Economic Development
Throughout the past 12 months, your Chamber’s economic development team has continued its mission to drive economic development and create sustainable opportunities for our region. In collaboration with our partners, we supported the announcement of 1,355 jobs and more than $320 million in capital investment this fiscal year.
Key projects that contributed to our collective progress included iFixit’s downtown redevelopment of the Onion Bottom neighborhood in downtown Chattanooga and SK Food Group’s new facility in Cleveland. Chattanooga’s existing businesses – including Steward Advanced Materials, Textile Printing & Packaging and Kordsa Inc. – played a significant role in helping us reach our goals.
Chattanooga Climbs Key Performance Indicators To-Date (Progress to date-Jul 2019-Jun 2023)
Chattanooga Climbs Project Announcements (July 1, 2022-June 30, 2023)
Company Name | Product/Service | New | Investment | Project |
iFixit | Distribution / back-office repair tools & parts | 201 | $24,200,000 | New |
SK Food Group | Mfr. prepared foods | 840 | $205,000,000 | New |
Steward Advanced Materials | Mfr. metal & ceramic powders | 24 | $20,000,000 | Expansion |
Textile Printing & Packaging | Mfr. packaging & printing | 90 | $21,000,000 | Expansion |
Kordsa Inc. | Mfr. Nylon | 200 | $50,000,000 | Expansion |
Target sector projects contributed 78% of capital investment and 79% of new direct jobs. Two non-target sector projects accounted for $71 million in capital investment and nearly 300 jobs.
Other Chattanooga Climbs Activities (July 1, 2022-June 30, 2023)
- Conducted 167 meetings with existing companies; 96% in targeted industries
- Submitted 12 formal Requests for Information (RFIs) to site selection consultants
- Coordinated 13 site visits for companies in a variety of industries
- Collaborated with Greater Chattanooga Economic Partnership (GCEP) partner to support prospect/site visits in multiple counties
- Added 77 new projects to the pipeline
- Launched newly designed GCEP website (greaterchatt.com)
- Sponsored Quantum Computing conference in partnership with EPB
- Hosted 30 economic development leaders from across the country in partnership with the International Economic Development Council
- Provided support for The Bend/One Westside TIF project on the former Alstom site
- Attended VW's IZB supplier fair in Wolfsburg, Germany
- Hosted several site selection consultants at the Nashville Grand Prix in collaboration with the Tennessee Economic Partnership (TEP)
- Supported TIF for $100 million North River Commerce Park development which will result in 800,000 square feet of new speculative class “A” industrial space
- Announced economic activity in the Chattanooga Foreign Trade Zone of $4.2 billion. Zone-related employment was 4,592 and related exports were valued at $570 million
- Expect to announce two additions to the Chattanooga Foreign Trade Zone from a neighboring county before the end of the year
Talent Development
Viewing Talent Development through a lens of economic growth for Chattanooga, we invested in projects that prepare students for high quality jobs, develop skills for the new economy, and increase regional prosperity for all community members.
Chattanooga Climbs Key Performance Indicators To-Date (Progress to date-Jul 2019-Jun 2023)
Chattanooga was chosen by BuildWithin as an Apprenticeship Innovation Hub and the Chamber is thrilled to house BuildWithin as they continue to expand apprenticeship opportunities in Chattanooga. This platform will increase Hamilton County students’ access to career exploration and eases the employers’ responsibility in sponsoring apprenticeship programs.
The Chamber was awarded a second round of funding from New America as a member of the Partnership to Advance Youth Apprenticeships (PAYA), which provides Hamilton County Schools resources and best practices in developing youth apprenticeships.
Future Ready Institutes continue to be a high priority and we were thrilled to announce Coca-Cola Bottling’s commitment to Hamilton County Schools with the creation of the Coca-Cola Institute of Business at Hixson High School. Partnerships like this are critical as we work to prepare students for the economy of tomorrow. Watch the video below to learn more about how Future Ready Institutes help build a skilled and technical workforce.
Entrepreneurship
The INCubator, housed at the Hamilton County Business Development Center and managed by the Chattanooga Chamber, experienced an upsurge in successful new start-ups and boasts an astonishing 95% occupancy rate for manufacturing space and an 80% occupancy overall.
Chattanooga Climbs Key Performance Indicators To-Date (Progress to date-Jul 2019-Jun 2023)
TThe INCubator, located on Chattanooga’s Northshore, is home to 46 start-ups that provide over 250 jobs in these sectors:
- Food and Beverage
- Software and Technology
- Outdoor Products
- Creative Media
- Service
- Manufacturing
Graduates Continue to Grow, Adding Jobs in Hamilton County
The INCubator has been building business for more than 34 years, with over 600 businesses graduating into the community, combining to add over 4,500 jobs.
One of the most recent graduates, Hoff & Pepper, started in the INCubator with two employees in 800 square feet. The small batch hot sauces that gave a spicy aroma to the INC’s hallways are now sold in thousands of retail locations across the country. Today, Hoff & Pepper and their 30 employees have moved out into the community and operate out of a 40,000 square foot building.
The INC added the following new clients in FY 2022-2023:
- Archbound Media
- Chattanooga Leatherworks
- CreativeCompass LLC
- Dog Deeper
- K’s Tenn Cans
- ENAK Industries
- Fluff Media
- Fusion Threads
- Goldcraft Company
- JH & associates
- JN Training
- Karen Fortuno, LPC
- Layerworks Solutions
- Mountaintop Wealth
- MSI Workforce Solutions
- Omega Ops LLC
- Organizing Chattanooga
- Ridgeback Blade
- Seahorse Ventures
- ShoeTizer
- Tachyon
- The Grove Chiropractic
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Chattanooga Chamber Annual Report 2023
