming in Music City has met with early critical acclaim

Renewed focus on music and entertainment company recruitment

Page 14: Dept. of Economic & Community Development

Marketing New collateral created

Fact sheets include: Japan investment; Memphis Regional Megasite; Transportation, Logistics and Distribution; Advanced Manufacturing; Automotive Industry; European Investment; Canadian Investment; Incentive Snapshot and ECD Accolades

New reports: ECD 2011 Annual Report, ECD Regulatory Reform Report

New directories: 2012 Automotive Supplier Directory, Foreign Investment Guide

New quarterly e-newsletter for site selectors: Site Select TN

New megasite website launched

Renewed focus on social media and growing audience and engagement

Page 15: Dept. of Economic & Community Development

Accolades Area Development: 2012 Gold Shovel Award, for

states that have achieved significant success in terms of job creation and economic impact

Chief Executive: Named Tennessee one of the top four states in the nation for business in its annual survey of Best and Worst States for Business

Area Development: Tennessee ranked seventh in Top States for Doing Business list; also scored the #1 ranking for overall infrastructure and global access and #1 for distribution/logistics hub access

Business Facilities: Tennessee ranked No. 1 state in the nation for Automotive Manufacturing Strength for an unprecedented third consecutive year

Site Selection: ranked Tennessee the nation’s eighth best state for business climate for the second year in a row

Page 16: Dept. of Economic & Community Development

Three Star

Simplified and tied to measurable outcomes Focus on Governor’s five key priorities Retain the state’s incentive dollar match for economic

development projects Provide grant dollars to assist rural communities Based on MORE principle: Measureable, Outcome

oriented, Reward results, Efficient

Page 17: Dept. of Economic & Community Development

Select Tennessee Certified Sites A new, statewide site certification program

to help Tennessee communities prepare available sites for investment and expansion consistent with modern global standards

Sets a consistent and rigorous standard upon which companies can rely in making critical location decisions

ECD partnered with Austin Consulting and The Foote Consulting Group to develop and administer the program

42 applicants, 20 more in the pipeline

Helps further distinguish Tennessee in the site selection community

Helps our communities understand the global competitive environment for their sites and target modernization efforts to achieve certification

Page 18: Dept. of Economic & Community Development

Creative Community Summits

Tennessee Main Street and Tennessee Downtowns held a series of Creative Community Summits in Jackson, Franklin and Greeneville

Focused on innovative solutions and strategies to generate economic growth in rural communities

Free of charge to participants, sponsored by ECD and USDA Rural Development

Page 19: Dept. of Economic & Community Development

Transparency

Launched the transparency website OpenECD.tn.gov

Easily accessible public information and documents pertaining to ECD grants and incentives

Updated quarterly

Public can sign up to receive email alerts when information has been added and/or updated

Page 20: Dept. of Economic & Community Development

INCITE Initiative

$50 million initiative to support innovation across the stateCalled INCITE for its focus on Innovation, Commercialization,

Investment, Technology and EntrepreneurshipGoal is to raise Tennessee’s profile in innovation-based

economic development and drive growth in the creation of knowledge-based jobs

Four areas of focus: Innovation Coordination Commercialization Entrepreneurship Co-Investment Funds

Page 21: Dept. of Economic & Community Development

Launch Tennessee

A 5-year strategic initiative with ECD and the Tennessee Technology Development Corporation to create new innovation opportunities in the state

Four key areas of focus: entrepreneurship, commercialization, capital and outreach

In 2012, the nine regional accelerators have screened nearly 500 companies, raised over $10 million in private sector capital, and engaged over 300 mentors

Page 22: Dept. of Economic & Community Development

INCITE Fund

Began taking qualified investment applications in February

Since inception, the $30 million INCITE co-investment fund has invested $6.8 million in 17 companies, representing investments in software, internet services, health care and consumer services companies

This investment has directly resulted in follow-on investment of $17.7 million, resulting in cumulative investment of $24.5 million into Tennessee-based businesses

The co-investment fund has $21.8 million of capital which will continue to be invested on a first-come, first-serve basis