L ETTER
FR O M
T H E
C H A I R
Knoxville-Oak Ridge Innovation Valley is celebrating its greatest year in economic development growth since its inception in 2008. Thank you to everyone who has supported the Innovation Valley partnership and program as we continue to strive to make our region the best place for business in America. During the 2015-16 fiscal year, Innovation Valley’s efforts continued to position the Knoxville-Oak Ridge region as the best place to start, expand, or relocate a company, and began an aggressive effort to recruit and retain a skilled and talented workforce pipeline. I am excited to announce that due to efforts led by Innovation Valley, $1.54 billion in capital investments were secured, and 4,150 new jobs were created in our region from July 1, 2015 – June 30, 2016. One of the year’s most notable announcements was Advanced Munitions International in October. The global leader in high-end ammunition manufacturing is investing $553 million and creating 605 new jobs. One of the region’s largest employers, TeamHealth, announced two expansions during the year, totaling 500 new jobs and $18.5 million in investments. Innovation Valley’s 2016-17 activities are well underway and the partners are committed to moving the Knoxville-Oak Ridge region into another year of prosperity.
Sincerely,
Thom Mason Chairman, Innovation Valley board of directors
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TOP 2015 METRO MAC CONWAY AWARD FOR EXCELLENCE IN ECONOMIC DEVELOPMENT Site Selection magazine
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Pictured: Knoxville Chamber Economic Development Staff
#5
BEST CITIES FOR SMALL BUSINESS CNN Money/Thumbtack
FISCAL YEAR HIGHLIGHTS N E W OCTOBER 7, 2015
R E C R U ITS
OCTOBER 20, 2015
NOVEMBER 20, 2015 Lifetime Products [logo]
NEW JOBS: 500 CAPITAL INVESTMENT: $45M
NEW JOBS: 605 CAPITAL INVESTMENT: $553M
NEW JOBS: 500 CAPITAL INVESTMENT: $115M
E X PA N S I ONS AUGUST 26, 2015
OCTOBER 13, 2015 & MAY 9, 2016
OCTOBER 23, 2015
FEBRUARY 2, 2016
NEW JOBS: 500
TOTAL NEW JOBS: 500
NEW JOBS: 75
NEW JOBS: 50
CAPITAL INVESTMENT: $400M
TOTAL CAPITAL INVESTMENT: $18.5M
CAPITAL INVESTMENT: $15M
CAPITAL INVESTMENT: $218.5M
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A GREAT PLACE TO CALL HOME... “We spent over a year researching different locations on the east coast, and Tennessee was obviously the best option. Not only will Lifetime be able to meet shipping demand for customers on the east coast, but we are thrilled to be facilitating the creation of hundreds of jobs for the people of Knoxville and the state of Tennessee.” Richard Hendrickson, president & CEO, Lifetime Products
“You can find great depth here. Material scientists, machinists, and good mechanical engineers are all here. For hardware companies, there is a very strong legacy here. That is one of East Tennessee’s best assets.” Jay Rogers, founder and CEO, Local Motors
“This place has been a sleeping giant, but more companies are now coming here. Knoxville has emerged as one of the fastest-growing cities in the South. People outside the region know that this is a great place to live, work, and play.” Crystal Washington, senior vice president of external relations and vendor management, Scripps Networks Interactive
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Photo carefully handcrafted by the artistic team at Moser Visuals. http://moservisuals.com.
The Propel Mentor/Protégé program is a rewarding, one-of-a-kind opportunity for small and disadvantaged businesses. The program pairs established community business leaders with a protégé who is relatively new to business. Since 2008, 72 protégés have participated in the Propel program, representing a total economic impact of $61.7 million in revenues and 728 jobs.
Diversity Champions is the resource destination for promoting inclusion of all people and businesses into the fabric of economic and social life within the greater Knoxville area. Diversity Champions consists of more than 60 members from the public and private sector that take actionable measures to promote workplace and marketplace inclusion.
The Competitive Airfare Partnership, which includes over 40 investors including the City of Knoxville, Blount County, Knox County, Innovation Valley, Sevier County, Visit Knoxville and the Knoxville Chamber, is a public/private initiative. Funds raised by CAP will not only assist in recruitment efforts but also in developing a long-term communication strategy to garner support from the business community for lowfare service.
IVYP is part of Innovation Valley’s strategic initiative to retain young, skilled, and ambitious professionals in the area. Recently, Innovation Valley and the Knoxville Chamber hosted the Endeavor Young Professionals Summit in Knoxville’s Old City. More than 550 attendees showed up for a day-long experience filled with professional development, networking, and brainstorming ideas for Knoxville’s future.
