Source: Teknovation.biz | Tom Ballard | August 23, 2018
An updated report from the Tennessee Advanced Energy Business Council (TAEBC) says the energy sector is so strong in Tennessee that it outperforms the state’s overall economy, employing nearing 360,000 Tennesseans in more than 18,000 businesses that contribute almost $40 billion to the state’s GDP.
The 2018 study, titled “Tennessee Advanced Energy Economic Impact Report,” is an update on the member-based organization’s 2015 inaugural study. Some of the key findings include:
- Advanced energy accounts for nearly 14 percent of total state employment.
- Employment in Tennessee’s advanced energy sector has grown by 10.3 percent, while the state economy overall has seen a growth rate of 8.3 percent.
- The number of advanced energy business establishments in the state grew by nearly five percent.
- Both state and local sales tax revenues have increased by over 30 percent.
- Workers in the state’s advanced energy sector earn an average wage of $59,665, significantly higher than the state’s economy-wide average of $44,317.
- Tennessee’s advanced energy sector contributes approximately $823 million to state sales tax revenue and approximately $289 million in local sales tax revenue.
- The Nashville metro area is the largest contributor to Tennessee’s advanced energy sector, employing more than 115,000 workers.
“As the advanced energy economy continues to skyrocket, it is more critical than ever for Tennessee to grow its share of this $1.4 trillion global market,” said Matt Kisber, President and Chief Executive Officer of Silicon Ranch Corporation and TAEBC President. “Advanced energy cements Tennessee’s position as the number one location in the Southeast for high-quality jobs. It further enhances the state’s economic development position and attracts companies to locate and expand in-state.”