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Tennessee, also known as the Volunteer State, received the name because of the large number of volunteer soldiers that participated in the War of 1812. Aside from its history, Tennessee is business-friendly due to its status as a right-to-work state, no personal income tax, robust state budget, and minimal state and local tax requirements. Beyond this, Tennessee has 6 commercial airports, 29 rail systems, 970 miles of navigable waterway, and 1.2M miles of interstate. The workforce is strong and growing with a total 3.3M residents employed. In addition, there are 1.8M workers with an associate degree or higher, and 381,000 students currently enrolled in college or graduate programs. While the business climate is certainly favorable, there are many variables to consider. To help business owners and managers, a brief overview of doing business in the state is outlined below.

Tennessee Economic Profile

The state’s economy is driven by small businesses to large organizations involved in a variety of industries. There are 166,141 businesses located in Tennessee with a total workforce of 4.1M. The top industries by employment include healthcare, retail, manufacturing, food service, and warehousing. Business ownership is diverse with 8.1% of businesses veteran-owned, and 16.8% minority-owned. The top export partners in 2021 include Canada, Mexico, China, Japan, and Belgium.  The exports came from the chemical, computer and electronic, transportation equipment, and machinery sectors.

Tennessee Business Incentives

There are various tax and other incentive programs designed to benefit companies that engage in certain hiring, development, or other practices. Eligibility terms can be very specific, so it is important to ensure activities meet minimum requirements. The programs include the Jobs Tax Credit, Fast Track Jobs Training, Fast Track Infrastructure Development, Community Resurgence Jobs Tax Credit, Film Tax Credit, and the Industrial Machinery Tax Credit.

Tennessee Business Resources

Interesting Facts About Tennessee

  • 38 Civil War battles were fought within the state.
  • The 33-story A&T building in Nashville, known as the Batman Building, is the largest skyscraper in the state.
  • Tennessee is home to Graceland, home of Elvis Presley, which is the second most visited house after the White House.
  • The state is home to the Great Smoky Mountains National Park, the most visited national park.
  • Several famous people are from the state including Dolly Parton, Samuel L. Jackson, Aretha Franklin, Justin Timberlake, and Morgan Freeman.
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There are many advantages to doing business in Tennessee. If you have questions about a specific issue or simply need assistance getting established Windham Brannon can help. For additional information call us at 404-898-2000 or click here to contact us. We look forward to speaking with you soon.

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