Tennessee is not the best state to be an entrepreneur, but it’s close.
Tennessee is among the top 5 best states to succeed in business, according to the recent study from Orlando-based Harrington Group International.
To find out where in the top five Tennessee finished, check out the slideshow with this story.
Harrington used federal data from nine metrics across three categories, including job growth, educated worker mobility, consumer spending, business growth rate, startup survival rate, business self-assessment, GDP growth, credit rating and income tax burden.
Tennessee ranked high in job growth (3.7%), GDP growth (0.3%), consumer spending growth (14.2%), influx of educated workers (35,277 people in 2021) and low taxes (13.7% tax revenue from income taxes), according to the study.
“Company owners in Tennessee say business is booming, while educated workers are flocking to the state and S&P views its fiscal outlook as stable,” the report states.
The five worst states for business, according to the report, are District of Columbia (47), Kansas (48), New York (49), Illinois (50) and Connecticut (51). More than 58% of Connecticut's revenue comes from personal and corporate income tax, while S&P gave Illinois a BBB+ credit rating, meaning they are concerned the state can't meet its financial commitments. Educated workers are retreating from New York, with more than 162,000 leaving in 2021.
For more on Nashville’s economy and what it could look like in 2023, check out our 2023 Economic Outlook event tomorrow morning at the Ryman Auditorium.
