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 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)   $290.6 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

Metric Tennessee USA
Land Area in Square Miles, 2017 41,235 3,531,905
Capital Nashville 
Bordering States AL, AR, GA, KY, MS, MO, NC, VA 
Time Zones  Central and Eastern 

Source: US Census Bureau

DEMOGRAPHICS

 

Tennessee

USA

Population, 2016

6,651,194

323,127,515

Population, 2011

6,403,353

311,591,919

Population, percent change, 2011 to 2016    

3.87%

3.70%

Population by Age, 2016

 

 

Under 5 years old

6.1%

6.2%

18-64 years old

61.7%

62.0%

65 years and older

15.7%

15.2%

Median Age, 2016

38.6

37.9

Civilian Veterans Age 18 Years and Older, 2016

427,976

18,496,937

Mean Travel Time to Work (Minutes), Workers Age 16 and Older, 2016

25.1

26.6

Population with High School Degree or Higher, Ages 25-64, 2016

3,103,891

149,951,881

Percentage of Population with High School Degree or Higher, Ages 25-64, 2016

89.1%

88.6%

Population with Bachelor's Degree or Higher, Ages 25-64, 2016

964,848

55,212,499

Percentage of Population with Bachelor's Degree of Higher, Ages 25-64, 2016

27.7%

32.6%

Source: US Census Bureau

Housing and Income

 

Tennessee

USA

Households, 2016

2,556,332

 118,860,065

Average Household Size, 2016

2.54

2.65

Median Home Value, Owner-Occupied Units, 2016

$157,700

$205,000 

Median Gross Rent, 2016

$806

$981 

Building Permits, 2016

36,864

1,190,191

Median household income, 2016

$48,547

$57,617

Persons below poverty level, percent, 2016

17.6%

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.


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

Nissan

Smyrna, 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.

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.

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

99.3

93.4

89.4

102.7

94.8

Cleveland

86.1

105.0

71.5

91.1

87.7

85.8

88.4

Cookeville

87.9

85.3

69.7

96.7

87.3

90.0

100.7

Jackson-Madison County

91.8

79.2

70.7

79.1

96.9

95.2

115.2

Knoxville

82.2

86.8

70.6

89.9

84.7

88.4

85.8

Memphis

82.8

92.0

64.6

102.0

86.9

86.2

86.5

Morristown

89.3

100.6

68.6

102.5

87.3

87.2

98.3

Columbia-Maury County

92.7

95.0

91.0

93.8

82.9

81.7

96.8

Nashville-Murfreesboro

96.9

95.0

90.9

91.8

101.3

81.6

104.4

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