Nashville Technology Blog (6/22/2010)
Yesterday, the Nashville Area Chamber of Commerce’s Partnership 2010 (P2010) economic development initiative announced details of a new five-year economic development strategy for the Nashville region, called Partnership 2020 (P2020).
The Partnership 2010 economic development initiative has been highly successful and has led in the unprecedented economic success for the 10-county region over the past 20 years. Since the Partnership was formed in 1990, business relocations and expansions have resulted in 233,955 net new jobs in the Nashville area; 601 companies have relocated operations to Middle Tennessee; per capita income has grown by 29.8 percent (from $18,601 to $39,768); and population has grown by 60.6 percent. Additionally, the Partnership was just named one of the top 10 economic development groups in America by Site Selection magazine.
The Partnership is in the final year of the current five-year economic development strategy for the region and has been working with Atlanta-based Market Street Services to develop the region’s next five-year strategy. The Partnership 2020 strategy will go into effect July 2011.
“Economic development is one of my top priorities as mayor, and the Partnership 2010 initiative is a key element to the economic success of this city,” said Nashville Mayor Karl Dean. “Today’s climate is more competitive than ever for jobs in America, and the P2020 plan will ensure that we are doubling down in our efforts instead of letting up.”
The new P2020 strategy includes four overarching goals:
- Economic diversity: The Nashville region will provide a diverse range of job opportunities, with emphasis placed on creating jobs in five target industry sectors where Nashville has a competitive advantage:
- Corporate operations
- Health care
- Advanced manufacturing
- Music, entertainment and creative fields
- Supply chain management
- Talent development: The region’s work force will meet and exceed the needs and ambitions of the companies and industries that are starting, expanding and relocating in the region — today and in the future.
- Place/Livability: The Nashville area’s quality of life will continue to be a key asset to the economic prosperity of the region.
- Regionalism: Nashville-area business leaders will implement partnerships that enhance regional collaboration, reflecting a unified approach to issues that impact the region’s economic future.
“The goal has been to create a plan that will capitalize on our strongest opportunities, address our challenges and improve the region’s overall competitiveness,” said Jim Wright, chairman and CEO of Tractor Supply Company and co-chairman of P2010. “Now is the time for us to focus on new job creation strategies to be certain that we are aggressively and strategically growing this economy.”
“Due to the wise leadership and investments of the past 20 years, Nashville has been transformed into a city that is able to compete head on with the best of the best,” said Ralph Schulz, president and CEO of the Nashville Area Chamber of Commerce. “These are ambitious goals, but this city and this region have always set high goals, and have always exceeded them.”