Knoxville Entrepreneur Center is a business accelerator located in downtown Knoxville that serves as the front door for entrepreneurs in the Innovation Valley region and a resource for anyone looking to start or grow a business here. Last year, KEC hosted 121 events, welcomed 190 entrepreneurs to its facility, and spent 1,030 hours mentoring regional startups. Due to its efforts, more than $3.17 million in capital was raised and 54 jobs were created with the entrepreneurs it worked with.
Manufacturer’s Roundtable offers manufacturers from across the region the opportunity to learn from each other. The casual open-dialogue format has been purposefully chosen in an effort to allow members the chance to compare notes and share experiences gained from many years on the factory floor. More than 230 individuals participate in Manufacturer’s Roundtable meetings throughout the year.
The Educators in the Workplace program provides an opportunity for educators, school counselors, and training providers to meet with business people in the workplace setting. Members of various departments within the company provide information on the nature of the company’s business and workplace culture, and specifics on ways to connect what the students learn in the classroom with what is required in the workplace. This year more than 330 participating educators visited 23 companies.
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TOP 10
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AMERICA’S BEST CITIES FOR GLOBAL TRADE Global Trade magazine
BY THE NUMBERS 6 32 2,418
(JULY, 2015 – JUNE 30, 2016)
NEW COMPANY RECRUITS
EXISTING INDUSTRY EXPANSIONS
RESEARCH REQUESTS COMPLETED
1,109 190 29 RELOCATION PACKETS DISTRIBUTED
BUSINESS RETENTION & EXPANSION VISITS
PROSPECT SITE VISITS
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On July 1, 2013, Innovation Valley began implementing Blueprint 2.0, its strategic plan designed to build upon the successes of the original Blueprint, which provides direction for economic development efforts through 2018. Blueprint 2.0 outlines specific metrics to define the region’s economic development success.
FIVE YEAR CAMPAIGN PERFORMANCE GOALS:
RESULTS TO DATE:
NEW DIRECT JOBS
NEW JOBS: 11,078
2,300 Annually / 11,500 Total
CAPITAL INVESTMENT $300M Annually / $1.5B Total
WAGE INCREASE 2% growth/year = 10% growth = $47,880
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JULY 1, 2013 – JUNE 30, 2016
CAPITAL INVESTMENT: $2.48 BILLION WAGE INCREASE: 5.7%, INCREASE OF $2,500 NEW RECRUITS: 21 EXISTING INDUSTRY EXPANSIONS: 167
STATE & REGIONAL CITY COMPARISONS 5.0 4.1
2.9
COMPETITOR CITIES
1.9
1.6
July 1, 2015 – June 30, 2016
ROANOKE
ORLANDO
0
CHATTANOOGA
1
KNOXVILLE
2
GREENVILLE
2.1
BIRMINGHAM
2.9
3
MEMPHIS
4
NASHVILLE
P E R C E N TA G E J O B G R O W T H
5
-0.4
U.S. Bureau of Labor and Statistics
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THANK YOU TO OUR INNOVATION VALLEY INVESTORS
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INVESTORS
ADT
Bank of America
Johnson and Galyon, Inc.
Barge, Waggoner, Sumner & Cannon, Inc.
Lamar Outdoor Advertising
BB&T
Loudon County
CIRCLE
Bertelkamp Automation, Inc.
Messer Construction Company
Blount Industrial Development Board
ORNL Federal Credit Union
Central Business Improvement District
Pet Safe / Radio Systems Corp.
Cherokee Distributing Company, Inc.
Pinnacle Financial Partners
CHAIRMAN’S
The substantial economic development success our region has experienced would not be possible without the generous support of our business and government partners. Their participation, support, and investment are what make Innovation Valley the No. 1 place for business.
Home Federal Bank
Anderson County Economic Development
Jefferson County Economic Development
City of Oak Ridge
Premiere Building Maintenance
Coldwell Banker Wallace & Wallace
Realty Executives –Relocation Division
Denark Construction, Inc.
Roane Alliance
DeRoyal Industries
Scripps Networks Interactive
East Tennessee Children’s Hospital
Stowers Machinery Corporation
First Utility District of Knox County
The Trust Company
Great West Casualty Company
Town of Farragut
Association
Alliance
OUR PARTNERS
The eight Innovation Valley partner agencies work together to drive the economic development momentum of the region. These organizations represent the communities that are directly impacted by economic development along the Innovation Valley Technology Corridor.
JEFFERSON COUNTY
K N O X V I L L E O A K R I D G E . C O M CONTACT: Rhonda Rice, Executive Administrator | 17 Market Square #201, Knoxville, TN 37902 | (865) 637.4550 | rrice@knoxvillechamber.com