Categories: 2014 Best & Worst States

Tennessee is the 4th Best State for Business 2013

Previous State: North Carolina Next State: Indiana

No. 4Tennessee

Taxations & Regulations

Workforce Quality

Living Environment

Based on CEO Survey by ChiefExecutive.net

Key Metrics
State GDP % Growth ’10-’11: 1.9 % Growth ’10-’11 v. Nat’l Avg. (1.5%): 0.4 Unemployment Unemployment Rate Dec. 2012 %: 7.6 Comparison with Nat’l Rate (7.80%): -2.0 Domestic Migration Domestic Net Migration ’10-’11: 20,328 Rank: 7 State Government Debt per Capita Fiscal Year ’10 ($): 922 State & Local Gov’t Employees per 10k Residents: 527.8 State-Local Tax Burden Rate (%): 10.0 Compared to Nat’l Avg. (9.9%): 0.16

Key Metrics

State GDP

% Growth ’10-’11: 1.9
% Growth ’10-’11 v. Nat’l Avg. (1.5%): 0.4

Unemployment

Unemployment Rate Dec. 2012 %: 7.6
Comparison with Nat’l Rate (7.80%): -2.0

Domestic Migration

Domestic Net Migration ’10-’11: 20,328
Rank: 7

State Government

Debt per Capita Fiscal Year ’10 ($): 922
State & Local Gov’t Employees per 10k Residents: 527.8

State-Local Tax Burden

Rate (%): 10.0
Compared to Nat’l Avg. (9.9%): 0.16

Key Companies
FedEx Services International Paper Company Dollar General Unum Group Autozone

Development Trend Indicator: Positive
Prospect of worker’s compensation reform makes it shine even brighter.

CEO Comments
“We find several states today as ‘real comers.’ This is especially true with Kentucky, Louisiana, North Dakota, Montana and Tennessee (although it has been on a fast track somewhat longer than the others).” “Tennessee has no state income taxes, which is a huge plus.” “TN has excellent people for manufacturing and can attract high quality professionals. It has a very high quality of living and a low cost of living. Logistics are great with great access to a larger percentage of the population within an 8 hour truck haul.” “VA, NC, MD, and TN all have strong business climates and excellent educational systems. They promote business. They want to and do help ongoing and new business.” “North Carolina and TN seem to be pro business.” “TN has a very friendly governor and administration toward business. No Income tax great too.”

CEO Comments

“We find several states today as ‘real comers.’ This is especially true with Kentucky, Louisiana, North Dakota, Montana and Tennessee (although it has been on a fast track somewhat longer than the others).”

“Tennessee has no state income taxes, which is a huge plus.”

“TN has excellent people for manufacturing and can attract high quality professionals. It has a very high quality of living and a low cost of living. Logistics are great with great access to a larger percentage of the population within an 8 hour truck haul.”

“VA, NC, MD, and TN all have strong business climates and excellent educational systems. They promote business. They want to and do help ongoing and new business.”

“North Carolina and TN seem to be pro business.”

“TN has a very friendly governor and administration toward business. No Income tax great too.”

Sources:
Bureau of Economic Analysis
Bureau of Labor Statistics
NewGeography.com
The Tax Foundation

Previous State: #3 North Carolina Next State: #5 Indiana

J.P. Donlon

J.P. Donlon is Editor Emeritus of Chief Executive magazine.