JOBS ANNUAL ECONOMIC IMPACT
250,000 jobs
60,000 jobs
82,100jobs
87,500jobs
$38.8 billionannual economic impact
$10 billion annual economic impact
$9.5 billion annual economic impact
$5.7 billion annual economic impact
HEALTH CARE
MUSIC &ENTERTAINMENT
MANUFACTURING
TOURISM &HOSPITALITY
ECONOMY
Economic drivers
The Nashville region’s economy continues to be a key driver of business activity in Tennessee and the southeast region. The area benefits from a diverse economy, and the balance of health care and corporate operations with manufacturing and supply chain sectors makes Nashville one of the region’s most attractive growth centers.
Nashville has ranked within the top 10 large metros for job growth and population growth for the past four years. The Nashville region experiences low unemployment, steady in-migration and a favorable business climate, making it a top location for companies looking to relocate or expand their business.
NASHVILLE ECONOMIC DEVELOPMENT GUIDE - ECONOMY 7
Photo courtesy of Devin Williams Photography
Management, information, administration, professional and technical services (8,049)
Retail trade (6,056)
Finance, insurance and real estate (5,019)
Health care and social assistance (4,648)
Accommodation and food services (3,808)
Transportation, warehousing and wholesale trade (3,266)
Construction (3,113)
Education, arts, ent. and rec. (1,812)
Manufacturing (1,454)
Miscellaneous services (4,384)
FORTUNE 500 / 1000 COMPANIES HEADQUARTERED
IN THE NASHVILLE REGION
HCA
Dollar General
Community Health Systems
LifePoint Health
Tractor Supply Company
Delek US Holdings, Inc.
Brookdale Senior Living
Envision Healthcare
Iasis Healthcare
Cracker Barrel Old Country Store
Genesco
Acadia Healthcare
Louisiana-Pacific
CoreCivic
2017 RANKING
63
128
130
374
396
480
512
538
628
747
751
754
878
977
41,609 BUSINESS ESTABLISHMENTS (NASHVILLE MSA)
TOP REGIONAL EMPLOYERS
Vanderbilt University Medical Center*
Nissan North America*
HCA Healthcare Inc*
Vanderbilt University*
Saint Thomas Health*
Community Health Systems*
Randstad
Asurion*
The Kroger Co
National HealthCare Corp.
Shoney’s Inc.*
Electrolux Home Products
Bridgestone Americas*
Lowe’s Cos.
Cracker Barrel Old Country Store*
Amazon
Gaylord Opryland*
AT&T
Dollar General Corp.*
Middle Tennessee State University*
United Healthcare
Goodwill Industries
Verizon Wireless
LOCAL EMPLOYEES
20,428
10,750
10,613
6,912
6,243
4,700
4,557
3,600
3,523
3,250
3,000
2,900
2,897
2,890
2,600
2,500
2,500
2,250
2,219
2,174
2,052
2,029
2,025 Sour
ce: B
ook o
f List
s, 20
17-2
018
*National, regional or division headquarters
8 NASHVILLE ECONOMIC DEVELOPMENT GUIDE - ECONOMY
Sour
ce: F
ortu
ne 20
17
Source: U.S. Census Bureau, 2015
Doing business
NASHVILLE ECONOMIC DEVELOPMENT GUIDE - ECONOMY 9
Corporate income tax rate
Personal income tax rate
Franchise tax
Sales tax rate
Average effective property tax rate
Unemployment insurance tax
Right-to-work state
State labor force
Regional labor force
Cost of doing business
CNBC state business friendliness ranking
CNBC state infrastructure ranking
CNBC state cost of doing business ranking
CEO magazine business climate ranking
Cost-of-living index
Average lease rate PSF for CBD office
Average lease rate PSF for suburban office
Average lease rate PSF for industrial
6.5%
0%
0.25%
7% state (2.75% local option)
0.75%
2.7% (of first $8,000 in wages)
Yes
3,208,324
1,017,264
94%
4
2
6
7
96.7
$26.25
$27.44
$4.66
CORPORATE BUSINESS CLIMATE
Unprecedented growth
UNEMPLOYMENT RATE (2016)
Nashville MSA
Tennessee
United States
Population growth
3.8%
4.8%
4.9%
Job growth
PER CAPITA INCOME (2016)
Nashville MSA
$52,540 $43,246 $49,246
Tennessee United States
GDP growth
9.8
% 13
.2%
27
.1%Nashville MSA
Tennessee
United States
KEY ECONOMIC INDICATORS (2011 - 2016)
4.0
% 6.4
%
13
.0%
3.7
%
11
.0%
10
.5%
Source: Tax Foundation 2017, State of Tennessee Department of Labor and Workforce Development, Moody's Analytics, CNBC Top States for Doing Business 2016, ACCRA Cost of Living Index, CBRE Source: Bureau of Labor Statistics and Bureau of Economic Analysis
NASHVILLE ECONOMIC DEVELOPMENT GUIDE - CONTACT US 47
The Nashville Area Chamber of Commerce’s top-ranked economic development team is dedicated to assisting you with your business relocation or expansion across the 10-county Nashville region. We serve as a single point of contact to make your transition into the Nashville region as smooth as possible. Our services include:
• Providing regional research and data• Assisting with comprehensive real estate searches• Coordinating with all regional economic development partners including State of Tennessee, Tennessee Valley Authority and local entities• Facilitating company and site consultant visits to the region • Creating customized talent recruitment plans• Assisting with employee and family relocation process
For more information or assistance with your site selection process, please contact Courtney Ross at 615-743-3022 or [email protected].
Contact us
Photo courtesy of Devin Williams Photography