Assistant Commissioner, Business and Workforce Development
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.
Foreign-based establishments in Tennessee
Tennesseans employed by foreign-based establishments
Billion in capital invested in Tennessee by foreign-based establishments
In the U.S. for FDI job creation (2018)
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 |
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 |
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.
Billion in capital invested in Tennessee by foreign-based establishments
In the U.S. for FDI job creation (2018)
Read up on all the details of International Businesses of Tennessee.