As Tennessee’s population continues to explode, so does business investment in the Volunteer State. The historic explosion of private industry investment this year began with LG Energy Solution and General Motors’ join venture, Ultium Cells, LLC. In April, they announced the single largest economic development investment in the history of Tennessee totaling $2.3 billion. Ultium Cells’ investment brings thousands of jobs to the area and furthers Governor Lee’s push for Tennessee to become the electric vehicle manufacturing hub of the country.
In May, Oracle committed $1.2 billion to develop a new campus along the east bank of the Cumberland River in Nashville, which will be accompanied by 8,500 jobs. With companies announcing relocations to Tennessee seemingly daily, many Tennesseans felt these two investments would remain the largest of the year.
However, on Monday, September 27th, Governor Bill Lee announced that Ford Motor Company and SK Innovation had selected the Memphis Regional Megasite for its “Blue Oval City”, one of the largest battery and vehicle manufacturing campuses in the United States. The investment tops $5.6 billion for the 3,600-acre campus and will be accompanied by 5,800 new jobs and a new Tennessee College of Applied Technology (TCAT) campus.
Due to the substantial investment by Ford and SK Innovation, Governor Lee announced on Thursday, September 30th that he has called a special session of the General Assembly to convene on Monday, October 18th. Lawmakers will return to Nashville to address funding to support the Memphis Regional Megasite, including site development, education, and workforce development.
Additional details regarding the special session can be found here