CEO Guide to Site Selection

#3

Tennessee

CEO Rank on Best & Worst States for Business

VOLUNTEER STATE DRIVES TO A NEW FUTURE

Despite the challenges of the pandemic, the Volunteer State maintained a spirit of resiliency as its government and citizens worked to rebuild the economy. One promising area is in electric vehicles. The state is now home to three OEMs and over 900 suppliers in an automotive industry that employs more than 123,000 residents. Tennessee now produces more than 16,000 electric vehicles annually.

“Every time a company chooses to relocate to Tennessee, it is a vote of confidence to our business climate and work- force and provides a ripple effect of opportunity for our communities.”
Bill Lee
Governor

TAXES

0 %

top corporate income tax

# 0

on the Tax Foundation’s State Business Tax Climate Index ranking

EDUCATION

0 %

of students graduated high school in 2019

0 %

of adults age 25 and older have a bachelor’s degree or higher

UNEMPLOYMENT RATE

0 %

RIGHT TO WORK STATE

Yes

QUALITY OF LIFE

# 0

POPULATION GROWTH

0 %

increase between 2010 and 2020

KEY INCENTIVES

Fasttrack Job Training Assistance Program: Offers grants to assist new or expanding companies to fund training for new employees.

Fasttrack Economic Development Fund: Offers a grant to offset costs for eligible companies expanding or locating a business in Tennessee.

Job Tax Credit: Offers a credit of $4,500 per job to offset up to 50% of franchise and excise (F&E) taxes in any given year, with a carry forward for up to 15 years.

Industrial Machinery Tax Credit: Offers a credit of up to 10% for the purchase, third-party installation and repair of qualified industrial machinery.

EDCs

Tennessee Department of Economic & Community Development

tnecd.com

Nashville Area Chamber of Commerce

nashvillechamber.com/economic-development

The Memphis Economy

thememphiseconomy.com

Greater Chattanooga Economic Partnership

greaterchatt.com

Knoxville Chamber of Commerce Economic Development

knoxvillechamber.com/economic-development

HIGHLIGHTED PROGRAM OR INITIATIVE

Launch Tennessee celebrates its 10th anniversary in 2022. It’s a public-private partnership with the goal to make Tennessee the most startup-friendly state in the country. The organization makes resources accessible to startups with the mission to stimulate the statewide economy by helping entrepreneurs get access to the capital and tools they need to build their client or customer base.

BIG DEALS

  • Chewy announced in July 2021 a new regional ecom- merce fulfillment center and 1,200 new jobs in Wilson County.
  • Ford Motor Company announced in September 2021, a $5.6 billion campus in Memphis that will create 5,800 jobs.
  • Thermo Fisher Scientific announced a $100 million manufacturing facility in Wilson County that will create 1,400 jobs.
  • Firestone Building Products announced in October 2021 a $13 million expansion and 28 new jobs in Nashville.
  • IMC Companies announced in October 2021 a $23 million expansion and 158 new jobs at its headquarters in Collierville.
  • Smith & Wesson Brands announced in October 2021 it would relocate its headquarters from Massachusetts to Maryville with a $125 million investment that will create 750 jobs.

BIG COMPANIES

10 Fortune 500 companies have headquarters in the state:

  • FedEx
  • HCA Healthcare
  • Dollar General
  • Community Health Systems
  • Tractor Supply
  • Delek US
  • International Paper
  • AutoZone
  • Eastman Chemical
  • Unum Group