Oracle Invests $1.2 Billion and Brings 8,500 Jobs to Nashville
Oracle Corporation announced in the summer of 2021 that it would be bringing 8,500 jobs to the Nashville area. According to information from the public hearing, the company requested approval of an Economic Impact Plan with the Metro Industrial Development Board.
Although the information still requires some finalization, the goal is to bring $1.2 billion in total investments with employment opportunities by 2031. The average salary for those positions would be $110,000.
Oracle believes that up to 11,500 support positions would get created by bringing this opportunity to Nashville, along with up to 10,000 temporary jobs in support services and construction.
The Potential Capital Investment Includes $175 Million
Oracle could potentially invest up to $175 million in public infrastructure as part of this deal. That means the taxpayers would receive benefits from this expansion without having a more considerable debt burden to manage.
The proposed plans from Oracle include brownfield remediation, a riverfront park, a sewer pump station, and a new pedestrian bridge over the Cumberland.
Nashville is the city of choice because of the world-class educational institutions that operate here. Oracle notes that the talented workforce, combined with a diverse population, creates a quality of life that remains high while remaining affordable.
The proposed hub would join others in Seattle, Denver, Orlando, and several other cities. Once completed, the facility would be twice the scale of the Music City Center.
Half of Oracle’s future property taxes would reimburse the company for its upfront infrastructure investments without interest. The other portion would go to the city’s general operating fund.