Chattanooga area attracts more than $1 billion in development in the last two years, Chamber of Commerce leaders say

The Market Street Bridge is seen from the Walnut Street Bridge on Wednesday, Jan. 20, 2021 in Chattanooga, Tenn. / Staff photo by Troy Stolt
The Market Street Bridge is seen from the Walnut Street Bridge on Wednesday, Jan. 20, 2021 in Chattanooga, Tenn. / Staff photo by Troy Stolt

Three years ahead of schedule, and 18 months into a persistent pandemic, the Chattanooga Area Chamber of Commerce is highlighting more than $1 billion in capital investment in the region.

"We wove this work into the ongoing economic development work of Chattanooga Climbs, our five-year plan for success established well before the pandemic, the tornadoes and the social justice movements," said Valoria Armstrong, the outgoing chair of the Chamber's board of directors. "This plan has held up surprisingly well."

Armstrong's comments came during the Chamber's annual meeting on Monday, hosted virtually for the second year in a row due to the ongoing COVID-19 pandemic. Despite the considerable challenges of the pandemic, the Chattanooga area has proved economically resilient, Hamilton County Mayor Jim Coppinger said.

"Overall, we have come through the past year in much better shape than we might have anticipated last August," he said.

Capital investments that added up more than $1 billion in the last two years include Southern Champion Tray's $80 million planned investment in Centre South Industrial Park, and new locations for Sese Industrial and Confluent Medical Technology.

In addition, the expansion of PUREgraphite into the former Alstom plant in downtown Chattanooga will bring an investment of more than $150 million, and is expected to create 300 jobs.

"There are still challenges ahead of us, but I am optimistic and I do believe our best days are ahead," Coppinger said.

In the first year of the five-year Chattanooga Climbs campaign, Chattanooga attracted $574.7 million of new investment, or more than half of the 2024 goal of $1 billion of added investments in new and expanding businesses.

Chattanooga Area Chamber of Commerce Annual Awards

Chattanooga Chamber Council of the Year: The MidTown CouncilThe MidTown Council of the Chattanooga Chamber created a community food bank with other local organizations and places of worship.Chattanooga Chamber of Commerce Membership Growth Award: The East Ridge CouncilThe East Ridge Council surpassed their annual membership goal to reach a total of seven new members totaling $3,300 in revenue.Ambassador of the Year: Simeon Baskerville of Bushings Unlimited, LLC

Chamber officials introduced the Chattanooga Climbs plan in the fall of 2019, about four months before the pandemic shut down businesses and schools across the nation.

In April 2020, unemployment in the Chattanooga area soared to 13.3% - the highest rate since the Great Depression. Fifteen months later, a labor shortage is among the major challenges facing area businesses. In July 2021, the jobless rate fell to 3.7% in Georgia and 4.7% in Tennessee, with both levels far below the U.S. average unemployment of 5.4%

In late 2020, the Chamber launched Chattanooga Calling, a website to attract talent to the area. Chattanooga experienced a significant surge in national media coverage as remote workers sought affordable, appealing places to live, Chamber officials said during the meeting Monday.

Chattanooga Mayor Tim Kelly pointed out that the latest U.S. Census numbers show Hamilton County added about 30,000 people in the last 10 years. Working with existing land and infrastructure will be a critical component of encouraging continued growth and opportunity for every resident, Kelly said.

One investment Coppinger said he expects will pay off in significant development and employment in both the short and long term is the county's purchase of the nearly 2,200-acre McDonald Farm for $16 million, Coppinger said.

"This is an area ripe for economic development, and 600 to 700 acres ready to be developed," he said. "We will develop this growth in a responsible way."

Contact Mary Fortune at mfortune@timesfreepress.com.

Upcoming Events