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.

Economic Indicators

Metric Estimate Change from 1 Year Ago
Non-farm Employment (September 2015)   2,877,000   +46,700
Private Sector Employment (September 2015)   2,450,000   +251,000
Unemployment Rate (September 2015)   5.7%   -0.9%
Labor Force (September 2015)   3,043,046   +58,030
Personal Income (2015Q2)   $273.9 Million   +$8.7 Million*
Personal Income Per Capita (2015Q2)   $41,532   +$1,000*
Real GDP (2014)   $275.8 Billion   +$4.6 Billion
Exports (2014) $32,940,171,718  +2.0% 
New Business Entity Filings (2015Q2)   8,317   +9.9%
Population (2014)   6,549,352   +52,083
Population with High School Degree or Higher, ages 25-64 (2014)   3,036,070  +26,750
Population with Bachelor’s Degree or Higher, ages 25-64 (2014)   920,841  +20,675

*Inflation-Adjusted to 2015 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


Overview

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

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

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%
Population by Age, 2014    
Under 5 years old 6.1% 6.2%
18-64 years old 62.2% 62.4%
65 years and older 15.1% 14.5%
Median Age, 2014 38.6 37.7
Civilian Veterans Age 18 Years and Older, 2014 450,313 19,259,717
Mean Travel Time to Work (Minutes), Workers Age 16 and Older, 2014 24.5 26
Population with High School Degree or Higher, Ages 25-64, 2014 3,036,070 147,867,747
Percentage of Population with High School Degree or Higher, Ages 25-64, 2014 88.3% 88.3%
Population with Bachelor's Degree or Higher, Ages 25-64, 2014 920,841 52,785,868
Percentage of Population with Bachelor's Degree of Higher, Ages 25-64, 2014 26.8% 31.5%

Source: US Census Bureau

Housing and Income

 Metric Estimate USA
Household Units, 2014 2,869,419 113,962,970 
Households 2,509,665 117,259,427 
Average Household Size, 2014 2.55 2,65 
Median Home Value, Owner-Occupied Units, 2014 $142,900 $181,200 
Median Gross Rent, 2014 $770 $934 
Building Permits, 2015 32,219 1,182,582
Median household income, 2014 $44,361 $53,657 
Persons below poverty level, percent, 2014 18.3% 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.


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
International Paper Company Memphis
McKee Foods Corporation Collegedale
Nissan Smyrna, Franklin, Decherd
Smith & Nephew Inc. Memphis
Trane Company Clarksville, Nashville, Memphis
Tyson Farms Shelbyville, Goodlettsville
Volkswagen Chattanooga, Lenoir City
Whirlpool Cleveland, La Vergne

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 2016 property tax rates in Tennessee range from $0.9684 to $7.77 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.

Cost of Living Index, 2016 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.

Urban Area Composite Index (100%) Grocery Items (13.96%) Housing (27.8%) Utilities (10.23%) Transportation (12.12%) Health Care (4.41%) Misc. Goods and Services (31.48%)
Chattanooga 95.8 92.9 93.1 106.1 92.2 105.8 95.9
Cookeville 91.2 97.2 71.7 92.5 90.8 91.3 105.1
Jackson-Madison County 86.4 77.6 68.4 74.6 91.0 90.7 106.9
Knoxville 82.9 86.8 74.6 85.9 82.9 90.9 86.5
Memphis 82.2 93.0 62.7 90.3 89.7 89.9 88.4
Morristown 96.7 107.1 73.8 112.7 109.8 90.2 103.4
Columbia-Maury County 90.2 100.3 79.5 88.8 80.8 83.6 99.9
Nashville-Murfreesboro 93.5 95.0 84.4 91.6 91.9 82.7

103.1

 

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