Tennessee Quick Facts

Tennessee is more than panoramic views and high-powered entertainment. Let us surprise you.

In bustling cities and charming towns spread across three distinct regions, Tennessee offers a cost of living well below the national average. 

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 worlds greatest brands to the Volunteer State. 

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


Overview

Tennessee ranks #1 in the U.S. for lowest state debt per capita (fiscal year 2011).  

Population (2013)
6,495,978
Total Area 41,235 square miles
Capital Nashville
Bordering States AL, AR, GA, KY, MS, MO, NC, VA
Time Zones Central and Eastern

TNECD has six representative offices outside the United States that promote foreign direct investment and trade:

  • Investment recruitment offices in Canada and Japan
  • Export assistance offices in Mexico, UK, EU (Germany) and China

Source: The Tax Foundation


Economy

 

Estimate (2013)

Growth (2010-13)

Total Employment 2,694,288 5.3%
Private Sector Employment 2,284,291 6.8%↑
Manufacturing Employment 318,541 6.8%
Gross Domestic Product* $269,602,000,000 7.0%
Population 6,495,978 2.2%
  Estimate (2014)
Labor Force 3,011,000
Employment 2,811,000
Unemployment  201,000
Unemployment Rate  6.7%

Source: US Bureau of Labor Statistics and Bureau of Economic Analysis.

*inflation adjusted

Demographics

  Tennessee USA
Population, 2014 6,549,352 318,857,056
Population, 2010 6,346,275 308,758,105
Population, percent change, 2010 to 2014     3.20% 3.30%
Land area in square miles, 2010     41,235 3,531,905
Persons per square mile, 2010     153.9 87.4
Population By Age, 2013     
Under 5 Years Old 6.10% 6.30%
18-64 Years Old 62.40% 62.60%
Over 64 Years Old 14.60% 14.10%
Median Age 38.5 37.5
High school graduate or higher, percent of persons age 25+, 2009-2013     84.40% 86.00%
Bachelor's degree or higher, percent of persons age 25+, 2009-2013     23.80% 28.80%
Mean travel time to work (minutes), workers age 16+, 2009-2013     24.3 25.5
Foreign Born Persons, 2013 304,801 41,348,066
Civilian Veterans, 2013 465,435 19,588,586

Housing and Income

  Estimate
Households  2,475,195
Homeownership Rate 67.8%
Persons per Household 2.52
Living in Same House 1 Year & Over 84.6%
Median Home Value $139,200
Annual Home Sales 66,555
Median Sale Price of Homes Sold $165,000
Persons in Households with income below Poverty Level 17.6%
Building Permits, 2013 23,816
Median household income, 2009-2013     $44,298
Total Personal Income, 2013 $256,968,697,000
Personal Income per Capita, 2013 $39,558
Per capita money income in past 12 months (2013 dollars), 2009-2013 $24,409

Major Manufacturers in Tennessee

(in alphabetical order)
The percentage of Tennesseans working in the manufacturing sector is 1.3 times the national average.


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

Source: US Bureau of Labor Statistics 


Tax Rates in Tennessee

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

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
Property (local) The 2013 property tax rates in Tennessee range from $1.4975 to $7.78 per $100 of assessed value
Sales (state) The sales tax rate on food is 5%. All other tangible personal property, unless specifically exempted, is 7%
Sales (local) Ranges from 1.50% to 2.75%
Unemployment Insurance (state) The first $9,000 in wages paid to each employee are subject to this tax. The new employer premium rate for most industries, including manufacturing sector 31, is 2.7%. The rate is higher for construction (7.5%), mining and extraction (5.0%), manufacturing sector 32 (5.0%), and manufacturing sector 33 (6.5%). Minimum and maximum experience rates are 1.0% and 10.6%, respectively.

Source: The Tax Foundation


Cost of Living

 

Calculate your cost of living

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

2014 Annual Cost of Living Index

Urban Area All Index Items (100%) Grocery Items (13.96%) Housing (27.08%) Utilities (10.23%) Transportation (12.12%) Health Care (4.41%) Misc. Goods/Svc (31.48%)
Chattanooga 94.2 96.7 87.1 94.7 100.4 98.6 96.2
Cleveland 90.2 97.1 85.3 81.9 88.5 86.4 95.2
Cookeville 85.2 90.6 72.1 87.1 92.6 89 90.4
Jackson 91.9 90.6 72.9 89 101.9 85.7 107.1
Knoxville 87.3 89.5 79.5 92.4 85.1 91.1 91.9
Memphis 85.6 92.8 69.7 93.3 92.7 91.1 90.6
Morristown 89.8 92.6 74.9 97.4 93.8 92.2 97.5
Nashville 90.2 95.5 76.7 92 93.4 84.4 98.8

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