Tennessee receives economic development honor

Tennessee receives economic development honor

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NASHVILLE (AP) - Tennessee has been named the "2013 State of the Year" by a national economic development publication.

Business Facilities magazine picked the state after evaluating its top five economic development projects for the number of jobs created and amount of capital invested from October 1, 2012 through October 31, 2013.

Those projects created a total of 6,900 jobs, $3.2 billion in capital investment and included seven expansions and three new recruitments.

However, the state's most recent unemployment rate of 8.1 percent is above the national rate and its revenues have been sluggish.

Through the first five months of the current budget year, general fund revenues were running $175 million below expectations.

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