The development of the corridor
is based on a strong correlation between economic development
and natural amenities. With proper planning and implementation,
economic development and environmental restoration go hand
in hand. Several national and global trends and developments
confirm this close association:
 Economic
Development is of primary importance to the Corridor.
By creating a “world class” attraction, the
thousands of tourists, both individuals and families, who visit the Corridor
each year will require services that equate to additional
revenues for local businesses and governments. Hotels/motels,
restaurants, retail establishments, entertainment and tourist
centers, historical attractions and more, must be made available
to cater to the demands of visitors. In addition, and most
importantly, this new economic activity will spur new industries
into the area, all of which means economic growth for the
people and communities in the Corridor region.
- Quality of life has become a major factor in economic development. It is essential in attracting and retaining a strong workforce, as well as new business. Successful communities and regions are places where people can celebrate and recreate together—places with excitement and vitality. Outdoor recreational activities have emerged as a significant factor in quality of life. Bike routes, greenways, fishing lakes, birding trails, and other recreational activities are no longer luxuries but necessary amenities.
 Interstate
69 will bring a surge of travelers to the region.
If only a small percentage detour off I-69 into the rich
fabric of natural and cultural amenities that the corridor
has to offer, the economic impact will be substantial. Never
more than ten miles from the Corridor, I-69 plays an integral
role in the overall strategic plan. With the proper marketing
and signage, I-69 will become one of the Corridor’s
greatest assets – luring travelers into a unique environment
just minutes from the interstate.
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Economic Impact Analysis
 In
2003 Younger Associates conducted an analysis of the economic
impact of the Corridor Project on the regional economy of
Shelby, Tipton, Lauderdale, Dyer, Obion and Lake Counties,
where the corridor and its visitor amenities are to be located.
The University of Memphis has reviewed and accepted the findings
of the analysis.
For the purposes of the Younger study, activities for visitors to the corridor are projected to include pleasure driving, bicycling, camping, hunting, fishing, wildlife observation, bird-watching and boating. Investment in transportation infrastructure, lodging facilities, conservation and wildlife management areas and other visitor amenities will be required. Estimates of costs were made based upon construction of similar structures, and average roadway building costs as supplied by the Tennessee Department of Transportation. Projections of number of visitors and visitor spending was based upon national travel statistics and comparisons of selected other visitor attractions with similar amenities.
This study is based on Corridor development duration of 20
years.
The findings are as follows:
- Full development of Corridor assets over the 20-year period will have an estimated total investment of $377 million in transportation infrastructure, site enhancements and land acquisitions.
- The regional construction impact of all project facilities will be $423.7 million. This represents a multiplier of 8.9 percent. This impact is a one-time occurrence that will be phased over the projected 20 years required to fully develop the assets of the corridor.
- The following table shows the new annual economic impact from visitor spending for each five-year time period during project development:
| |
Visitor/Days* |
Economic Impact |
Jobs |
| Year 5 |
380,000 |
$16,678,200 |
399 |
| Year 10 |
715,000 |
$57,532,475 |
1,375 |
| Year 15 |
1,830,000 |
$240,956,100 |
5,759 |
| Year 20 |
3,275,000 |
$479,132,500 |
11,451 |
*A Visitor/Day is defined as one person spending one day in the region.
- By the time the corridor is complete in Year 20, the impact of annual visitor spending will be 1.3 times the cost to develop the entire project.
The cumulative total of visitor spending over 20 years is projected to be $13.2 billion.
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Links to Economic Development Organizations
Union City, TN (Obion County)
Reelfoot Lake Area Chamber of Commerce (Lake County)
Dyersburg, Chamber of Commerce (Dyer County)
Covington-Tipton County Chamber of Commerce
South Tipton County Chamber of Commerce
Ripley, TN Chamber of Commerce (Lauderdale County)
Millington, TN Chamber of Commerce
Memphis Regional Chamber
Bartlett Area Chamber of Commerce |
