State’s advanced energy sector generates $40B in GDP

(Originally published: The Nashville Post)

The 2018 Tennessee Advanced Energy Economic Impact Report shows that the advanced energy sector in Tennessee outperforms the state’s overall economy, employing nearing 360,000 Tennesseans in more than 18,000 businesses that contribute almost $40 billion to the state’s GDP.

Recently released, the report was undertaken by the Tennessee Advanced Energy Business Council (TAEBC), a statewide organization that champions advanced energy as an economic development and job creation strategy.

The 2018 report builds on data first analyzed by TAEBC’s 2015 Economic Impact Report, the inaugural study on the impact of the advanced energy sector in Tennessee.

“As the advanced energy economy continues to skyrocket, it is more critical than ever for Tennessee to grow its share of this $1.4 trillion global market,” said Matt Kisber, president and CEO of Silicon Ranch Corp. and TAEBC president. “Advanced energy … further enhances the state’s economic development position and attracts companies to locate and expand in-state.”

Key findings from the 2018 report include:

The advanced energy industry employs 358,360 Tennesseans and supports 18,170 businesses. It accounts for nearly 14 percent of total state employment. Workers in the state’s advanced energy sector earn an average wage of $59,665, significantly higher than the state’s economy-wide average of $44,317.

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