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Canada Business News and Press Releases
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(I-Canada-News.Com, June 09, 2013 ) Calgary, Canada -- The Chattanooga, Tennessee Volkswagen plant has reported an excess of its original estimates for the contribution to the surrounding community.
The good news highlights the importance for the area to attract the direct investments of foreign companies and investors into the community itself. That means getting any interested investor, be they from the farthest corners of the United States, or on the other side of the globe.
A recent study noted that the plant has shown numbers of its exceeding beyond the predictions that were put out in 2011 by the German company.
Professor William Fox, who is a professor at the Center for Business and Economic Research at the University of Tennessee Knoxville, took his research 112 miles southeast in order to see exactly what effect the Volkswagen investment had created.
His study found that there are 2,415 workers employed at the plant who earn an average of $50,000 each year. That tally includes overtime and benefits, along with bonuses. The initial projection that was estimated by for employment by the company were set at 2,000. The positive turns in the U.S auto market has created an opportunity for such gains, according to fox.
“Volkswagen’s employment mirrors the pattern that Tennessee has had with other automobile plants where employment exceeded the totals discussed when the plant was announced,” Fox said in the study.
The presence of the company in the Tennessee city means 170,000 residents are indirectly employed, with a 9,985 individuals through the relationship of local suppliers Volkswagen enjoys.
The factory itself creates $643 million in annual income for those involved in the company. There is $159 million utilized for paid wages, while its annual tax bill is broken into $31.2 million for state $22.3 million for the local treasury, according to the study.
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