Economy of Tennessee#Business

As of 2020, Tennessee had a gross state product of $364.5 billion.{{cite web |title=GDP by State |url=https://www.bea.gov/data/gdp/gdp-state |website=GDP by State | U.S. Bureau of Economic Analysis (BEA) |publisher=Bureau of Economic Analysis |access-date=26 March 2021}}

In 2019, the state's per capita personal income was $29,859. The median household income was $58,516 in 2021.{{cite web |url=http://kff.org/other/state-indicator/median-annual-income/?currentTimeframe=0 |title=Median Annual Household Income |publisher=The Henry J. Kaiser Family Foundation |year=2017 |access-date=April 16, 2019 |archive-url=https://web.archive.org/web/20161220091007/http://kff.org/other/state-indicator/median-annual-income/?currentTimeframe=0 |archive-date=December 20, 2016 |url-status=dead}} About 13.9% percent of the population was below the poverty line.{{cite web |url=https://www.census.gov/quickfacts/fact/table/TN,US/PST045219 |title=QuickFacts Tennessee; UNITED STATES |website=quickfacts.census.gov |publisher=United States Census Bureau, Population Division |date=February 6, 2019 |access-date=February 6, 2019 |archive-url=https://web.archive.org/web/20190202182715/https://www.census.gov/quickfacts/fact/table/TN,US/PST045219 |archive-date=February 2, 2019 |url-status=live}} In 2018, the state reported a total employment of 2,683,214, and a total number of 138,269 employer establishments.

For 2012, the state held an asset surplus of $533 million, one of only eight states in the nation to report a surplus.{{cite web |url=http://www.statedatalab.org/state_data_and_comparisons/detail/tennessee |title=State Data and Comparisons: Tennessee |website=State Data Lab |publisher=Institute for Truth in Accounting |access-date=February 26, 2014 |archive-url=https://web.archive.org/web/20140305095150/http://www.statedatalab.org/state_data_and_comparisons/detail/tennessee |archive-date=March 5, 2014 |url-status=live}} Tennessee is a right to work state, as are most of its Southern neighbors.{{cite web |title=Right-to-Work Laws |url=https://www.ncsl.org/research/labor-and-employment/right-to-work-laws-and-bills.aspx |website=ncsl.org |publisher=National Conference of State Legislatures |access-date=May 28, 2021 |location=Washington, D.C.}} Unionization has historically been low and continues to decline as in most of the U.S. generally.{{cite news |last1=Flessner |first1=Dave |title=Union membership drops in Tennessee as legislature considers putting right to work laws in state constitution |url=https://www.timesfreepress.com/news/politics/state/story/2020/jan/22/union-membership-drops-tennessee-legislature-considers-putting-right-work-laws-state-constitution/513713/ |access-date=May 31, 2021 |work=Chattanooga Times Free Press |date=January 22, 2020}}

Tennessee has a reputation as low-tax state and is usually ranked as one of the five states with the lowest tax burden on residents.{{cite news|last=Stebbins|first=Samuel|date=September 27, 2018|title=Tax policy: States with the highest and lowest taxes|url=https://www.usatoday.com/story/money/taxes/2018/04/06/states-highest-and-lowest-taxes-3-6/482944002/|work=USA Today|access-date=June 5, 2020}} It is one of nine states that do not have a general income tax; the sales tax is the primary means of funding the government.{{cite news|last=Loudenback|first=Tanza|date=February 6, 2020|title=There are 9 US states with no income tax, but 2 of them still tax investment earnings|url=https://www.businessinsider.com/personal-finance/states-with-no-income-tax-map|work=Business Insider|access-date=June 5, 2020}} The Hall income tax was a tax imposed on most dividends and interest. The tax rate was 6% from 1937 to 2016, but was completely phased out by January 1, 2021.{{cite news|last=Pare|first=Mike|date=February 1, 2019|title=Tennessee on its way to becoming a bona fide no-income-tax state in 2021|url=https://www.timesfreepress.com/news/edge/story/2019/feb/01/hall-income-tax-ending-2021/487137/|work=Chattanooga Times Free Press|access-date=June 5, 2020}} The first $1,250 of individual income and $2,500 of joint income was exempt from this tax.{{cite web|url=https://www.tn.gov/revenue/taxes/hall-income-tax/due-date-and-tax-rates.html|title=Due Date and Tax Rates|author=|website=tn.gov|publisher=Tennessee Department of Revenue|access-date=June 5, 2020}}

