Knoxville Chamber Launches The 2030 Protocol

New business-led economic direction designed to drive community to computing-focused future

Today the Knoxville Chamber announced the launch of a new business-led strategic economic direction called The 2030 Protocol, with the goal of creating a computing-focused economic environment that positions Knoxville* to successfully leverage the impending industrial revolution. The initiative comes in response to a large number of local businesses pushing for better preparation as the Imagination Age approaches. The specifics of the strategy grew from the Knoxville Chamber’s drive to transition Knoxville’s economy as announced at the end of 2022.

“The world is on the cusp of a monumental economic evolution, and to be frank, Knoxville is not prepared for it,” said Knoxville Chamber President and CEO Mike Odom. “All our research and analysis points to a future driven by computing-centric talent and companies. If we wait for that future to be the present, it will be too late. We must begin implementing the elements necessary now to ensure that our economy doesn’t fall behind. Essentially, what has gotten us to today will not get us to tomorrow. The 2030 Protocol is designed to be a catalyst to ensure that Knoxville is a place that our children and grandchildren want to be.”

The 2030 Protocol conveys the talent, infrastructure, and business climate elements needed for the community to reach its full economic potential and significantly raise its average annual pay (AAP), which in Knox County is currently less than $60,000 per year. According to chamber analysis, every $1,000 AAP increase equates to $1.8 million in new economic impact.

A major aspect of the initiative is a focus on increasing the pipeline of computing talent in the region. The 2030 Protocol specifically asks local institutions – namely, The University of Tennessee, Knoxville; Pellissippi State Community College; and Knox County Schools – to focus their efforts on increasing enrollment in key programs and integrating more computing- and entrepreneurship-related programming into their curricula. In addition, the new direction pushes for the needed physical space and infrastructure to support computing-related talent and business growth.

The impetus for this effort is Knoxville’s lagging growth in key areas as compared to its peer communities. Examples include the aforementioned average annual pay rate as well as the 25-to-54-year-old age demographic. In addition, Knox County is projected to potentially lose nearly 90,000 jobs to automation by 2030 according to the McKinsey Global Institute.

The strategic approach recognizes the importance of building a skilled workforce that can meet the demands of the evolving job market. According to U.S. Bureau of Labor Statistics, overall employment in computer and information technology occupations is projected to grow much faster than the average for all occupations between now and 2032. Plus, the median annual wage for that group was $100,530 as of May 2022, over thirty percent higher than the average annual pay of Knox County.

Designed to fundamentally change the fabric of Knoxville’s economy, The 2030 Protocol seeks to advance Knoxville from good to great. Investing in computing talent does more than meet the current needs of businesses but also future-proofs Knoxville as automation and artificial intelligence continue to reshape industries and job markets. The chamber intends to act as a guidepost for the initiative, advocating for the completion of the individual strategies, supporting the organizations spearheading the action, and keeping stakeholders informed of progress toward the unified goals. The chamber will also continue to execute on its current efforts that support this transition. These include retaining and recruiting experienced talent, increasing the number of skilled tradespeople, and supporting the growth of housing and childcare availability.

By fostering a robust ecosystem for computing talent, Knoxville can benefit from the multiplier effect that these individuals have on a local economy. Highly skilled professionals in the technology sector not only contribute directly to innovation and productivity, but also support the development of a thriving tech community that attracts entrepreneurs, investors, and businesses looking to capitalize on a talented workforce. The influx of human capital fuels economic growth and can drive higher wages, ultimately leading to a more prosperous and sustainable economy.

Over forty local businesses have indicated their support of this new direction:

Area organizations and institutions are encouraged to review the full list of strategies here and advocate for their implementation over the next six years. Garnering further support from the business community and presenting a united front is pivotal in the path forward.

Knoxville Chamber stakeholders can expect to see elements of The 2030 Protocol reflected in its new five-year strategic vision that will be announced next year as Path to Prosperity sunsets.

For more information about The 2030 Protocol, visit the2030protocol.com.

*Knoxville is used to signify both the City of Knoxville and Knox County interchangeably unless otherwise noted.