Tag: Tennessee Economy

Logistics Company Expanding Knoxville Headquarters, Adding 650 Jobs

Peter D'Abrosca

A logistics company will located in Knoxville plans to expand and add 650 employment opportunities, a news release from the Tennessee Department of Economic and Community Development (TNEDC) says. 

According to the release, Axle Logistics will invest $37.9 million to expand logistics operations at its Knoxville headquarters. It will reportedly construct an 85,000-square-foot facility adjacent to its existing facility in order to “better meet the ongoing growth it has experienced since its founding in 2012.”

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Tennessee Reports Eight Economically ‘Distressed’ Counties

Peter D'Abrosca
Couple dealing with paperwork

According to Transparent Tennessee, eight counties in the state have been determined to be economically “distressed” by the Appalachian Regional Commission (ARC). 

“Each year, the Appalachian Regional Commission (ARC) prepares an index of county economic status for every county in the United States,” according to Transparent Tennessee. “Economic status designations are identified through a composite measure of each county’s three-year average unemployment rate, per capita market income, and poverty rate. Based on these indicators, each county is then categorized as distressed, at-risk, transitional, competitive or attainment.”

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Tennessee Spent 25 Percent More Per Job to Recruit Businesses in 2020

The Center Square

Attracting new jobs to Tennessee in 2020 has cost taxpayers 25% more in FastTrack economic incentive grants than last year, according to data from the Tennessee Department of Economic and Community Development (TNECD).

The TNECD has spent an average of $5,448 this year for each new job commitment incentivized by a FastTrack grant. Rural job recruitment proved particularly costly. On average, the state provided $9,765 in FastTrack grants per rural job – more than three times last year’s average.

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Tennessee Unemployment Rate Falls in May After Record April

The Associated Press

Tennessee’s jobless rate in May fell in comparison with a record increase the month before, as more than 300,000 people continued to receive unemployment payouts during the new coronavirus outbreak, state officials said Thursday.

The Tennessee Department of Labor & Workforce Development reported Thursday that the preliminary seasonally adjusted unemployment rate for May was 11.3%. That’s a drop of 4.2 percentage points from April, when Tennessee reached its highest monthly unemployment rate ever, at 15.5%.

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As Businesses Reopen, Tennessee Unemployment Still High

Admin

Tennessee delivered unemployment payments to more than 314,000 people last week, as the number of new jobless claims continued to run much higher than normal during the response to the new coronavirus outbreak.

Stay-at-home orders from Gov. Bill Lee and city and county officials in mid-March led to business closures and hundreds of thousands of layoffs, as officials scrambled to stem the rise of COVID-19.

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Senator Kerry Roberts Weighs in on What Tennessee’s April Revenues Will Look Like While Davidson County Remains Closed Under Mayor Cooper Rule

Julie Carr

Live from Music Row Tuesday morning on The Tennessee Star Report with Michael Patrick Leahy – broadcast on Nashville’s Talk Radio 98.3 and 1510 WLAC weekdays from 5:00 a.m. to 8:00 a.m. – Leahy was joined on the line during the program’s second hour by Tennessee state Senator Kerry Roberts.

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