As a business consultant, White House economic adviser and venture capitalist, Bill Hagerty spent the past two decades analyzing industries around the globe for their strengths and investment potential.
The Nashville millionaire, who joined Gov. Bill Haslam’s Cabinet as commissioner of Economic and Community Development in January, now is trying to use his business savvy to focus the state’s more limited dollars on the most promising business prospects for Tennessee.
“We need to find those sectors that have the greatest likelihood of having a competitive advantage and figure out how to leverage that advantage so that we get the greatest return on our investment,” Hagerty said in announcing the state’s new development strategy known as “Jobs4TN.”
After a two-month study, Hagerty’s staff has identified a half- dozen key industries to target for job growth. All six have shown above average income and job growth and have ties to Southeast Tennessee, officials said.
Automotive: Volkswagen is joining Nissan this year in producing cars in Tennessee. VW’s $1 billion plant at the Enterprise South industrial park began making Passat cars for customers this week and already has helped attract 15 automotive suppliers to Chattanooga.