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EDC reports 4.5% unemployment, updates multiple prospect projects and site-development plans
Summary
EDC Director Philip Reese told Giles County commissioners the March 2026 unemployment rate was 4.5% and briefed the body on prospective projects (including a $25 million chemical-processing prospect), site-development grant engineering plans, and local business openings.
Philip Reese, director of the Giles County Economic Development Commission, updated the legislative body May 18 on local labor-market figures and several business prospects.
Reese reported Giles County’s March 2026 unemployment rate at 4.5% with a total labor force of 12,658, down from a revised February rate of 5.0. He said Project Osiris, a prospect described as requiring heavy-industrial zoning and outdoor chemical storage, would seek a minimum of 10 acres and was estimated to bring about $25 million in capital investment and 32 jobs, but that Osiris "did not submit" (per the minutes). Project Blue Mercury (building need east of Nashville) also did not submit. Reese said Keith Consolidated Industries has issued a letter of intent to Bankston RV on property in Ardmore and is weighing incentive proposals from Tennessee and TVA as it assesses relocating from Oregon.
On site readiness, Reese said the state has agreed to allow use of remaining Site Development Grant funds to pay engineering for a 100,000-square-foot speculative building (engineering estimated at $328,000). County staff plan to reapply for SDG funds in the spring to support full construction of a spec building to attract industrial projects.
Reese reported an Exit 14 meeting May 14 with Pilot and Kleinfelder (the engineering firm) regarding a proposed wastewater system; Kleinfelder will deliver specifications and operating-cost estimates and discuss potential contract operation services. He also noted the ThreeStar Grant process is advancing, with a June 2 meeting scheduled to review a preliminary outdoor-recreation plan with Destination by Design.
Reese gave short operational updates about local businesses: a Waffle House opened April 28 and is increasing hours; Common John opened earlier in April and has seen strong initial patronage; and an attorney for Bank said the Hampton Inn sale or debt payoff is expected to complete by June 16.
These updates were presented for review and information; no formal action on project incentives or bonding was recorded at the May 18 meeting.
