12,400 new jobs added by Volkswagen, according to UT study
A University of Tennessee study released today focuses on the economic impact of the Volkswagen Chattanooga assembly facility on the Tennessee Valley.
According to the study, 12,400 full-time equivalent jobs have been created by the plant, and is responsible for $643.1 million in annual income.
Jobs have ramped upward as production increased.
State and local governments benefited from Volkswagen's arrival as well; Tennessee received $31.2 million in additional revenue, and local governments in the state received $22.3 million in additional revenue related to the automaker.
The study continues, stating that Volkswagen directly employs 2,415 people, and pays $159.2 million in direct income to its employees, which does not include fringe benefits.
In 2012, Volkswagen purchased $233.6 million from Tennessee-located companies, which represents over 60% of VW's total supplier purchases.
All job types paid directly by Volkswagen earn at least $50,000 annually on average, including bonus and overtime, according to the report.
Volkswagen's role in the community is also cited, noting the contributions made to Red Cross, March of Dimes, Urban League, and the Land Trust.
Finally, VW commitment to environmental concerns are also mentioned; the wastewater savings, sustainably designed paint shop and the LEED Platinum Certification.
The report was prepared by William F. Fox and William Hamblen of UT's Center for Business and Economic Research.
READ THE REPORT | Economic Impact of the VW Assembly Plant 2012