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. Food is taxed at a lower rate of 4%, but candy, dietary supplements and prepared food are taxed at 7%.{{cite web|url=https://revenue.support.tn.gov/hc/en-us/articles/202989425-What-are-the-state-and-local-sales-tax-rates-in-Tennessee-#:~:text=Effective%20July%201%2C%202017%2C%20the,the%20applicable%20local%20tax%20rate.|title=What are the state and local sales tax rates in Tennessee?|author=|date=December 11, 2017|website=tn.gov|publisher=Tennessee Department of Revenue|access-date=June 5, 2020|archive-date=June 5, 2020|archive-url=https://web.archive.org/web/20200605101114/https://revenue.support.tn.gov/hc/en-us/articles/202989425-What-are-the-state-and-local-sales-tax-rates-in-Tennessee-#:~:text=Effective%20July%201%2C%202017%2C%20the,the%20applicable%20local%20tax%20rate.|url-status=dead}} Local sales taxes are collected in most jurisdictions at rates varying from 1.5% to 2.75%, bringing the total sales tax to between 8.5% and 9.75%, with an average rate of about 9.5%, the nation's highest average sales tax.{{cite news|last=Sher|first=Andy|date=July 27, 2019|title=Yet again, Tennessee combined state, local sales tax rates nation's highest|url=https://www.timesfreepress.com/news/breakingnews/story/2019/jul/27/yet-again-tennessee-combined-state-local-sale/499940/|work=Chattanooga Times Free Press|access-date=June 5, 2020}} Intangible property tax is assessed on the shares of stock of stockholders of any loan, investment, insurance, or for-profit cemetery companies. The assessment ratio is 40% of the value times the jurisdiction's tax rate.{{cite report|last1=Green|first1=Harry A.|last2=Chervin|first2=Stan A.|last3=Lippard|first3=Cliff|last4=Joseph|first4=Linda|date=February 2002|title=The Local Property Tax in Tennessee|url=https://www.tn.gov/content/dam/tn/tacir/documents/LOCAL_PROPERTY_TAX.pdf|publisher=Tennessee Advisory Commission on Intergovernmental Relations|access-date=June 5, 2020}} Since January 1, 2016, Tennessee has had no inheritance tax.{{Cite web |url=https://www.tn.gov/revenue/taxes/inheritance-tax.html |title=TN Department of Revenue |access-date=October 30, 2019 |archive-url=https://web.archive.org/web/20191023211105/https://www.tn.gov/revenue/taxes/inheritance-tax.html |archive-date=October 23, 2019 |url-status=live}}

While the sales tax remains the main source of state government funding, property taxes are the primary source of revenue for local governments.

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 {{convert|155|acre|km2}}.{{cite web|url=https://www.farmflavor.com/tennessee-agriculture/|title=Tennessee Agriculture 2021|author=|date=2021|website=Farm Flavor|publisher=Tennessee Department of Agriculture|access-date=2021-04-09}} Cash receipts for crops and livestock have an estimated annual value of $3.5 billion, and the agriculture sector has an estimated annual impact of $81 billion on the state's economy.

Beef cattle is the state's largest agricultural commodity.{{cite web |url=https://www.tnhomeandfarm.com/agriculture/tennessees-top-five/ |title=Tennessee's Top Five|last=Bertone|first=Rachel|date=November 20, 2013|website=Tennessee Home & Farm|publisher=Tennessee Farm Bureau|access-date=}} Tennessee ranks 12th in the nation for the number of heads of cattle, with more than half of the state's farmland dedicated to cattle grazing.{{cite web |url=http://animalscience.ag.utk.edu/beef/tnbeefind.htm |title=Tennessee's Cattle Industry |publisher=The University of Tennessee |first=James B. |last=Neel |archive-url=https://web.archive.org/web/20090102215825/http://animalscience.ag.utk.edu/beef/tnbeefind.htm |archive-date=January 2, 2009}} Soybeans are the most common crop produced in the state, followed by corn and cotton. Most soybeans in Tennessee are grown in West and Middle Tennessee, especially in the northwestern corner of the state.{{cite web|title=Soybeans: Production by County|url=https://www.nass.usda.gov/Charts_and_Maps/Crops_County/sb-pr.php |website=National Agricultural Statistics Service |publisher=United States Department of Agriculture|access-date=April 9, 2021|date=2019}} Broilers and poultry constitute the state's second most common livestock commodity.

