Chattanooga has been booming with manufacturing activity and investments. In October of this year, the Chattanooga Chamber Foundation widened the scope of its foreign-trade zone to include 11 counties. Chattanooga is already a hot spot for manufacturers and other companies and this could encourage even more firms to move.
“The reorganization of our Foreign Trade Zone addresses a need for Zone status where large manufacturers and distributors already exist or have expressed interest in locating,” said Charles Wood, vice president of economic development at the Chattanooga Area Chamber of Commerce.
Here are three major corporate investments in Chattanooga:
WNA Chattanooga: $11 million
Nooga.com said the company will invest $11 million in the area to expand its production and increase its workforce. The disposal food service packaging firm plans to integrate two more production lines and hire 40 more workers.
Plastic Omnium: $80 million
In September, the automotive parts firm began constructing a new facility in Chattanooga’s Enterprise South Industrial Park. The Chattanoogan noted the $80 million investment will help generate 184 new jobs in the area and eventually the company could hire 300 workers by 2018. The facility will produce bumpers and fenders for auto manufacturers like Volkswagen.
Volkswagen: $900 million
While the auto maker already has an assembly plant in Chattanooga, it has considered locating suppliers closer to its facility to increase operational efficiency. Volkswagen is also thinking about starting a training initiative in the city. Altogether, The Wall Street Journal said the company expects to spend $900 million to build a new plant in Chattanooga to produce a new sport utility vehicle.
“The purchasing academy aims to provide the skills and expertise needed for our team members to be successful and embrace their careers,” said Sebastian Patta, the Chattanooga plant’s executive vice president of human resources.
With these investments generating more jobs in Chattanooga, real estate investors should be prepare themselves for more demand for housing. Investing in Chattanooga investment properties could be key to keeping up with real estate trends.