News Summary
Chattanooga is set to enhance its economic landscape by conducting a comprehensive development study aimed at attracting major investments. With a budget of $140,000, funded by both the city and the Chattanooga Industrial Development Board, this initiative seeks to assess the city’s competitive standing, targeting specific industries like advanced manufacturing. The study, which aligns with the broader One Chattanooga plan, aims to create 5,000 jobs and attract $1.5 billion in investment by 2029. Expected to begin shortly, the process will take six to eight months and will help define the city’s economic strategy moving forward.
Chattanooga is taking a significant step towards boosting its economic landscape by conducting a comprehensive development study aimed at attracting major investments. The city plans to assess its current strengths and weaknesses to improve its competitive standing, a move that is anticipated to bolster the local economy and job market.
The proposed budget for this initiative includes $70,000 set aside for a study by a professional site selection firm to evaluate Chattanooga’s attractiveness to potential businesses. Additionally, the Chattanooga Industrial Development Board has pledged to match this funding from its business development reserves, resulting in an initial total of $140,000 for the project. However, Adam Myers, the vice president for economic and talent development at the Chattanooga Chamber of Commerce, has indicated that the overall cost may surpass this figure due to further funding that may be sourced from Hamilton County or private foundations.
The chamber is currently seeking proposals from specialized site selection firms with expertise in assisting companies in determining ideal locations for their investments. This study, aligning with the city’s long-term objectives, is expected to launch as early as this month and will take approximately six to eight months to complete.
This initiative is part of the broader One Chattanooga plan introduced in 2022, which emphasizes the need to address class and racial disparities in the city while honing Chattanooga’s competitive advantages. Furthermore, the Chattanooga Climbs Higher plan seeks to create 5,000 jobs and attract $1.5 billion in capital investment by 2029. The city is benchmarking its efforts against six comparable cities: Boise, Idaho; Charleston, South Carolina; Greensboro, North Carolina; Huntsville, Alabama; Knoxville, Tennessee; and Lexington, Kentucky.
Between 2017 and 2021, Chattanooga experienced notable growth in sectors such as professional support services and software. However, it has lagged in advanced manufacturing categories. To address this imbalance, the forthcoming study and the Climbs Higher plan will prioritize specific industries, including advanced manufacturing (such as electric vehicles) and emerging technologies (like quantum computing).
In addition to the funding for the development study, the proposed budget also allocates $670,000 for the Chattanooga Chamber Foundation, marking a $70,000 increase from the previous fiscal year. Following the study’s completion, a committee may be established comprising representatives from the city, county, and development board to thoroughly evaluate the findings and develop strategies based on the results.
Although Hamilton County has been approached for additional financial support for the study, a commitment has not yet been secured. The outcomes of this study are expected to significantly influence Chattanooga’s economic strategy and facilitate the creation of a more robust and competitive economic environment in the years to come.
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Additional Resources
- Times Free Press: Site Selector to Help Chattanooga Compete
- Wikipedia: Chattanooga
- News Channel 9: Tennessee Invests $15 Million for Downtown Renovation
- Google Search: Chattanooga economic development
- TNECD: Expansion in Chattanooga Announced
- Encyclopedia Britannica: Tennessee
- Chattanoogan: Global Firm Planning to Locate Downtown
- Google News: Chattanooga jobs growth
Author: STAFF HERE CHATTANOOGA WRITER
The CHATTANOOGA STAFF WRITER represents the experienced team at HEREChattanooga.com, your go-to source for actionable local news and information in Chattanooga, Hamilton County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Riverbend Festival, Chattanooga Oktoberfest, and Moon River Festival. Our coverage extends to key organizations like the Chattanooga Area Chamber of Commerce and United Way of Greater Chattanooga, plus leading businesses in manufacturing, insurance, and utilities that power the local economy such as Volkswagen Chattanooga, BlueCross BlueShield of Tennessee, and EPB. As part of the broader HERE network, including HEREBristol.com, HEREKnoxville.com, HEREMemphis.com, and HERENashville.com, we provide comprehensive, credible insights into Tennessee's dynamic landscape.
