A Sunday New York Times story features Chattanooga and Tennessee as examples of areas benefiting from investment from foreign companies.
According to the piece:
The American map is dotted with towns drained of jobs after homegrown factories bolted to lower-wage countries. But for many spots throughout the country, the same strategy of moving operations overseas—when practiced by foreign companies—has buoyed local fortunes.
In Chattanooga and the surrounding region, for example, more than two dozen companies from 20 countries have set up shop, generating billions of dollars in investment, employing thousands of workers and helping drive Tennessee’s jobless rate to 3.6 percent in June, a record low for the state.
Chattanooga’s unemployment rate has dropped to 3.3 percent, and foreign companies create about 20,000 jobs, according to the article, which cited numbers from the Chattanooga Area Chamber of Commerce.
The article’s author, Patricia Cohen, spoke with Mayor Andy Berke at Chattanooga’s Bluegrass Grill.
According to the article, Berke will go to Japan this fall in hopes of getting more companies to move to this area.
Click here to read the entire article.