economy Archives - Oak Ridge Today

20th Anniversary Tennessee Valley Corridor Summit at ETSU May 27-28

Posted at 9:29 pm March 29, 2015
By Oak Ridge Today Staff Leave a Comment

Submitted

The Tennessee Valley Corridor will hold its 20th Annual TVC National Summit in Johnson City at East Tennessee State University on May 27-28.

The Summit will be hosted by ETSU President Brian Noland, in cooperation with Congressman Phil Roe, with the theme “Education Fuels the TVC Economy.”

“From our region’s community colleges to our outstanding four-year universities, the Corridor has a strong foundation to prepare the next generation of the workforce,” Roe said. “As co-chairman of the Tennessee Valley Corridor Caucus, I look forward to sharing some of the work that is ongoing in Congress. The Summit will look at education from the business and industry perspective and discuss how to ensure the workforce has the skills they need to find quality jobs at home, and how our educational institutions can partner with businesses and organizations for better success, which is critical for us all to learn about.” [Read more…]

Traffic Safety, Environmental Advisory board member running for City Council

Posted at 9:42 pm October 24, 2014
By Oak Ridge Today Staff Leave a Comment

Aditya “Doc” Savara

Aditya “Doc” Savara, a member of two city boards, is running for Oak Ridge City Council in the November 4 municipal election.

In a press release, Savara said he has been involved in local politics during the past two years and served on the Traffic Safety Advisory Board and the Environmental Quality Advisory Board. Savara said he has attended and commented during public comment periods at City Council meetings, is knowledgeable about the issues facing the city, and has been vocal about them.

“In 2012-2013, an ordinance came before Oak Ridge City Council regarding whether property owners Jack and Myra Mansfield could build a single home on their property in a neighborhood zoned as R1, for single-family dwellings,” Savara said in the release. “Adjacent homeowners asserted property values would drop if the Mansfields were allowed to build a home on the open space. I pointed out that the neighbors could have bought the open property themselves if they wanted to keep it as open space. I stated that the neighbors didn’t want to buy the cow, but wanted to have the milk for free, and that it was not too late for the neighbors to make the Mansfields a fair offer. [Read more…]

Letter: Two greatest tasks—protecting taxpayers’ purse, public services

Posted at 3:05 am August 5, 2014
By Oak Ridge Today Letters Leave a Comment

To the Editor:

When “how things are” and “how things can be” come together, growth occurs. However, not acknowledging “how things are” denies the opportunity for growth.

I wish to speak to you as if we were face to face. Whether you may agree with what I say or not, you will know that I am speaking from my heart. I want to talk about Oak Ridge because it is something that I am personally very passionate about.

The scientific achievements from Oak Ridge are extraordinary, with some of the best research in the world developed here. I am very proud of Oak Ridge and our contributions to the world. Whether exploring the deep structure of matter or the genetic code, our scientists are leading the way. But, we must confront the hard truth that we can no longer count on the federal government to carry us through. For decades, we have been avoiding this and other avenues of development. We’re starting to make progress but still have a long way to go. We need to create a balanced economy that will provide prosperity and economic security for the people of Oak Ridge and Anderson County. [Read more…]

Free screening of ‘Inequality for All’ to honor International Women’s Day

Posted at 10:10 pm February 23, 2014
By Oak Ridge Today Staff Leave a Comment

Robert Reich

Local organizations are offering a free March 7 screening of “Inequality for All,” a documentary that features former U. S. Secretary of Labor Robert Reich, in honor of International Women’s Day 2014.

Reich’s award-winning documentary focuses on the widening income gap in America, a press release said.

The screening is scheduled from 1 to 4 p.m., Friday, March 7, in the City Room (A-111) of Roane State Community College at 702 Briarcliff Ave. It’s sponsored by Women’s Interfaith Dialogue, the League of Women Voters, Altrusa International, and the Sisterhood of the Jewish Congregation, all of Oak Ridge.

The release said Reich uses humor and a wide array of facts to explain how income inequality and the shrinking middle class affect everyone and have implications for the future of democracy, the economy, and the nation. The film premiered at the 2013 Sundance Film Festival, winning the Special Jury Prize. It was recently released in theaters nationwide and has now been made available for educational screenings. [Read more…]

UT report to governor: Economy to see stronger growth in 2014 and 2015

Posted at 9:59 am January 31, 2014
By University of Tennessee Leave a Comment

Matt Murray

KNOXVILLE—After five years of sluggish recovery, the U.S. and Tennessee economies are poised for strong growth in 2014 and 2015.

Despite the slow pace of the recovery, many indicators—including an increase in consumer confidence, rallying stock market prices, and rising home prices—point to brighter growth prospects in the quarters ahead, according to the forecast in the 2014 Economic Report to the Governor of the State of Tennessee, released Friday.

The study, prepared by the Center for Business and Economic Research at the University of Tennessee in Knoxville, predicts the course of the state and national economies by examining many fiscal factors and trends.

Household net worth grew by almost 10 percent in 2013, surpassing its pre-recession level for the first time. [Read more…]

Guest column: Selling Oak Ridge to the DOE workforce

Posted at 1:18 am September 30, 2013
By Oak Ridge Today Guest Columns 37 Comments

by David Stanley

Our city urgently needs to market Oak Ridge to the local U.S. Department of Energy workforce. That workforce brings a billion dollar payroll into East Tennessee each year. Unfortunately, the Oak Ridge economy sees very little of this money.

Over the last two decades, the erosion of DOE residency has cost the City of Oak Ridge a great deal of payroll. The problem looks even worse when one considers the concurrent payroll increase of our city’s competition. For example, over those two decades the gap between the annual Oak Ridge and Knox County DOE payrolls grew by $130 million dollars. That’s just the growth in the gap. The total gap in DOE payroll between Oak Ridge and Knox County is now approximately $270 million dollars per year.

No wonder Turkey Creek and so many new housing developments have gone over there. That’s where the DOE payroll went! [Read more…]

TVC Summit next week includes House majority leader

Posted at 6:15 pm May 22, 2013
By Oak Ridge Today Staff Leave a Comment

Eric Cantor

Submitted

Business, community, and political leaders and senior decision-makers will convene at the 2013 Tennessee Valley Corridor Summit next week to discuss issues that are critical to the economic engine of the Tennessee Valley, a press release said.

Hosted by Third District Rep. Chuck Fleischmann, the two-day meeting themed “Securing America’s Future” will focus on energy and environment, innovation and entrepreneurism, public and private partnerships, and advanced manufacturing, the release said.

The Summit will be held at the Y-12 National Security Complex’s New Hope Center in Oak Ridge on May 29-30. [Read more…]

Guest column: The velocity of money is 70 mph

Posted at 9:58 am March 5, 2013
By Oak Ridge Today Guest Columns 34 Comments

By Pat Fain and Leslie Agron

The usual theory behind economic development for a community is that the local economy is too small. So, economic development experts seek to bring in new companies, especially industrial ones, to enhance that economy. The theory is that increased local purchases by new companies and their employees are multiplied several times as the money spreads throughout the community. Every additional purchase results in additional sales tax from the same original dollar that exited the new company. Companies that manufacture goods or provide services externally have the greatest value theoretically as they actually bring new money into the community. The rate at which this happens is called the velocity of money.

In Oak Ridge, however, the size of the economy that occurs within our city limits is enormous for our population. The problem for Oak Ridge is that much of that economy occurs within non-taxable institutions and the vast majority of their staff does not live in Oak Ridge. Thus, in Oak Ridge the velocity of money is 70 mph—the speed at which those folks are cruising down Interstate 40 on Friday evening as they take their paychecks home!

[Read more…]