Jamie Stitt

Assistant Commissioner of Business and Workforce Development

Tennessee Department of Economic and Community Development
312 Rosa L. Parks Ave., Nashville, TN 37243
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Tennessee Quick Facts

We are What we Make.

THE VERY BEST, MADE BY THE VERY BEST.

Tennessee is more than panoramic views and high-powered entertainment. In bustling cities and charming towns spread across three distinct regions, Tennessee offers a cost of living well below the national average. Let us surprise you.

With our ideal location and growing economy, Tennessee offers an unmatched climate for your business to flourish.

From the mountains to the Mississippi, Tennessee boasts some of the country’s lowest housing costs and a skilled and dedicated workforce focused on perfection. Our business-friendly environment and history of innovation brings many of the world’s greatest brands to the Volunteer State.

Get to know us. We think you’ll like us.

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Economic Indicators

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MetricEstimateChange from 1 year ago
Non-farm Employment (September 2017)3,023,400+34,800
Private Sector Employment (September 2017)2,587,200+30,300
Unemployment Rate (September 2017)3.0%-1.9%
Labor Force (September 2017) 3,214,048+51,207
Personal Income (2017 Q2)$296.9 Billion+10.1 million*
Personal Income Per Capita (2017 Q2)$44,317+$1,148*
Real GDP (2016)$296.9 Billion+$8.2 Billion
Exports (2016)$31,432,681,338 -3.5%
New Business Entity Filings (2016 Q2)9,326+4.8%
Population (2016)6,651,194+51,106
Population with High School Degree or Higher, ages 25-64 (2016)3,103,891+26,750
Population with Bachelor’s Degree or Higher, ages 25-64 (2016)964,848+22,002

*Inflation-Adjusted to 2016 dollars

Sources: Tennessee Department of Labor and Workforce Development; U.S. Bureau of Economic Analysis; U.S. Census Bureau; International Trade Administration, U.S. Department of Commerce; Tennessee Secretary of State

Geography

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MetricTennesseeUSA
Land Area in Square Miles, 201741,2353,531,905
CapitalNashville
Bordering StatesAL, AR, GA, KY, MS, MO, NC, VA
Time Zones Central and Eastern

Source: US Census Bureau

DEMOGRAPHICS

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MetricTennesseeUSA
Population, 20166,651,194323,127,515
Population, 20116,403,353311,591,919
Population, percent change, 2011 to 20163.87%3.70%
Population by Age, 2016
Under 5 years old6.1%6.2%
18-64 years old61.7%62.0%
65 years and older15.7%15.2%
Median Age, 201638.637.9
Civilian Veterans Age 18 Years and Older, 2016427,97618,496,937
Mean Travel Time to Work (Minutes), Workers Age 16 and Older, 201625.126.6
Population with High School Degree or Higher, Ages 25-64, 20163,103,891149,951,881
Percentage of Population with High School Degree or Higher, Ages 25-64, 201689.1%88.6%
Population with Bachelor's Degree or Higher, Ages 25-64, 2016964,84855,212,499
Percentage of Population with Bachelor's Degree of Higher, Ages 25-64, 201627.7%32.6%

Source: US Census Bureau

HOUSING AND INCOME

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TennesseeUSA
Households, 20162,556,332118,860,065
Average Household Size, 20162.542.65
Median Home Value, Owner-Occupied Units, 2016$157,700$205,000
Median Gross Rent, 2016$806$981
Building Permits, 201636,8641,190,191
Median Household Income, 2016$48,547$57,617
Persons Below Poverty Level, Percent, 201617.6%15.5%

Source: US Census Bureau

MAJOR MANUFACTURERS IN TENNESSEE

(in alphabetical order)
The percentage of Tennesseans working in the manufacturing sector is 1.38 times the national average.

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Manufacturer Tennessee Locations
Babcock & Wilcox (Y-12) Kingsport, Oak Ridge
Bridgestone Statewide
Calsonic Kansei NA Lewisburg, Shelbyville, Smyrna
Clayton Manufactured Homes Statewide
Denso Athens, Maryville
Eastman Chemical Co. Johnson City, Kingsport
Electrolux Memphis, Springfield
General Motors Spring Hill
International Paper Company Statewide
McKee Foods Corporation Collegedale
NissanSmyrna, Franklin, Decherd
Smith & Nephew Inc. Memphis
Trane Company Chattanooga, Clarksville, Knoxville, Memphis, Nashville
Tyson Farms Shelbyville, Goodlettsville, Union City
Volkswagen Chattanooga, Lenoir City
Whirlpool Cleveland, Knoxville, La Vergne

TAX RATES IN TENNESSEE

Tennessee has the second-lowest state and local tax burden per capita, and no income tax on wages.

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Type of Tax Rate
Excise (state) 6.5% on the net earnings of the company derived from doing business in Tennessee
Franchise (state) 0.25% of the greater of net worth or real and tangible property in Tennessee (minimum $100)
Property (local) The 2017 property tax rates in Tennessee range from $0.9684 to $7.3814 per $100 of assessed value
Sales (state) The sales tax rate on food is 4%. All other tangible personal property, unless specifically exempted, is 7%
Sales (local) Ranges from 1.50% to 2.75%
Unemployment Insurance (state) The first $8,000 in wages paid to each employee are subject to this tax. The new employer premium rate for most industries, including manufacturing sector 31-33 and mining is 2.7%. The rate is higher for construction (6.0%). Minimum and maximum experience rates are 0.1% and 10.0%, respectively.

COST OF LIVING INDEX, 2017 Q2

Calculate Your Cost of Living

Wall Street Cheat Sheet named Tennessee as the state with the second lowest cost of living in the nation.

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Urban Area Composite Index (100%) Grocery Items (13.61%) Housing (27.59%) Utilities (10.06%) Transportation (9.59%) Health Care (4.00%) Misc. Goods and Services (35.15%)
Chattanooga 95.2 91.3 99.393.489.4102.794.8
Cleveland 86.1105.0 71.591.187.785.888.4
Cookeville 87.985.369.796.787.390.0100.7
Jackson-Madison County 91.879.270.779.196.995.2115.2
Knoxville 82.286.870.689.984.788.485.8
Memphis 82.892.064.6102.086.986.286.5
Morristown 89.3100.668.6102.587.387.298.3
Columbia-Maury County 92.795.091.093.882.981.796.8
Nashville-Murfreesboro 96.995.090.991.8101.381.6104.4

Sources: U.S. Census Bureau, TN Housing Development Agency, and C2ER Cost of Living Index

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Tennessee Department of Economic and Community Development
312 Rosa L. Parks Ave., Nashville, TN 37243
615.741.1888 |
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