The City of Columbia, TN Poised to Continue Impressive Growth, New Development & Redevelopment
The article below from the Tennessee Department of Economic and Community Development (ECD) is exciting news for Tennessee, but underscores an even more impressive story for the City of Columbia. With over 10% growth in local sales tax collections for the year compared to one year ago, the City of Columbia can actually boast leading the State in sales tax growth year-to-date, Columbia’s increase higher by more than 2.2% to date.
For more on the Forbes Magazine piece, go to http://www.forbes.com/sites/rexsinquefield/2016/06/20/800-million-payoff-thanks-to-tennessee-tax-structure/#7fe0760c2094.
The City of Columbia continues to experience a record-breaking year for increased sales and business activity. Increased business and economic development are evidenced by numerous indicators and experiences over the course of the last 12 months. Several specific, key indicators during the last year alone illustrate the direction trends going back years are bringing the city in terms of new opportunities for Columbia citizens, businesses and visitors.
As of June 2016, the last month of the current fiscal year (FY 2016), local sales tax receipts brought a whopping 10% in the growth of local sales tax collections compared to one year ago and more than 18% compared to the same period two years ago. As the city approaches the end of FY 2016, the historic record-breaking sales tax year has witnessed more than $9 million in local sales tax collections within a single year for the first time ever.
Examples of ongoing increases in business growth and development during FY 2016 highlight the high-level of private sector investment in Columbia. Local economic development and growth has been diverse, including a range of industries and commercial activities. A high level of residential development is demonstrated by both the number of single and multi-family housing building permits issued as well as the growing increase in valuation per unit. Various manufacturing sector enterprises have expanded, opened and relocated in Columbia over the last 12 months. Retail sector growth has also proven diverse and includes both local and national retailers, offering a range of goods and services.
Other ventures include development by National HealthCare Corporation (NHC), who broke ground on a new skilled nursing facility in July 2015. The new NHC-Maury Regional Transitional Care Center will open in fall 2016, offering skilled nursing care at the 104 bed facility and will create 125 new jobs. The NHC center represents $18 million in capital investment locally. Anew call center operation also began plans to expand as a result of the city’s strong, growing local economy and solid workforce readiness. Combined with State of Tennessee location incentives, Sleep Solutions and Services, LLC (S3) located in Columbia and invested $3.6 million locally, one of a number of new, large business entries providing new job opportunities to Columbia residents.
A snapshot of recent events and announcements is telling: a continued string of business openings and announcements in Downtown Columbia and other locations citywide have continued to fill the Columbia Daily Herald throughout the last 12 months, as the growth of local and national retail businesses continues from the North- to South-side of the city. A new Hyundai dealership plans a ground-breaking ceremony on Monday, June 27, two new hotels will be built on the I-65 Bear Creek Pike exit, a Dunkin’ Donuts is building a second store on Nashville Hwy, and Dairy Queen is nearing completion of a new store to note a few examples.
Local business expansions include Puckett’s plans, nearly complete, to build a creamery to serve Downtown Columbia patrons and supply the chain’s other locations in the Middle Tennessee region. Muletown Coffee opened a second store on Hampshire Pike within the last six months. Finally, the By-Pass Deli recently announced plans to open a new restaurant location in Columbia.
The City of Columbia Department of Development Services supports prospective, new and expanding businesses by providing a one-stop shop for building and development assistance to local and out-of-town business owners and developers interested in operating in Columbia. The increase in local sales tax revenue, over 10% higher than a year ago as previously noted, follows from continued new development and growth of new and existing businesses. Business growth and development has a positive impact on employment. As business activity grows, new jobs are created or hours worked increase due to new demand for more labor. Unemployment has continued to drop over the last 12 months. The most recent figures from the Tennessee Department of Workforce Development shows that the unemployment rate for May 2016 dropped as low as 4% unemployment. A 5% unemployment rate is considered normal or “full employment” by economists.
The future remains a mystery, though the coming fiscal year starting July 1, 2016 is expected to bring continued good fortune to the City of Columbia. A range of city infrastructure projects, capital improvements, rising levels of private investment and a strengthening local economy all create an economic environment that presents new opportunities and more choices in the private goods and services available to citizens, businesses and visitors. Non-profits, for profit museums and attractions and partners from the state and county will also continue to provide key services that citizens and visitors have come to appreciate and enjoy. Regarding municipal services, recreation and other city-provided amenities, the City of Columbia will continue to ensure that city maintains its position as the most noteworthy, up-and-coming destination in the region to live, work and play.
“Something good around every corner.” -City of Columbia motto
