The Chattanooga Area Chamber of Commerce assisted 14 companies over a two-and-a-half-year period to expand or open operations here, creating an onetime economic impact of $582 million, a new report says.
The companies include West Star Aviation, Yanfeng Automotive Interiors, Chattanooga Seating Systems, HomeServe USA and M&M Industries, which will create more than 110 jobs in the Highland Park area with a recent decision to expand.
The recent economic impact analysis examines the one-time and ongoing economic impact of the growth. The study measures the dollar value of total economic output, jobs, wages, local tax revenue and consumer expenditures resulting from the Chamber's economic development work.
The report showed that additional school tax revenue of $3 million came from the new investment from July 1, 2015, to Dec. 31, 2017.
Also, more than 5,000 direct and indirect jobs occurred during the period, and city and county tax revenue of $6.9 million was generated by the jobs, the report said.
It said there was a return of $4.27 for each dollar Hamilton County and Chattanooga contributed to the Chamber's economic development efforts during the study period.
Over 10 years, there was a return of $10.95 for each dollar the county and city contributed to the Chamber's economic development efforts.
"This study tells the story of the ripple effect of economic development on our community, not only capital investment and jobs, but also additional tax revenue and consumer spending generated by economic activity - restaurants, grocery stores, housing, entertainment and more," said Charles Wood, vice president of economic development for the Chamber, in a statement.