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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Advanced energy sector soars

(Originally published: The Nashville Ledger)

Tennessee Advanced Energy Business Council states the advanced energy sector is so strong in Tennessee that it 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 gross domestic product.

The Council, a Knoxville-based non-profit trade group made of companies in the sector, promotes advanced energy as a jobs creator and economic development strategy in the state.

Examples of advanced energy fields include any technology that makes energy for transportation cleaner, safer, more secure and more efficient. Examples include wind, solar, and new nuclear technologies, electric and plug-in hybrid vehicles, lightweight composites in the automotive industry, natural-gas fueled trucks, bioenergy, pollution-control equipment, smart grids, combined heat and power, high-performance buildings, more efficient industrial technologies and power reliability.

“I think health care and advanced energy are both very important drivers for the state economy and employment,” says Matt Kisber, president and CEO of Silicon Ranch Corp., and TAEBC president. “Advanced energy accounts for nearly 14 percent of total state employment and those working in the sector earn an average wage of $59,665, significantly higher than the state’s economy-wide average of $44,317.”

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Powering new growth: Advanced energy sector grows in Tennessee

(Originally published: Chattanooga Times Free Press)

In the 20th century, the Tennessee Valley Authority helped harness the power of the Tennessee River and Oak Ridge National Laboratory propelled America’s “atoms for peace” program by helping give birth to nuclear power.

As new forms of energy gain favor in the 21st century, Tennessee remains a powerful force in developing and building new means of energy production and use, ranging from solar and wind power to electric cars and energy-efficient buildings and appliances, according to a new study of the advanced energy business in Tennessee.

Although energy consumption is slowing and jobs in traditional energy utilities are declining with new efficiency measures, those losses are more than offset by the growth in other energy sectors. Indeed, an economic study by the University of Tennessee found that advanced energy industry jobs are growing faster than Tennessee’s overall economy and have created nearly 360,000 jobs, most of which pay above-average salaries.

UT researchers estimate that around the globe advanced energy is a $1.4 trillion industry, including any technology that makes energy or transportation cleaner, safer, more secure and more efficient. That’s almost twice the size of the global airline industry and nearly equal to worldwide apparel revenue.

In Tennessee, advanced energy includes solar, wind and new nuclear and gas technologies along with electric and plug-in hybrid vehicles, lightweight composites in the automotive industry, natural-gas fueled trucks, bioenergy, pollution-control equipment, smart grids, combined heat and power, high-performance buildings, more efficient industrial technologies, and power reliability.

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TAEBC releases updated report on impact of advanced energy sector in state

An updated report from the Tennessee Advanced Energy Business Council (TAEBC) says the energy sector is so strong in Tennessee that it 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.

The 2018 study, titled “Tennessee Advanced Energy Economic Impact Report,” is an update on the member-based organization’s 2015 inaugural study. Some of the key findings include:

  • Advanced energy accounts for nearly 14 percent of total state employment.
  • Employment in Tennessee’s advanced energy sector has grown by 10.3 percent, while the state economy overall has seen a growth rate of 8.3 percent.
  • The number of advanced energy business establishments in the state grew by nearly five percent.
  • Both state and local sales tax revenues have increased by over 30 percent.
  • 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.
  • Tennessee’s advanced energy sector contributes approximately $823 million to state sales tax revenue and approximately $289 million in local sales tax revenue.
  • The Nashville metro area is the largest contributor to Tennessee’s advanced energy sector, employing more than 115,000 workers.

(Originally published: Teknovation.biz)

Report: Knox area third in state for high-paying advanced energy jobs, even more focus needed

“Advanced energy” is a part of many developing fields, but a new report says it’s time for it to come into its own in Tennessee.

It’s already big in and around Knoxville, where Oak Ridge National Laboratory, the University of Tennessee and Tennessee Valley Authority help make this area third in the state for high-paying advanced energy jobs.

Advanced energy should become a “targeted industry cluster,” a focus for business recruitment and economic development, according to the report from the Howard Baker Jr. Center for Public Policy at UT. The report was sponsored by the Tennessee Advanced Energy Business Council.

Originally published: Knox.biz