This story was updated at 8:36 a.m. on Thursday, August 20, 2020, with more information.
By 2020, a Manpower employers’ survey predicted that Chattanooga would be the country’s leader in employment growth, and by early March, the unemployment rate on the Chattanooga Metro had fallen to a record level of just 3.3%.
However, the coronavirus temporarily halted much of this expansion this spring and temporarily eliminated more than 30,000 jobs in the Chattanooga metropolitan domain, the worst of the economic shutdown. In April, unemployment in the Chattanooga region rose to 13.3%, the highest rate since the Great Depression.
But at the annual Board of Commerce assembly of the Chattanooga Region on Wednesday, business leaders and the government said they were confident Chattanooga would recover.
“We are a network that has withstood floods, tornadoes and recessions, and I’m sure we will also succeed on this pandemic,” Hamilton County Mayor Jim Coppinger told House members at the online virtual meeting of business leaders.
Despite the economic downturn, House economic progression experts have already worked on more than 65 in 2020, up from just 48 at the same time a year ago.
“It’s and shows that we’re still making progress,” said JV Vaughn, outgoing president of the Chattanooga Chamber. “It is more essential than ever to continue planning jobs.”
Vaughn, market president at SunTrust Bank in Chattanooga, has led the House’s fundraising efforts in the year following $15 million in secure commitments in personal and public contributions to the Chattanooga Climbs House crusade over the next five years. The economic progression plan, which began a year ago after a one-year review of where Chattanooga is expected to be until 2040, is designed to inspire Chattanooga’s long-term expansion and equity by selling employee skills and a business-friendly environment.
In the first year of Chattanooga Climbs’ five-year campaign, Chattanooga attracted $574.7 million in new investments, more than part of the 2024 goal of $1 billion in additional investments in new and expanding businesses. Projects announced the following year included the $495 million expansion of McKee Foods Corp., an expansion of $85 million through Southern Champion Tray, Nippon Paint’s planned $60 million plant in East Chattanooga, and an expansion of $11.2 million through Zeus Industrial Products.
Over the past decade, Chattanooga has attracted more than $4.2 billion in new investments, creating more than 18,000 jobs.
“We know that many other people in our network are suffering now, yet we are a resilient network and have proven it over and over for over 175 years. Chattanooga Mayor Andy Berke said.” We continue to see agreements entering our village and we continue to innovate.
One such innovation, the city-based EPB Internet service that was introduced a decade ago, has placed Chattanooga well for more remote and online work, according to House leaders.
Valoria Armstrong, national vice president of American Water, who is the new president of the Chattanooga Chamber, said the city of Gig has the broadband connections companies want as the economy moves more and more online.
“The pandemic has demonstrated how wonderful it is to offer the fastest Internet in the world, and when employers and painters want to paint from home, we are one of the best,” Armstrong told House members at the annual meeting. “That medium cities are fresh and big ones are out.”
Even with the economic downturn, Armstrong said polls show 61% of corporations say they are moving forward with varied projects.
Christy Gillenwater, president of the Chattanooga Chamber, said the camera had rotated this year for companies to tackle the pandemic by offering information, resources, virtual network opportunities and a “local purchase” campaign. The Camera has produced more than 30 videos for companies to know everything from where to get non-public protective devices to how to apply for loans for paycheck coverage programs.
“We are working hard to repair the momentum and we are waiting for the future, however, when you climb higher, you have to take a step back and look for a new path,” Gillenwater said.
Contact Dave Flessner at [email protected] or 423-757-6340.
At wednesday’s annual meeting of the Chattanooga Chamber of Commerce, awards were presented to:
Chattanooga House Hixson Council for Yes Council
The Hixson Council of the Chattanooga Chamber won the Council Membership Increase Award
Carl Hames from office furniture warehouse for Ambassador of the Year