Chattanooga Area Poised for Rebound

[Hankster]

As reported in today's Chattanooga Tmes Free Press, the Chattanooga area economy has experienced a modest downturn, but should rebound quicker than many other areas in the nation due to influx of investment and many new jobs. The area's unemployment rate is currently 6.2%, and the area has lost 2,100 jobs during the past year, a reduction of 0.8%. However the area is about to experience a construction boom that may be unparalled in its history. A list on projects follows:

1. TVA is about to begin construction of the Watts Bar Unit 2 Nuclear Reactor in Rhea County. The estimated investment is $2.5 Billion. This construction project will literally last for years and will involve thousands of workers. There are an estimated 400 electricians alone needed for the project.

2. Volkswagen will build a $1 Billion assembly plant that will begin production in early 2011. The Plant will employ 2000 and there will be an estimated 11,477 new direct and indirect jobs from the plant. In addition VW will locate its North American manufacturing headquarters in Chattanooga, and the Enterprise South site is in the running for an Audi assembly plant due to be announced in the Spring.

3. An unnamed industry is in the running for a $1 Billion manufacturing plant in Cleveland, TN that could create about 600 new jobs. Bradley County officials have stated that they cannot announce the company until executives make a final decision. MM-Cleveland LLC, a real estate partnership formed to help facilitate the project, is negotiating to buy 550 acres near the Hiawassee River.

4. The Army Corps of Engineers continues work on the Chickamauga replacement lock. The is a $340 Million project.

5. Memorial Hospital will expand its main campus in Chattanooga in a $330 Million project.

6. Blue Cross Blue Shield will complete its new $299 Million 1 Million Sq Ft corporate campus expansion project in downtown Chattanooga on Cameron Hill next year.

7. Alstrom Power has announced construction of a $280 Million power plant equipment facility in Chattanooga.

8. Chicago Bridge and Iron plans to build a $110 Million nuclear component fabrication plant in Marion County.

More announcements will certainly be forthcoming. The area is certainly poised to weather the current economic downtown well and emerge from the downturn in great shape.

[smurf]

Hmm... I guess I missed that announcement on CB&I. I've dealt with them before as they did subcontract work for us. They were a quite professional group and did excellent work. Unrelated side note pet peeve, its ALSTOM power, not Alstrom. Always drives me crazy when people do that.

[Hankster]

Hmm... I guess I missed that announcement on CB&I. I've dealt with them before as they did subcontract work for us. They were a quite professional group and did excellent work. Unrelated side note pet peeve, its ALSTOM power, not Alstrom. Always drives me crazy when people do that.

[smurf]

Sorry about that. I didn't even realize that was a mistake. Anyway, it is a real coup for the area to land the Alstom plant.

[flith]

According to a study done by Moody Economy.com Chattanooga and Cleveland are among the first SE cities to emerge from the recession. Due to VW, Alstom and suppliers Chattanooga is expected to exced the national growth rate by 20% for 2010.

Moody's economists said other MidSouth metro areas including Atlanta, Nashville, Knoxville, Dalton, Ga., and Rome, Ga. still were mired in the recession as 2009 ended.