The Tennessee Advanced Energy Economic Impact Report is the first document of its kind that defines the scope and scale of Tennessee’s advanced energy sector and quantifies its economic impact. It identifies the number of jobs, contribution to state GDP and state/local taxes and number of companies associated with the state’s advanced energy sector.
The Tennessee Advanced Energy Business Council (TAEBC) champions advanced energy as a job creation and economic development strategy. We educate public officials and business leaders about the value and job creation potential of Tennessee’s advanced energy assets, establish strategic partnerships to connect assets with opportunities, and inform policy that expands and strengthens the industry.
Rather than favoring specific technologies, the term advanced energy is technology neutral. Any technology that makes energy cleaner, safer, more secure and more efficient is considered advanced energy. Examples include electric and plug-in hybrid cars, lightweight composites for the automotive industry, natural gas fueled trucks, pollution control equipment, bio energy, high-performance buildings, more efficient industrial processes, power reliability, smart grids, combined heat and power and the latest wind, solar, and nuclear technologies.
Examples of Tennessee’s advanced energy industry are scattered throughout the Tennessee Advanced Energy Economic Impact Report to give the reader a better understanding of the breadth and depth of the advanced energy economy.
Compiling this information is important for our state and for our members, and here’s why: The global energy sector is rapidly changing. These changes are rippling through all sectors of the economy in increasingly visible ways, leading to the emergence of what is now called the advanced energy economy, a $1.3 trillion global market.
Neighboring states like Arkansas, North Carolina and South Carolina, however, have been benchmarking and touting the strength of their advanced energy economies. Their stories tell us that other states have recognized the economic importance of this emerging sector and are vying for a piece of the $1.3 trillion global market.
Yet, as you will see, Tennessee is well-positioned to gain a significant portion of this trillion dollar pie.
Research for the Tennessee Advanced Energy Economic Impact Report was conducted by The Howard H. Baker Jr. Center for Public Policy and funded by the University of Tennessee’s TN-SCORE initiative, The Energy Foundation and members of the Tennessee Advanced Energy Business Council.
The hope is that the Tennessee Advanced Energy Economic Impact Report provides a context for decisions by public officials and private sector leaders to make lasting contributions to Tennessee’s economic base for the next decade and beyond.