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ECD says nuclear fund yielded $41.8M in announced projects and more than 2,100 job commitments
Summary
ECD reported $41.8 million in announced projects and grants from the Tennessee nuclear energy and supply chain fund, with $38.7 million for business development and commitments for about 2,122 new jobs and nearly $10 billion in private capital, representing an estimated $212 in private investment per $1 spent publicly.
Braden Stover of the Tennessee Department of Economic and Community Development gave lawmakers a financial snapshot of the state’s targeted economic development work in the nuclear sector. ECD has announced projects and grants worth $41,800,000 to date, Stover said, with $38,700,000 directed toward business development projects.
"To date, we have announced, projects and grants worth $41,800,000. Of that, 38,700,000 has gone towards business development related projects," Stover said. He added the commitments reported so far include 2,122 new job commitments and nearly $10,000,000,000 in capital investment. "For every dollar that has spent $212 has been, committed in terms of, construction and equipment and, personnel," Stover said, summarizing the fund's reported return on investment. Stover highlighted partnerships with the University of Tennessee, Roane State, Tennessee Tech and community colleges to supply a trained workforce for incoming companies.
