Jamie Stitt
Assistant Commissioner, Business and Workforce Development
Tennessee Department of Economic and Community Development
312 Rosa L. Parks Ave., Nashville, TN 37243Warning: Illegal offset type in isset or empty in /home/tnecd18wp/public_html/wp-includes/capabilities.php on line 553
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We Proudly Serve the World.
We’ve created an environment unbound by state borders. No other state is more competitive in recruiting foreign direct investment or in exporting products enjoyed the world over. We’ve established resources that make Tennessee accessible to any international market.
We’re in it for the long term. By investing in a broader international footprint, we’ve ensured that Tennessee is firmly entrenched in the new global economy.
The Volunteer State is home to 1,000+ foreign-based businesses that have invested over $38.5 billion in capital and employ more than 140,500 Tennesseans. Tennessee continues to proactively identify and recruit new foreign direct investment (FDI) to the state alongside efforts to increase Tennessee exports. Our state has offices courting foreign direct investment in Japan, South Korea, Ireland, France, Spain, Austria, Germany, Switzerland, Italy, and the United Kingdom. We work closely with our federal partners to promote exports, which totaled more than $31.0 billion in 2019. This investment demonstrates Tennessee’s commitment to competing globally for business and jobs, which is not something that most states can claim.
In 2019, the Tennessee Department of Economic and Community Development received 34 project commitments from foreign-owned businesses, resulting in 4,428 job commitments and $1.4 billion in capital investment. This FDI accounted for nearly one-third of all Tennessee’s new jobs committed in 2019 and 45 percent of all capital investment committed in the state. These major foreign projects included German-owned Volkswagen (1,000 new jobs, $800 million in capital investment), Korean-owned Hyosung Heavy Industries (410 new jobs, $86.9 million in capital investment), German-owned STULZ Air Technology Systems (250 new jobs, $2 million in capital investment), and Chinese-owned Global Track Manufacturing (250 new jobs, $2 million capital investment).
We believe in high expectations, low debt and a pro-business regulatory environment. Tennessee is proud to be a right-to-work state with no personal income tax on wages. Our state and local tax burdens are some of the lowest in the country. We have the lowest debt per capita among U.S. states and Tennessee’s budget operates with a healthy surplus.
Quick Facts
1000+
Foreign-based establishments in Tennessee
140K+
Tennesseans employed by foreign-based establishments
$38.5+
Billion in capital invested in Tennessee by foreign-based establishments
#2
In the U.S. for FDI job creation (2018)
Volkswagen
Beretta
Wonder Porcelain
Bridgestone
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Top Exported Products
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Commodity NAICS 2015 2016 2017 2018 2019 Medical Equipment & Supplies 3391 $32,616,848,576 $31,475,693,731 $33,232,790,626 $32,710,532,911 $31,068,109,626 Motor Vehicles 3361 $3,334,677,939 $3,335,705,958 $3,434,036,106 $3,344,356,373 $3,928,533,144 Navigational/Measuring/Medical/Control Instrument 3345 $2,708,558,521 $2,646,528,235 $2,888,117,631 $2,896,874,011 $2,570,737,379 Motor Vehicle Parts 3363 $1,802,447,131 $1,870,780,557 $1,943,251,460 $2,103,237,491 $2,120,638,417 Basic Chemicals 3251 $3,130,569,590 $2,970,424,583 $2,712,290,264 $2,366,514,546 $1,997,253,489 Resin, Syn Rubber, Artificial & Syn Fibers/filaments 3252 $1,869,510,760 $1,784,849,534 $1,942,827,949 $2,009,711,392 $1,896,330,876 Computer Equipment 3341 $1,726,286,803 $1,500,300,318 $1,486,385,016 $1,478,165,024 $1,505,242,986 Aerospace Products & Parts 3364 $2,205,940,635 $1,825,404,446 $1,914,664,959 $1,103,188,898 $1,133,767,477 Pharmaceuticals & Medicines 3254 $1,358,817,853 $1,206,419,845 $1,589,098,057 $1,464,792,334 $1,033,820,213 Engines, Turbine and Power Transmission Equipment 3336 $680,693,227 $530,470,726 $599,493,689 $701,676,459 $878,624,619 -
Top Ten Countries for Tennessee FDI
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Foreign Country # of Establishments Total Employment Capital Investment Japan 189 41,197 $19,580,531,140 Germany 130 20,100 $6,457,472,557 France 87 10,659 $856,129,797 United Kingdom 118 10,086 $1,674,562,844 Canada 79 8,718 $2,590,727,243 Sweden 32 7,552 $1,103,186,500 Ireland 45 6,710 $123,931,108 Switzerland 44 5,121 $1,151,297,279 China 40 4,782 $600,038,289 Italy 40 4,320 $941,763,279
We believe by relocating our headquarters to Nashville, Hankook Tire can benefit from the people, resources and infrastructures of Tennessee.
- Mr. Seung Hwa Suh, Hankook Tire Vice Chairman and CEO
WE’VE ENSURED THAT TENNESSEE
IS FIRMLY ENTRENCHED IN THE NEW GLOBAL ECONOMY.
Tennessee continues to proactively identify and recruit new foreign direct investment (FDI) to the state alongside efforts to increase Tennessee exports. Our state has offices courting foreign direct investment in Japan, South Korea, China, Ireland, France, Spain, Austria, Germany, Switzerland, Italy, and the United Kingdom. We work closely with our federal partners to promote exports.
International Quick Facts
$38.5+
Billion in capital invested in Tennessee by foreign-based establishments
#2
In the U.S. for FDI job creation (2018)
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