Cooper Steel

Thanks to a $13,000,000 allocation (TIF’s largest investment from CY22 Allocation) from The Innovate Fund, the rural city of Shelbyville, TN will soon experience a major influx in quality, accessible jobs. Cooper’s Steel Fabricators, Inc. (“Cooper Steel”) is a family-run company that specializes in steel fabrication and erection; and the business will use TIF financing to expand their 280,000 SF Shelbyville facility. As one of the top 5 structural-steel fabricators in the country, Cooper Steel is a major generator of local jobs and is integral to the region’s economic framework.

Once the expansion is complete, Cooper Steel will have created/retained 333 permanent jobs. All the positions will be considered quality jobs with starting salaries that are 50% higher than the local MIT Living Wage. Additionally, all positions will include a full suite of benefits that include healthcare, retirement plans, and PTO. Cooper Steel also goes above and beyond to create quality working conditions such as fully air-conditioned fabrication facilities. Of these positions, 302 (or 91%) will be accessible to low-income residents with minimal education or experience. Instead of requiring a college degree, a vast majority of new employees will only need on-the-job training and are paired with senior-level employees for mentorship and coaching. The new expansion will facilitate this process by including worker-oriented spaces, such as an office designated for employee training. This accessibility further extends to career advancement as well, for Cooper Steel prefers to promote internally based on individual skill and potential.

Despite the demonstrable need for Cooper Steel’s expansion, the project was nearly jeopardized by the nation’s rising interest rates, which quickly inflated construction costs beyond the initial budget. Without TIF’s investment, the project would have been reduced in scope, and the positive impacts that residents and workers would receive through the company’s creation of quality, accessible local jobs would have been greatly minimized or delayed. However, with TIF’s $13MM allocation, Cooper Steel will be able to finance the $48.9MM project in its entirety. 

This new expansion will now provide significant economic relief to Cooper Steel’s non-metro community, in which the lack of local employment opportunities has led to a 14.5% Poverty Rate and a Median Family Income only 78.7% that of the state’s MFI. Once fully operational in May of 2025, Cooper Steel will not only have created/retained 333 permanent, full-time jobs but will have also induced an estimated $18.5MM of additional earnings throughout the region and catalyze further growth for Shelbyville, TN.

“The NMTC program is connecting Cooper’s goal of community impact with the local need for quality jobs and providing entry-level, low-income workers of this community with opportunities to make above average wages now while training for future advancements in their careers.”

-Gary Cooper, CEO and Chairman of the Board for Cooper Steel