Business Friendly States: Tennessee in Profile
Tennessee has earned the reputation for being one of the most business-friendly states in the country. This is based on a trusted ranking system utilized by reputable sources, including Forbes and CNBC, that base their findings on the cost of doing business, the quality of life, logistics, transportation, and other factors that affect businesses in every state. According to the Forbes ranking system Tennessee is the thirteenth most business friendly state in the United States, while CNBC has placed the state at number fifteen.
Business and Tax Incentives in Tennessee
The Tennessee Department of Economic and Community Development have stated that they believe the state has achieved this high ranking due to the competitive tax incentives that the state has in place for businesses of all shapes and sizes. The numbers show that the state has one of the lowest per capita tax burdens which include no tax on personal income and no state property tax expectations. When combined with the bounty of business tax credits and incentives that Tennessee has to offer, businesses find the financial burdens very minimal when compared to other states. Tax incentives and credits that can be utilized by businesses throughout the region include Tennessee Business Tax Credits, Job Tax Credits, Rural Opportunity Initiative Enhanced Job Tax Credit, Industrial Machinery Tax Credit, Data Center Tax Credit, Integrated Supplier and Integrated Customer Tax Credit, Headquarters Tax Credit, and Sales and Use Tax Credit.
Working and Living in Tennessee
There are 10 major metropolitan areas throughout the State of Tennessee. This includes Chattanooga, Clarksville, Cleveland, Jackson, Johnson City, Kingsport-Bristol, Knoxville, Memphis, Morristown, and Nashville. With a population of more than 5 million people living in these areas combined, congestion is often a concern for business owners and entrepreneurs considering the option of moving their business endeavors to one of these metropolitan cities. The State of Tennessee has created many road expansion projects and has many other commuting plans in the works for the near future which are minimizing travel congestion concerns throughout the state. Businesses in all industries will find the ease of travel ideal for logistics. Products and materials can be shipped or arrive to their destinations on time, as needed without extensive waiting periods.
Employment and Education in Tennessee
Major private employers have taken notice of the business-friendly atmosphere available throughout Tennessee. Examples of these businesses include Vanderbilt University Medical Center, Eastman Chemical Company, Nissan North America Incorporated, St. Thomas Hospital, Covenant Transportation Group, the University of Tennessee, Carlisle Companies, GM spring Hill Plant, and M Modal Incorporated, to name a few. More recognizable names including Aladdin Industries, AutoZone, Alcoa Incorporated, Bush Brothers and Company, Cracker Barrel, and Gibson USA all have chosen to have their headquarters located in one of Tennessee's major metropolitan area due to the significant amount of growth and development the state has to offer. Industries such as durable and nondurable goods manufacturing, retail trade, finance, insurance, and real estate are all strong industries throughout the state.
College retention in Tennessee is at approximately 25 percent. Major colleges, universities, and training facilities are working with local businesses throughout the state in an attempt to boost this number. Plans which include the creation of hands-on training programs which allow students to work side-by-side with leaders in their chosen industry are helping to raise these numbers. Combined trades and training programs such as these are also giving employers the edge as they can obtain more affordable staffing solutions for their company.
While Tennessee does offer a thriving business atmosphere, the state has much to provide for business owners and entrepreneurs when it comes to their personal living needs as well. The state is overflowing with some of nature's most scenic settings. Communities surrounding the major metropolitan areas offer low crime rates, good educational systems, adequate public works services, parks, and a wide array of entertainment. Real estate is at affordable levels which gives the business owners and entrepreneurs the ability to set up homes in the areas they wish to reside.
Overall, choosing to start or relocate your business to Tennessee will open up many opportunities for your business endeavors.