TN: 2019 Investment in West Tenn. Tops $1.2 Billion, 4,500 Jobs Created
31 Dec, 2019
A company synonymous with Memphis unleashed two significant capital investments in West Tennessee this year – one at its international cargo hub, and another in a new headquarters for one of its growing subsidiaries.
These investments by FedEx Corp. and its subsidiary, FedEx Logistics, headlined a strong year of investment and job recruitment in Greater Memphis and West Tennessee.
In 2019, TNECD recruited more than $1.2 billion of investment in West Tennessee. The upshot of this investment: the creation of 4,500 jobs.
These projects range from investments by logistics firms like FedEx and JNJ Express, to health care and technology companies. They also include investments by manufacturers with an international footprint, like Global Track Manufacturing and VF Corporation, the company behind lifestyle brands like Vans and The North Face.
Across Tennessee, TNECD supported more than 100 economic development projects this year. Together, the private businesses are investing nearly $3.2 billion in Tennessee and creating approximately 14,000 jobs across the state.
Here are the five largest jobs announcements in West Tennessee this year.
Prospero Health – 249 Jobs
Boston-based health care services company Prospero Health announced in September that it would locate its operations headquarters in Memphis, where it will create nearly 250 jobs over the next five years.
Global Track Manufacturing – 250 Jobs
In October, Global Track Manufacturing USA, Inc. announced it would establish a production facility in Milan and create 250 jobs.
Global Track manufactures rubber tracks and undercarriage for industrial and agricultural equipment. The Milan plant will be Global Track’s second facility.
Hyosung Heavy Industries – 410 Jobs
In December, Hyosung Heavy Industries revealed it would invest $87 million to bring its business to Memphis. The South Korean manufacturer plans to create more than 400 jobs.
JNJ Express – 610 Jobs
JNJ Express announced in February that it would invest $83.6 million to establish a new corporate headquarters and operations campus in South Memphis.
The Memphis logistics provider will redevelop and occupy a long dormant retail site. JNJ plans to create 610 jobs over the next five years. Its new corporate campus will consolidate its headquarters and include human relations, accounting, information technology, marketing and other corporate functions.
FedEx Logistics – 689 Jobs
And West Tennessee’s biggest job announcement this year belonged to FedEx Logistics.
The subsidiary of FedEx Corp. announced a $44 million investment to move its headquarters to the former Gibson Guitar Factory in downtown Memphis. FedEx Logistics plans to consolidate its Memphis operations and create 689 jobs.
Later in the year, FedEx Corp. announced it would make an additional $450 million investment to its Memphis Hub modernization project, bringing its anticipated investment in its hub to more than $1.5 billion over the next six years. FedEx anticipates completing its modernization efforts by 2025, with significant job creation along the way.
In addition to these projects, VF Corporation announced a significant expansion in West Tennessee in September. The $7.5 million expansion will unfold in two parts and create more than 220 jobs in the region.
VF, an apparel and footwear company with brands like The North Face and Vans, will expand its manufacturing facility in Henning, where it will create 162 new jobs. The company will also establish a new distribution facility in Covington and create 66 jobs in Tipton County.
Cybersecurity firm DEVCON announced plans to locate its headquarters in Memphis and create 160 jobs in Shelby County.
In June, La Vergne-based Lightning Source unveiled plans to establish a new print-on-demand facility in Jackson. Lightning Source, which provides book printing and distribution services for publishers, plans to create 150 jobs at the new plant over the next three years. The facility, Lightning Source’s fifth location in the U.S., will increase its global print-on-demand production capacity.
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