Economy of Tennessee
The U.S. state of Tennessee contains a diverse economy that is made up of many sectors with a mix of industries including manufacturing, agriculture, healthcare, and tourism.
Tourism is another significant contributor to the economy of Tennessee, with millions of visitors each year drawn to the state's natural beauty and cultural attractions, including the Great Smoky Mountains National Park and the Country Music Hall of Fame.
[10] The state's sales and use tax rate for most items is 7%, the second-highest in the nation, along with Mississippi, Rhode Island, New Jersey, and Indiana.
[12] Intangible property tax is assessed on the shares of stock of stockholders of any loan, investment, insurance, or for-profit cemetery companies.
[13] Tennessee has the eighth-most farms in the nation, which cover more than 40% of the state's land area, and have an average size of about 155 acres (0.63 km2).
[19] Today, Tennessee ranks seventh overall in the nation in cotton production, most of which is still grown in the western part of the state.
[15][21] The Nashville Basin is a top equestrian region, due to soils that produce grass ideal for feeding horses.
[21] Horticultural products are an important aspect of the economy of the Eastern Highland Rim, particularly in Warren County, which is nicknamed the "Nursery Capitol of the World".
[26] Forests cover more than half of Tennessee's land area, but the state's timber industry is largely concentrated on the Cumberland Plateau, which ranks as one of the top producers of hardwood nationwide.
[29] Today, Tennessee's top manufacturing outputs include automotive and transportation products, processed foods and drinks, chemicals, electrical equipment and appliances, and fabricated metals, and machinery.
[30] Since the early 1980s, Tennessee has emerged as a major hub for the automotive industry, which is now the largest manufacturing sector in the state.
[32] Three other auto manufacturers have assembly plants in Tennessee: General Motors in Spring Hill, Van Hool in Morristown, and Volkswagen in Chattanooga.
[39] Food and drink production has also been an important industry in Tennessee since the late 19th century, and is today the second largest manufacturing sector.
Other important chemical manufacturers include Matheson in New Johnsonville, Wacker Chemie and Olin Corporation in Bradley County, Resolute Forest Products in Calhoun, and Hemlock Semiconductor in Clarksville.
[51] Tennessee's commercial sector is dominated by a wide variety of companies, but its largest service industries include health care, transportation, music and entertainment, banking, and finance.
ORNL conducts scientific research in materials science, nuclear physics, energy, high-performance computing, systems biology, and national security.
[55] Since the 1990s, the geographical area between Oak Ridge and Knoxville has been known as the Tennessee Technology Corridor, with more than 500 high-tech firms located in the region.
[63] Tennessee is a net consumer of electricity, receiving power from other TVA facilities in neighboring states, such as the Browns Ferry Nuclear Plant in northern Alabama.
[65] As of 2020, officials at Oak Ridge National Laboratory and the TVA are studying advancements in nuclear power as an energy source, including small modular reactors, in a joint effort.
[69] Other major mineral products produced in Tennessee include sand, gravel, crushed stone, Portland cement, marble, sandstone, common clay, lime, and zinc.
Other major attractions in Nashville include the Tennessee State Museum, The Parthenon, and the Belle Meade Plantation.
[85] Big South Fork National River and Recreation Area is within the Cumberland Mountains in northeastern Tennessee.
