A national business publication has named Tennessee the economic development “state of the year” for the second year in a row.
Business Facilities awards the designation to states leading the nation in economic development, infrastructure and education since 2007. Tennessee is the first state to receive the award in consecutive years, previous winning in 2013 and 2009.
“It is an honor to be the first state to receive this recognition two years in a row,” said Gov. Bill Haslam. “We have a great story to tell in Tennessee. Businesses continue to make the decision to locate, expand and grow here, and we are grateful for those strong partnerships. We will continue doing all we can to make sure we offer an attractive business climate and skilled workforce to be the No.1 location in the Southeast for high quality jobs.”
“Being named first of 50 states for economic development for two consecutive years underscores the effectiveness of the new operating model we’ve deployed in Tennessee – one whose success is enhanced through our field network and through close coordination with our local partners,” said Economic and Community Development Commissioner Bill Hagerty.
In November, Hagerty announced he was leaving his post to return to the private sector. Haslam has named Randy Boyd his replacement.
According to BF’s 2014 Rankings Report, Tennessee is the fourth best business climate after Louisiana, Utah and Texas.
However, Tennessee leads the country on the shortlist of states successfully implementing federally-mandated education reforms, using $500 million in Race to the Top funding. The report cites Tennessee's passing of the First to the Top Act in 2010 as laying the foundation for broad-based education reform and a statewide plan for higher education established through the Complete College Act of 2010.
Tennessee is 2nd behind Alabama in automotive manufacturing strength with BF citing a $35 billion automotive industry employing more than 115,000 workers. The report notes the expansion of 2,000 jobs and $600 million of investment at the Volkswagen Group of America's Chattanooga assembly facility.
Tennessee is also the 2nd best infrastructure hub for transportation behind Texas due to its central location and river-accessibility.
Click here to read the full report.
