economic incentives | Nashville Public Radio

economic incentives

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The state of Tennessee is asking for $2 million next year to whip the Memphis Regional Megasite into shape, a process that will include hiring an outside consultant to assess why the decade-long project hasn't yet landed a major manufacturer.

LG Electronics

A South Korean official says a new plant near Clarksville will be the first major investment from that country since President Trump took office.

Hyung-hwan Joo, the minister of trade for South Korea, joined Governor Bill Haslam to announce Tuesday that a $250-million facility LG Electronics will build to make washing machines will be one of the world's most advanced. The plant will employ 600 people.

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President-elect Donald Trump says companies thinking about moving overseas should instead negotiate special deals across state lines.

One Nashville economist says that might be a good idea for those companies, but maybe not for the states themselves.

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Governor Bill Haslam says keeping jobs in America is great. What's not always so great is the price to do so.

Stephen Jerkins / WPLN (File photo)

Auditors are finding fault with a state fund meant to help startup companies, saying there's not much chance the program will earn back the $200 million put into it before it ends in 2021.

The Tennessee comptroller's office said in an audit released Thursday that the state has received just $5.3 million back from TNInvestco, the 2009 program billed as a way to stimulate the economy by injecting money into the private sector. The fund was part of then-Gov. Phil Bredesen's response to the recession.

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Tony Gonzalez / WPLN

More Nashvillians are finding work, and the unemployment rate is now below 4 percent. Yet at the same time nearly one of every five residents — 19.9 percent — lives in poverty.

These two figures have led a broad coalition of activists to ask: Where are the good jobs?

TN Photo Services

Tennessee lawmakers are asking questions about a plan to give $30 million to an unnamed company.

Officials in Gov. Bill Haslam's administration made the proposal Tuesday, as part of an amendment to next year's budget. They say it's needed for economic development, but they aren't giving any details, citing a need to maintain secrecy until the deal is completed.

Chas Sisk / WPLN

Sports apparel maker Under Armour has opened its new distribution center in Mt. Juliet, a $100 million building that's only the company's third such facility nationwide.

Gov. Bill Haslam and Under Armour chief executive Kevin Plank took part in a ribbon-cutting ceremony Monday to mark the opening of the facility off Beckworth Road. At 1 million square feet, the building spans more than 20 football fields and will send stretchy shirts, sneakers and other gear to major retailers across the country.

Chas Sisk / WPLN

A Chinese pillow and mattress maker is moving into the former Whirlpool plant in La Vergne.

Hong Kong-based Sinomax announced Tuesday that it'll spend $28 million to convert the manufacturing facility on Hennessy Drive. The company plans to employ 350 people, starting in June.

The plant is the company's first in the United States. The factory will slash the cost to ship its bulky products, says Sinomax USA president Frank Chen.

Roland Klose via Flickr

Ten years after it started construction on a giant industrial site halfway between Memphis and Jackson, the state of Tennessee still hasn't found anyone to move into it. 

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