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Competitive Business Costs

 

From top to bottom, the economic climate is favorable for business in East Tennessee.  Leaders at all levels of government understand the necessity to generate profits and have established tax structures and incentives that enable competitive operations in a global economy. 

Advantages include:

  • Pro-business environment with a favorable business tax climate, consistently in the top 1/3 of U.S. states
  • Taxes 
    • No state personal income tax
    • No state property tax 
    • Competitive corporate taxes
  •  Workforce  
    • Right-to-work state
    • One of 10 lowest unionized states in the U.S. with a rate of 4.8%. (vs. 11.3% national rate); Over 1/3 of union members are from the public sector (Source: Bureau of Labor Statistics 2013)
    • Competitive wages
    • Competitive workers compensation rates 
    • Customized workforce training 
    • Very low worker turnover and absenteeism rates 
    • Extremely strong work ethic 
  • Incentives 
    • Competitive lease rates
    • Building costs 19% below the national average *
    • Competitive electricity rates (TVA) 
              • Industrial electricity rates:               19% below the national average
              • Commercial electricity rates:           10% below the national average
              • Residential rates:                            19% below the national average
    • Cost-effective transportation and shipping via highway, air, rail or water
           *RSMeans Construction Index 2013