Here are 51 business stats about Tennessee for 2025.
Basics:
Population: 7,126,489 (US Census 2020)
Population desnity per square mile: 167.60
GDP: $523,240 (millions USD)
GDP Per Capita: $74,081
Median household income (in 2022 dollars): $64,035
Real GDP Growth Rate: 3.20%
Total Employment: 3.3m
Unemployment Rate: 3.5%
Rankings
% Share of National Economy: 1.91%
State Economic Growth Rank (out of 50): 16
Population Growth Rank (out of 50): 9
Business Growth Rank (out of 50): 15
State Growth Rank in Employment (out of 50): 37
Biggest Industries In Tennessee By Revenue
- Drug, Cosmetic & Toiletry Wholesaling: $36.3b
- Hospitals: $32.0b
- Health & Medical Insurance: $24.3b
- New Car Dealers: $21.0b
- Commercial Banking: $19.3b
- Gasoline & Petroleum Bulk Stations: $19.1b
- Public Schools: $18.2b
- Warehouse Clubs & Supercenters: $15.9b
- Gas Stations with Convenience Stores: $15.2b
- Property, Casualty and Direct Insurance: $14.7b
Biggest Employers In Tennessee
- Walmart Inc.: 44,582 (1.4%)
- Amazon.Com, Inc.: 31,000 (0.9%)
- Vanderbilt University Medical Center: 24,039 (0.7%)
- The Kroger Co.: 18,373 (0.6%)
- United States Postal Service: 13,036 (0.4%)
- Nissan Motor Co. Ltd.: 11,000 (0.3%)
- Hca Healthcare, Inc.: 10,600 (0.3%)
- Vanderbilt University: 9,107 (0.3%)
- The Home Depot, Inc.: 8,551 (0.3%)
- Target Corp: 7,058 (0.2%)
Small Businesses In Tennessee
Number of Small Businesses 664,681
Percent of bossiness that are small businesses: 99.50%
Number of employees: 1,200,000
Share of Employment: 41.90%
Number of New Businesses In The Past Year: 26,702
Number of Businesses That Closed In The Past Year: 15,211
Net Change In New Businesses: 11,491
Number of Businesses With No Employees: 566,444
Number of Businesses with 1-19 Employees: 83,884
Number of Businesses with 20-499 Employees: 14,353
Share of Businesses Owned By Women: 43.30%
Share of Businesses Owned By Veterans: 7.50%
Share of Hispanic Owned Businesses: 4.40%
Share of Businesses Owned By Racial Minorities: 17.30%
Fortune 500 Companies In Tennessee
Number of Fortune 500 Headquaters: 10
Biggest Company: FedEx
Biggest Company Type: Mail, Package and Freight Delivery
Number of Employees: 464,400
Revenue (in millions): $93,512
Taxes In Tennessee
State Corporate Tax Rate: 6.50%
State Corporate Tax Rate Brackets: $0
State Sales Tax Rate: 7.00%
State Sales Tax Rank (out of 50): 2
Average Local Sales Tax Rate: 2.55%
Max Local Sales Tax Rate: 2.75%
Average Combined Sales Tax Rate: 9.55%
Combined Sales Tax Rank (out of 50): 2
Minimum State Income Tax Rate If You’re Single: None
Minimum State Income Tax Rate If You’re Married: None
General Tennessee Population Facts
In civilian labor force, total, percent of population age 16 years+: 61.50%
In civilian labor force, female, percent of population age 16 years+: 57.00%
Share of population which is foreign born: 5.40%
Mean travel time to work (minutes), workers age 16 years+: 25.5
Housing
Number of Housing Units: 3,195,304
Owner-occupied housing unit rate: 67.10%
Median value of owner-occupied housing units: $232,100
Median gross rent per month: $1,047
Households with a computer: 92.30%
Households with a broadband Internet subscription: 85.70%
Education
High school graduate or higher, percent of persons age 25 years+: 89.30%
Bachelor’s degree or higher, percent of persons age 25 years+: 29.70%
Also See
- Tennessee Registered Agent Services
- Tennessee Secretary of State Business Search
- How To Form an LLC In Tennessee
- Tennessee Bookkeepers & Bookkeeping Services
Sources
- https://en.wikipedia.org/wiki/List_of_U.S._states_and_territories_by_GDP
- https://en.wikipedia.org/wiki/Economy_of_Tennessee
- https://www.ibisworld.com/united-states/economic-profiles/tennessee/
- https://taxfoundation.org/data/all/state/2024-sales-taxes/
- https://taxfoundation.org/data/all/state/state-corporate-income-tax-rates-brackets-2024/
- https://taxfoundation.org/data/all/state/state-income-tax-rates-2024/
- https://advocacy.sba.gov/2023/11/14/2023-small-business-profiles-for-the-states-territories-and-nation/
- https://advocacy.sba.gov/wp-content/uploads/2023/11/2023-Small-Business-Economic-Profile-TN.pdf
- https://www.bls.gov/eag/
- https://www.bls.gov/regions/southeast/tennessee.htm#eag
- https://www.census.gov/quickfacts/fact/table/TN,US/PST045223
- https://www.50pros.com/fortune500
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