Nashville, TN – A special session of the Tennessee General Assembly closed on Wednesday after lawmakers approved legislation addressing funding and oversight of Ford Motor Company’s historic $5.6 billion investment at the state’s Megasite in West Tennessee.
Among those speaking in favor of the legislation was Senator Bill Powers (R-Clarksville) who has spent over 30 years in the automobile industry.
“I welcome Ford to the State of Tennessee. They are the kind of business that we seek to bring new job opportunities for Tennesseans,” Senator Powers said. “These are good paying jobs, but I think more importantly that this is a forward-thinking project.”
“These are battery-powered cars that are going to be the future of America. For them to land in the State of Tennessee is a bigger moment than a lot of people realize. It will lead to further economic development in this industry that will benefit all of our state for many years to come,” stated Senator Powers.
“I know Ford to be a great company that will do what they say they are going to do,” he added. “I thank them for choosing Tennessee. We are proud to have them here.”
Tennessee claims nearly 40 percent of the Southeast’s electric vehicle manufacturing jobs and investment, with more than $11.9 billion invested by companies in Tennessee’s electric vehicle industry. More than 15,000 electric vehicles are produced in the state each year, ranking Tennessee No. 1 in the Southeast for electric vehicle manufacturing.
The Center for Economic Research projects Blue Oval City will generate 27,000 new jobs to support the Megasite’s operation, including direct, indirect, and induced new jobs. This will have a substantial long-term economic impact on Tennessee, with an anticipated $1.02 billion in annual earnings, $3.5 billion each year added to the gross state product, and $22.4 million annually in state tax revenues.
In addition, the construction of the company’s facility will bring in about $178.9 million in state sales and use tax collections.
The legislation now goes to Tennessee Governor Bill Lee for his approval and will become effective immediately upon his signature.
