Governor Bill Lee and the Tennessee Department of Economic and Community Development (TNECD) posted their picks for the top five new business investments in the state during 2022.
In all, about 100 projects were supported by TNECD statewide in 2022, resulting in more than 16,000 jobs and $8.6 billion in private investment, according to the department.
Tennessee’s historic achievements in 2021 served as a catalyst for continued success in 2022.
Keep reading to see which projects topped the Volunteer State’s list this year & contributed to 16,000+ new job commitments and $8B+ in capital investment. ➡️ https://t.co/AqMoUd5VOJ pic.twitter.com/FhX7auFFw8
— TNECD (@TNECD) December 27, 2022
TNECD’s top five projects in 2022 were:
- Landmark Recovery’s $7.5 million expansion in Franklin County, bringing approximately 1,300 new jobs to the area. Landmark Recovery provides individual recovery plans for those dealing with substance abuse issues. The company’s expansion project was announced one year after relocating its corporate operations from Arizona to Tennessee.
- LG Chem’s $3.2 billion foreign investment in Montgomery County, creating 860 new jobs. The company’s investment marked the largest foreign investment in Tennessee in the State’s history.
- 3M Company’s – a consumer goods company – $470 million expansion project in East Tennessee, creating nearly 600 new jobs in Anderson County.
- Wacker’s $200 million investment in Charleston, creating 225 jobs. Wacker’s investment marks the second major expansion for the global chemical R&D and manufacturing company, according to TNECD.
- Georgia-Pacific’s $425 million investment project in Jackson, creating 220 jobs for the citizens of Madison County.
As the year came to a close, Governor Lee remarked on the state’s strong performance, writing on Twitter, “As we continue to strengthen our economy, support families & provide opportunity to Tennesseans, I am confident that our state’s best days are ahead.”
Looking back on 2022, Tennessee is leading the nation as the best state to work, live & raise a family.
As we continue to strengthen our economy, support families & provide opportunity to Tennesseans, I am confident that our state’s best days are ahead.https://t.co/NQeQNdUyx2 pic.twitter.com/WIkX865BKZ
— Gov. Bill Lee (@GovBillLee) December 29, 2022
The State of Tennessee offers a wide range of grants and incentives for companies to invest in the Volunteer State.
Four “fasttrack grant” programs offer out-of-state companies seeking to relocate to Tennessee assistance with specific costs including infrastructure, job training, and relocation and moving subsidies – but the programs come with requirements.
Tennessee also offers a series of opportunities for temporary tax relief, based on a number of factors including the levels and locations a company chooses to build or expand operations.
In 2022, Tennessee led as “one of the fastest growing economies” in the nation.
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Kaitlin Housler is a reporter at The Tennessee Star and The Star News Network.
Photo “Bill Lee” by TNECD.
