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Tennessee tops nationwide economic development rankings

August 11, 2006 — Tennessee leads the nation on a per capita basis when it comes to job creation, job retention, and capital investment, according to Business Facilities magazine. In the July 2006 issue, the magazine ranked the state first in the U.S. based on its achievement of 15.5 jobs created and 37 jobs retained per 10,000 people, as well as $687 in new business capital invested for every state resident.

“It's not easy to create jobs, retain jobs, or attract large sums of capital investment,” said the magazine’s editor-in-chief, Karim Khan. “Tennessee has managed to find success in all three areas, particularly capital investment. That says to me the jobs created and retained are lasting, high-quality jobs, and it’s why Tennessee is at the top this year.”

The magazine ranked the states in nine different categories. It placed Tennessee among the top 10 states in manufacturing and among the top 20 in labor costs and tax climate. It also surveyed readers on their perceptions of the business climate in each state, with Tennessee ranked fourth. North Carolina and Texas tied for first, followed by South Carolina.

Matt Kisber, Tennessee Commissioner of Economic and Community Development, noted that Tennessee has a number of strategic advantages that help in these rankings. “In addition to a great central location, low taxes, and a productive workforce, Governor Bredesen created the Jobs Cabinet, which has all of our state job-creation agencies working together to minimize red tape for new and expanding companies,” he stated.

The magazine also ranked individual communities in several categories, including manufacturing strength. The Clarksville, Tennessee-Kentucky, MSA, was listed number six in the Southeast in that category and number eight overall in the nation.

See Business Facilities for more about the rankings.