‘Tennessee’s free enterprise-friendly policies have led to $4 billion in new investment, which will lead to thousands of new jobs,’ Says Spellings
NASHVILLE, TN—Governor Phil Bredesen joined the U.S. Chamber of Commerce’s National Chamber Foundation (NCF) and the Tennessee Chamber of Commerce and Industry today in the first in a regional series of roundtable discussions on the importance of free enterprise to economic growth and job creation. During the event, the U.S. Chamber released an expanded Tennessee profile, an addition to the Enterprising States study released in May 2010, which highlights how state and local policies play a vital role in creating an environment needed to spur job creation and economic growth.'
“Tennessee’s free enterprise-friendly policies have led to $4 billion in new investment, which will lead to thousands of new jobs,” said Margaret Spellings, executive vice president of NCF. “The 260,000 person upswing in Tennessee's population is further proof that people are voting with their feet and choosing Tennessee.”
Governor Bredesen welcomed the study’s expanded Tennessee profile today at the event and discussed many of the economic initiatives outlined. “States continue to develop innovative strategies to build their workforces and expand their economic bases, even in tough economic times, and I’m pleased this report highlights the success Tennessee and other states have had in creating these jobs,” said Governor Phil Bredesen.
The study’s expanded Tennessee profile looks at how the state has implemented initiatives to streamline red tape and help businesses sort through layers of government regulation. Straightforward, understandable taxes have minimized uncertainty and have provided incentive for private sector investors. The profile also highlights how targeted investments in infrastructure projects at the state level can create growth‐friendly environments in the state. Science- and technology-based economic development and clean tech initiatives continue to grow throughout the state. Global exports and strategies for foreign direct investment (FDI) in Tennessee have also made significant headway. Finally, cultivating people through workforce development has allowed for continued economic growth in Tennessee, the profile shows.
The Enterprising States study was released in May 2010 during a bipartisan summit of governors hosted at the U.S. Chamber in Washington D.C. The study highlights six factors that drive job creation: Innovation; productivity through investments in workforce development and training; science and technology; infrastructure; exporting; and competitive tax rates. The study found that states are much more active than the federal government on the job creation and economic development front. While state priorities vary considerably, there is renewed focus among states to create more favorable conditions for businesses to grow. For example, the study found that Tennessee has utilized friendly tax incentives to lure corporate headquarters and plants. These tax incentives have helped spur new investments in manufacturing projects and have led to the creation of thousands of jobs.
The regional roundtable series continues the Chamber’s escalation of its American Free Enterprise. Dream Big. campaign by spreading the message about bipartisan state and local policies that have proven to help create jobs. The Chamber’s nationwide campaign, an effort to spur the creation of 20 million jobs over the next decade, was the driving message of the governor’s discussion.
The expanded Tennessee profile is available here: http://library.uschamber.com/reports/tennesseeprofile
American Free Enterprise. Dream Big. is the U.S. Chamber of Commerce's comprehensive, multiyear campaign to support free enterprise through national advertising; grassroots advocacy; citizen, community, and youth engagement; and research and ideas leadership.
The National Chamber Foundation (NCF), a non-profit affiliate of the U.S. Chamber of Commerce, is dedicated to identifying and fostering public debate on emerging critical issues. We provide business and government leaders with insight and resources to address tomorrow's challenges.