Contrary to popular depictions, Volunteer State residents have far more valid causes for justified high pride than first meets most outside prying eyes. To learn more about the richest assets and best-kept secrets in this entire Land of the Free that we all love so much, read on.
Tennessee’s total economic tally
Per recent figures reported by reliable official sources, the Volunteer State managed to generate a $275.8 billion Gross Domestic Product during FY2014. That figure reflects a $4.6 billion increase over the prior fiscal year.
From this point forward, discussion proceeds as an attempt to present a brief detailed breakdown designed to provide a bird’s eye view of Tennessee’s Big Economic Picture.
Volunteer State jobless rate very low
As of September 2015, Tennessee’s unemployment rate was 5.7 percent, which reflects a decrease of nearly a full percentage point from the prior year.
Tennessee’s per capita income is top-tier
Per latest available official stats as of 2015Q2, Tennesseans’’ average per capita income was $41,532. That sum reflects a $1,000 pay raise over the prior year’s figure.
Major industries that makeup Tennessee’s economic base
1. Auto manufacturing
According to one source, automakers employ over 105,000 state residents, who represent 1/3 of all manufacturing jobs in Tennessee. This is hardly a surprise, as both Nissan and GM have big plants inside Volunteer State borders.
Tennessee’s energy sector is primarily driven by the Green industry, which provides nearly 3,000 residents with gainful work at 142 solar power sites.
3. Film production
Thanks to combined blessings of natural beauty, rich musical culture roots and extensive educational networks, the film industry always never fails to thrive and fall within Tennessee’s top five economic drive factors. Of date, 35 academies across the state offer 73 different production-specific degrees.
Being the home of Vanderbilt University Medical Center, which happens to be among its biggest employers, makes the Volunteer State’s healthcare industry boom year-round.
An elite clique of companies like Electrolux, Whirlpool and Eastman Kodak thrives that essentially comprise a close second runner up to automotive manufacturing rivals named above supplies nearly 316,000 jobs.
Several enterprises provide many pleasant surprises. Below is a partial list of big name brands that are Tennessee natives or firm transplants:
- Aladdin Industries – makes famous Stanley thermoses at Nashville headquarters
- Auto Zone – Memphis
- Cracker Barrel – based in Lebanon
- Dollar General Stores – based just a bit beyond Nashville’s borders
- FedEx Corporation – based in Memphis
- Krystal Hamburger Co. – headquartered in Chattanooga
- St. Jude Children’s Research Hospital – located in Memphis
- Shoney’s Restaurants – headquartered in Nashville
Bottom lines about Volunteer State virtues for big business
Based on consistently positive reports and optimistic projections by every credible source, this writer is forced to make very similar conclusions about the Volunteer State’s current economic state. Tennessee was endowed with so many valuable attributes that no shrewd business enterprise could ever afford to deny.
A recent business article noted that, “[Tennessee’s] location, low business costs and workforce development programs [have] created an ideal climate for … manufacturing location and expansion.” In view of those apt observations, this writer was not the least bit surprised to learn during background research that various Tennessee public offices were bombarded by nearly 8,500 new business entity filings entities as of 2015Q2. Viewing all facts in evidence from any angle demands a unanimous verdict: Volunteer State economic trends are the only ones to watch in America’s very near future.
Tennessee Business and Economy Resources: