Justin Bailey, chief executive officer of Realty Executives Associates, has been appointed to Economic Development Council of the Knoxville Chamber. In this role, he will help shape the strategy for Knoxville’s business growth.
“We appreciate Justin’s commitment to advancing Knoxville’s economic prosperity and his leadership in our community,” said Dave Miller, president of the East Tennessee Region of First Horizon Bank. Miller chairs the Chamber’s Economic Development Council.
Bailey said he’s excited to join the regional council. He expects to work on brand messaging, creative execution, analytics and targeting.
“I absolutely have a desire to work on the recruiting of new businesses, but also have a passion when it comes to retaining the businesses we already have. We have incredible businesses who call Knoxville home, and I think it’s vital we spend just as much time making sure they stay here and are happy.”
And he called upon his experience to underscore the point.
“Running a real estate company, you learn that while recruiting new agents is exciting, the less glorious, more important work is in retaining the agents you already have.
“I’d rather lose out on a great prospective company coming to the market, than lose a good company that’s already here. Job growth is phenomenal, but job loss is detrimental. In the end you want both recruiting and retention, not one or the other.”
The Chamber’s recruitment message emphasizes quality of life, a stable workforce and a business-friendly climate. Businesses locating or expanding here have opportunities for incentives from the state, local government and even TVA.
There is no personal income tax, no state sales tax on most manufacturing equipment, no sales tax on raw materials or pollution control equipment. The state offers a jobs tax credit of $4,500 per employee and one percent credit on capital equipment.
Local incentives can include a PILOT tax freeze on a portion of local real and personal property (based on location, total capital investment, net new jobs and wages). Sometimes local government will develop infrastructure to accommodate business development, offer training grants for skilled worker training and even discount land prices for potential businesses.
Sandra Clark is editor/CEO of Knox TN Today Inc.