Ever the optimist, Gary A. Taylor, president of Gary A. Taylor Investment Company, continues to see growth in Jackson’s future, but he also is throwing caution to the wind.
“I see a lot of progress right now,” said Taylor, “Apartment buildings, hotels, that are currently under construction, but what you are going to see next year is – apartment (construction) will slow, housing will slow, and hotels not be constructed, because of interest rate increases.
“This next year we are preparing for a slow down.”
Taylor, who has developed 3.5 million square feet of retail space in Jackson, served as guest speaker at the Old Hickory Rotary Club of Jackson’s weekly meeting at the DoubleTree by Hilton Hotel, Monday.
“The struggle I have with inflation … is more about energy and groceries,” Taylor said, “If the government does not turn on the Keystone pipeline, I see no way possible for energy prices going down, which will affect inflation.”
Keystone XL was halted by owner TC Energy after President Joe Biden revoked a key permit needed for a U.S. stretch of the 1,200-mile project in June 2021.
The Keystone XL pipeline was expected to carry 830,000 barrels per day of Alberta oil sands crude to Nebraska.
At the department store level, Taylor said retail is shrinking and distribution is increasing.
“We know who changed that … Amazon,” Taylor said, “Things have changed dramatically the last 20 years. COVID accelerated the revenue of Amazon double in the last four years, and more people are buying off Amazon.”
Taylor said some national retailers who lease property from him in Jackson, are putting out feelers to help lease space no longer necessary in their facility.
“If you don’t change the way business is being done you will not survive in this environment today,” Taylor said, “Interesting, you can draw a circle around Jackson – a 500-mile radius – and you are going to hit 80 percent of the population in the U.S.
“This is a great advantage for Jackson.”
Taylor said Interstate 40 became a key player for Memphis and Nashville, which have become two high level areas for distribution.
Construction began on I-40 in 1954, but Taylor said it was the locomotive that jumpstarted Jackson.
“The railroad system put Jackson on the map,” Taylor said, “There was also Route 1 Highway which is now Highway 70, a gravel road that ran from Memphis to Bristol. There was also the development of Highway 412.”
Taylor incorporated the arrival of BlueOval City and mentioned what he sees in the future for the city and county.
“BlueOval City will provide about 6,000 jobs in 2025, and another 6,000 to 10,000 jobs from second and third tier suppliers,” Taylor said, “Jackson is well positioned for a two-to-three percent growth as a community can properly plan out the development of housing and commercial needs … I’m betting on Jackson.”
(PHOTO: Gary Taylor, right, president of Gary A. Taylor Investment Company, visits with, from left, Bob Arrington, Andy Hall, Jack Holmes and Dr. Charles Baldwin, at the Old Hickory Rotary Club of Jackson’s weekly meeting at the DoubleTree by Hilton Hotel, Monday)
