Tag: Commissioner Stuart McWhorter

LG Chem Announces $3.2 Billion Investment in Tennessee

Peter D'Abrosca

A cathode manufacturer is set to make the largest foreign investment in Tennessee in the Volunteer State’s history, according to the Department of Economic and Community Development (TDECD).

“LG Chem’s anticipated investment of approximately $3.2 billion represents the single largest announced foreign direct investment in Tennessee’s history. The project is expected to create 860 new jobs in Montgomery County,” according to a TDECD press release. “The Clarksville facility will be the largest of its kind in the U.S. and is expected to produce roughly 120,000 tons of cathode material annually by 2027, which is enough to power batteries in 1.2 million electric vehicles with a range of 310 miles per charge.”

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Addiction Recovery Center Expanding Headquarters in Tennessee

Peter D'Abrosca

A significant number of new jobs are coming to Williamson County after a large addiction recovery center, headquartered in Franklin, announced that it will be expanding its operations in the Volunteer State. 

Just a year after moving from Arizona, Landmark Recovery will invest $7.5 million to expand in Franklin, a move that will bring approximately 1300 new jobs to the area. 

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Tennessee State Revenue Report Shows Surplus of $138.8 Million in September

Laura Baigert

  The report of Tennessee state revenues for September at $1.6 billion resulted in a budget surplus of $138.8 million. Revenue for the month of September 2019, as indicated in the report, is $138.7 million more than September 2018, reflecting a 9.75 percent year-over-year growth rate. On an accrual basis, September is the second month in the 2019-2020 fiscal year. Combined with August, the two months of revenues have resulted in a total $167.6 million budget surplus year-to-date. Revenues are 6.6 percent ahead of the plan for the 2019-2020 fiscal year and 9.00 percent ahead of this time in the 2018-2019 fiscal year. Finance and Administration Commissioner Stuart McWhorter said of the most recent month’s revenue results, “September sales tax receipts continue to reflect strong consumer activity within the state and corporate tax revenues greatly outperformed expectations.” The sales and use tax, the state’s largest revenue generator accounting for more than 60 percent of the 2019-2020 budgeted revenues, exceeded the estimates for September by $31 million or nearly 4 percent. Year-to-date, sales tax revenues have exceeded the budgeted estimates by $40 million, or 2.5 percent for the two month period. Franchise and excise taxes combined, the state’s second-largest revenue source…

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