Tennessee ranked fifth among America’s top states for business

Tennessee ranked fifth among America’s top states for business, according to a study by CNBC.

CNBC scored all states on 85 metrics in 10 broad categories of competitiveness to find these results. Tennessee received a score of 1,469 out of a possible 2,500 points in the study. The criteria and metrics developed through consultation with diverse business, policy experts and states.

This is the first time that Tennessee has made the top five list and has one of the best economies in the country.

Tennessee ranked 5th in Cost of Doing Business with 265 points, 25th in Workforce with 180 points, 46th in Life, Health and Inclusion with 113 points,  second in Economy with 194 points, 4th in Infrastructure with 245 points, 32nd in Technology and Innovation with 82 points, 23rd in Education with 84 points, 20th in Business Friendliness with 117 points, 14th in Access to Capital with 124 points and 8th in Cost of Living with 65 points.

GDP growth in the first quarter of 2021 is at 7.4%, unemployment rate in May at 5%, income tax rate at 0% and corporate tax rate at 6.5%, according to the report.

The top five featured states included Virginia, North Carolina, Utah, Texas and Tennessee.

Source: WVLT, by Amanda Hara

The East Tennessee Economic Development Agency markets and recruits business for the 15 counties in the greater Knoxville-Oak Ridge region of East Tennessee. Visit www.eteda.org

 

Published July 16, 2021