It’s a Numbers Game – Economic Update from John Duncan
Data and information are critically important components of our daily lives. How many times have you thought or heard a form of this: “What does the data say? What do the numbers suggest? Have you run the numbers? Better living through data. It’s a numbers game.” In economic development, the numbers are vital. Almost daily, I am sharing demographic details, incentives feedback, competing cities comparatives, tax information, commute times, education profiles, ACT scores, proximity to assets info, and a handful of other data sets. The data and information tell a story, and in economic development recruitment, storytelling is the name of the game. Let me share some numbers with you and tell the compelling story behind them.
$76M: Seventy-six million… that’s a big number. What does it mean? What does it represent? $76M is the total capital investment in land, buildings, and tangible personal property (computers, furniture, equipment, etc.) that our five key business partners, Helena Agri Enterprises, MCR Safety, Orgill, CCL Label, and Mueller Industries (excluding FedEx WTC, and we will get to them in a minute), have made in our community. In order for these top flight organizations to receive tax incentives, they had to make not only a commitment to a certain level of high paying jobs, but also a commitment to fully invest capital in our Town. These capital investments in land, buildings, and personal property will ultimately be taxed, providing the fuel that will continue to sustain our community. We value these strong corporate partnerships.
3,600+: 3,600+, another big number. As we have shared here before, Collierville is a burgeoning corporate campus expansion and relocation destination. Between FedEx World Technology Center, Orgill, Helena Agri Enterprises, JuicePLUS, MCR Safety, and Mueller Industries, there are over 3,600 high quality corporate headquarters jobs in town. This impacts and influences residential real estate, retail sales tax revenues, and future expansions. Collierville is an excellent community for these organizations to recruit to and retain from. With over 400 acres of developable land zoned for office in a town with an established corporate campus base, you can expect continued corporate HQ projects moving in our direction.
10,000 PER YEAR: We are proud of our relationship with FedEx, especially the leadership and team at the 1.2M square foot, 2,500 employee World Technology Center on Bailey Station. FedEx WTC moved to our community in the late 90s and their positive impact on our Town continues today. Did you know that FedEx WTC receives over 10,000 non-badged visitors per year? Do the math… that’s over 800 people per month coming to Collierville, staying in our hotels, dining in our restaurants, and shopping at our stores. That’s economic impact! Additionally, with 2,500 employees maintaining average salaries in the high $90k range, over $200M in payroll moves throughout our town on a daily basis. Also, approximately 700 of the 2,500 employees live in Collierville. With median home values currently sitting at $300k, that’s over $200M in residential home values.
53% & 33%: The I-69 federal highway system runs from Port Huron, MI to Brownsville, TX, with the geographic midpoint being Collierville, TN. Now that the I-269 component of that system is open through our Town’s southeast zone, running West to I-55, you will soon see elevated development activity in that part of the community. What will the impact be? By 2020, it is projected that 53% of the truck borne traffic out of Mexico and 33% of the truck borne traffic out of Canada will utilize the I-69 system. Collierville’s proximity to the economic network (roads, river, rail, and runway) strategically positions us for transportation related economic development for years to come.
24: Speaking of proximity to the economic network, Collierville is a mere 24 minutes to the FedEx Ground Hub in Olive Branch, MS. Can you say E-Commerce?! The FedEx Ground Hub can handle packages up to 150 pounds. Consequently, e-commerce companies will utilize FedEx’s services to quickly and efficiently move products to their clients. Our location, at the crossroads of I-269 / SR-385 / US 72, allows uncongested and timely access to this vital asset. With over 300 acres of developable land zoned for industrial uses (warehouse & logistics) at this crossroads, e-commerce related organizations will be looking to place facilities in Collierville.
7 WALMARTS: What in the world does that represent? In 2018, commercial development projects either announced, started, or completed, represent over 700,000 square feet of space. With the average Walmart store being approximately 100,000 square feet, the 2018 development impact is the equivalent to 7 Walmarts! Our dynamic community is obviously a place where developers and organizations desire to invest. Our strong demographics, growth projections, first class amenities, award winning schools, excellent parks & trails, educated workforce, low crime, and updated infrastructure positions us for many more “Walmarts” to be developed in our Town. What do the numbers tell us? Collierville, Tennessee is one of the most dynamic communities in the nation.
John D. Duncan
