Big impact reported by Chattanooga’s INCubator
INCubator clients and graduates supported 549 total jobs in 2022, garnering nearly $32.4 million in total wages paid to jobs supported.
A recent Younger Associates survey reports that clients and graduates of the INCubator inside the Hamilton County Business Development Center (BDC) generated approximately $73.4 million in economic impact for Hamilton County during the 2022 calendar year.
Of the total projected economic impact last year, approximately $53.3 million comes as the projected impact of operations; $16.8 million is through the projected impact of capital investment in real and personal property, and nearly $3.3 million in the projected impact of venture capital investment.
Over the course of six weeks, the Chattanooga Chamber, which manages the INCubator, surveyed 41 companies (37 clients and four graduates). Typically, more than 50 companies find their home inside the INCubator at any given time. Data collected included employment, wages, type of operations, annual operating budget, recent capital investments, and venture capital raised.
Survey results indicate the INCubator’s economic impact is felt directly and indirectly – whether through money spent by clients and graduates on goods, services, and employees; or, through the spending of local businesses in the supply chain and household spending of people earning income from those businesses.
The summary of businesses surveyed reveals INCubator clients and graduates supported 549 total jobs in 2022, garnering nearly $32.4 million in total wages paid to jobs supported – with surveyed clients earning an average wage of $62,992 and surveyed graduates earning an average wage of $51,446.
“The economic impact of our clients and graduates during 2022 is a testament to the long-standing partnership between Hamilton County and the Chattanooga Chamber in managing the INCubator program at the Hamilton County Business Development Center,” said Charles Wood, Interim President and Chief Executive Officer of the Chattanooga Chamber. “The study shows the significant impact our clients are having on the community and we look forward to seeing them continue to grow and add jobs in Hamilton County.”
Click here to read the full survey.