TUPELO, Miss. — TVA helped attract $9.2 billion in projected new investments in its seven-state region with an estimated 58,000 jobs from the announcements of new and expanding businesses in the 12-month period ended Sept. 30, according to the public power provider.
Although down from the previous year, the business announcements in fiscal 2023 totaled the third highest year on record for the Tennessee Valley Authority.
John Bradley, vice president of economic development at TVA, said rising interest rates and slower global economic growth have slowed the pace of new investment and the pipeline for new projects in the region from the torrid pace in recent years.
“We’re running about 20% below what we were at this time a year ago, but we still have a lot of prospects in the pipeline,” Bradley said in an interview. “But we’re seeing a lot of interest from the suppliers of the major EV (electric vehicle) and battery companies we have already landed. The projects aren’t as big, but we’re staying busy and I think we’ll have another good year for jobs and capital investments.”
The Congressional Budget Office projects business investment will grow less than 2% this year and next but should rise again to 3.5% by 2025.