White House touts billions in federal, private investments in Tennessee

President Joe Biden's chief economic advisor met with Nashville community leaders and reporters to tout federal investments in electric-vehicle and battery manufacturing and technology industries on Tuesday.

Cecilia Rouse, chair of the Council of Economic Advisers, said the combined impact of Biden economic initiatives since 2021 spurred $15 billion in private investment across Tennessee.

"Tennessee’s a great example of the president’s economic plan in action – attract private investment and create regional industrial hubs, including in Tennessee, for high-wage, high growth industries of the future," Rouse said. "In 2021, Tennessee’s overall economy grew 9% in real terms − the fastest rate in four decades. In the first three quarters of 2022, Tennessee’s GDP grew more than 2 percentage points faster than that of the US economy as a whole."

Nashville Mayor John Cooper and two American Rescue Plan beneficiaries praised the bill for contributing millions of dollars toward the Darrell S. Freeman Sr. Incubation and Innovation Center at Fisk University, and to help small business owners including Michael Turney, who runs Papa Turney's BBQ.

"American Rescue Plan dollars have helped Nashville with our biggest challenges," Cooper said. "Taking our cues from the Biden administration, Nashville is focusing on working families. We can make the necessary investment needed to jump-start our plan (to reduce homelessness). And we are inspiring the next generation of entrepreneurs. This will bring opportunities to traditionally underserved communities."

Rouse also highlighted Biden's Creating Helpful Incentives to Produce Semiconductors and Science Act of 2022, or CHIPS Act, which she says will help stressed supply chains. The Bipartisan Infrastructure Bill is financing large initial investments in electric-vehicle industry manufacturing across the state as part of the $550 billion spending plan.

In addition to under-construction General Motors' Ultium electric vehicle battery factory in Spring Hill and Ford's $5.6 billion BlueOval City campus near Memphis, a massive network of suppliers is developing.

Lithium hydroxide and other battery parts used by electric-car makers like Tesla will be produced by three new factories funded with $2.8 billion in federal grants.

Rouse also acknowledged ongoing economic challenges in the nationwide digital-industrial transition.

"Inflation remains elevated," Rouse said. "China’s COVID policy continues to place pressure on global supply chains. And the longer Russia continues this war in Ukraine, the longer the pressures on energy and food prices persist. In Tennessee, as elsewhere in the United States, increasing the size of our workforce remains a challenge. President Biden recognizes both the tremendous progress and the remaining work to be done. He is focused on lowering costs for Americans while transitioning our economy to one that works for all Americans."

This article originally appeared on Nashville Tennessean: White House touts billions in federal, private investment in Tennessee