Today, Oak Ridge has a climate conducive to business, offering a hearty welcome and extensive assistance to new business and industry seeking a friendly and supportive location.
The low tax rate emphasizes the pro-business atmosphere here. The area has a large labor pool, and local educational systems are considered superlative in scientific, technical, and engineering training. Utilities are inexpensive and of high quality, and there is no state income tax. Tennessee is a right-to-work state, and labor-management relationships are excellent.
The city itself has a cosmopolitan air, with residents from across the country and representing several nationalities. Culturally-minded Oak Ridge has a symphony, theater, modern dance, and ballet company, each with a full-time, professional director.
The cost and quality of housing, available across all price ranges, the moderate cost of living, and abundance of recreational and cultural opportunities have served as attractions to newcomers to the area. The city has a moderate, four-season climate. New businesses and industries have found it easy to transfer employees here because of the city’s amenities.
Oak Ridge has a large labor pool of more than 300,000 people; of these, usually there are about 20,000 people available to be trained for work with private industry. This labor force is low-cost, including fringe benefits. Skills range from low skill levels to high-tech. The area productivity rate exceeds the national average, and turnover rates are between 2 and 3 percent. Unions, while present, historically have not been disruptive. Labor availability prevents area wages from being artificially inflated by existing government facilities.
Local education systems are assets to any new business or industry. The Oak Ridge school system is ranked first in Tennessee and in the top five in the Southeast. A new $30 million local Pellissippi State Technical Community College offers up-to-date technical training for industry. The University of Tennessee (UT) at Knoxville, the state’s flagship institution, has a Computer Integrated Manufacturing facility on campus to enhance engineering programs.
UT has also dedicated multi-million Chairs of Excellence in microelectronics and electrical engineering. Such educational facilities, along with the Oak Ridge National Laboratory and the state of Tennessee Industrial Services, provide the most comprehensive approach to serving industry in the Southeast.
As a technology center, Oak Ridge is home to one of the nation’s premier national laboratories. The Oak Ridge National Laboratory has more than 5000 highly trained scientific and technical personnel working on hundreds of research projects with technology transfer potential. In addition, the Y-12 facility has some of the most sophisticated advanced machining capabilities in the world. These capabilities are currently available for transfer to the private sector. A number of license and patent transfer opportunities from both of these facilities are available for technology companies to consider.
Oak Ridge is also a key element in the Oak Ridge Technology Corridor, extending from Oak Ridge to the vicinity of Knoxville’s major airport and encompassing extensive land tracts suitable for a wide variety of industrial uses. The corridor is a high-technology industrial development area which capitalizes on the area’s strong technical and scientific base.
Oak Ridge is centrally located to 80 percent of the U.S. market place. The city has a comprehensive support and supplier base, along with convenient interstate access. Knoxville’s McGhee-Tyson Airport, which has complete commercial air service, is only a 25 minute commute now via the Pellissippi Parkway connector.
New business and industry will discover that business and government--city, county, and state--work together in Oak Ridge. The city tax rate is $1.51 per $100 of assessed value, and utility rates are below those of other southeastern states. the environmental approach is pro-business in a community accustomed to such issues. The city approaches industry with an attitude expressing, We want you in Oak Ridge.
The city’s current population is approximately 28,300. Four out of five residents age 25 and older are high school graduates, a significantly higher number than in surrounding areas. Median household effective buying income is also higher here, with more than 38.6% of the households having an effective buying income of $50,000 or more.
In summary, Oak Ridge offers a host of advantages for businesses and industries seeking a new location. It is an excellent low-cost location to conduct high-technology business in a productive atmosphere. Excellence of educational facilities, availability of a labor force and the city’s quality of life all combine to make Oak Ridge an attractive location.