Although cotton was an early crop in Tennessee, large-scale cultivation of the fiber did not begin until the 1820s with the opening of the fertile soils and level plains of West Tennessee for European settlement.{{cite book |last1=Corlew |first1=Robert E. |last2=Folmsbee |first2=Stanley E. |last3=Mitchell |first3=Enoch |date=1981 |title=Tennessee: A Short History |url=https://archive.org/details/tennesseeshorthi0000corl_y4h1/ |location=Knoxville, TN |publisher=University of Tennessee Press |edition=2nd |isbn=9780870496479 |via=Internet Archive |pages=209–212}} Today, Tennessee ranks seventh overall in the nation in cotton production, most of which is still grown in the western part of the state.{{cite report|author=National Agricultural Statistics Service|date=May 12, 2020|title=Crop Production|url=https://downloads.usda.library.cornell.edu/usda-esmis/files/tm70mv177/w0892x33f/c247fc69b/crop0520.pdf|publisher=United States Department of Agriculture|issn=1936-3737|access-date=2021-04-08|via=Cornell University Library}} Tennessee has been one of the top tobacco-producing states for most of its history, which is predominantly grown in the Ridge-and-Valley region of East Tennessee, and still ranks fourth nationwide.{{cite web |title=Tennessee Farm Facts |date=16 September 2020 |url=https://www.tnfarmbureau.org/tnfarmfacts#1600268610620-b115b543-6e71 |publisher=Tennessee Farm Bureau |access-date=April 9, 2021 |location=Columbia, Tennessee}} Springfield, Tennessee is known for its dark fired tobacco.{{cite web |title=Springfield, Tennessee, World's Finest Dark Fired Tobacco |url=https://digital.lib.utk.edu/collections/islandora/object/volvoices%3A4124 |publisher=University of Tennessee, Knoxville |access-date=July 30, 2021 |location=Knoxville, Tennessee}} The state is also the sixth-largest producer of tomatoes, with Grainger County being recognized as one of the top tomato-producing communities in the nation.{{cite web |title=The United States of Tomatoes |url=https://www.farmflavor.com/lifestyle/united-states-of-tomatoes/ |website=Farm Flavor |publisher=Journal Communications, Inc. |access-date=April 9, 2021 |date=May 1, 2019}}{{cite web |last1=McBryde |first1=John |title=Tomatoes Lead the Way in Vegetable Crop Production Value |url=https://www.farmflavor.com/tennessee/tennessee-crops-livestock/tomatoes-lead-the-way-in-vegetable-crop-production-value/ |website=Farm Flavor |publisher=Tennessee Department of Agriculture |access-date=March 4, 2021 |date=March 14, 2013}} Other important cash crops raised in the state include hay, wheat, eggs, and snap beans.

The Nashville Basin is a top equestrian region, due to soils that produce grass ideal for feeding horses. The Tennessee Walking Horse, first bred in the region in the late 18th century, is one of the most recognized horse breeds in the world.{{cite web |url=http://imh.org/index.php/exhibits/online/horse-breeds-of-the-world/north-america/item/2201-tennessee-walking-horse |title=Tennessee Walking Horse |publisher=International Museum of the Horse |access-date=March 1, 2013 |archive-url=https://web.archive.org/web/20130628085230/http://imh.org/index.php/exhibits/online/horse-breeds-of-the-world/north-america/item/2201-tennessee-walking-horse |archive-date=June 28, 2013 |url-status=dead}} The state also ranks second nationwide for mule breeding and the production of goat meat.

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".{{cite journal|last=Mozo|first=Jessica|date=February 10, 2012|title=McMinnville, Tennessee: Nursery Capital of the World|url=https://www.tnhomeandfarm.com/agriculture/mcminnville-nursery-capital/|journal=Tennessee Home & Farm|volume=|issue=Winter 2011-12|pages=|doi=|access-date=2021-04-09}} 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.{{cite report|author=Ummey Honey|date=2019|title=Economic Impacts of Forestry and Forest Product Industries in Tennessee|url=https://digitalscholarship.tnstate.edu/dissertations/AAI22585121/|publisher=Tennessee State University|docket=AAI22585121|access-date=2021-04-09}}

File:Nissan Leaf 2018 (31874639158) (cropped).jpg, one of six models manufactured at the Nissan Smyrna Assembly Plant, the largest automotive assembly plant in North America]]

Until World War II, Tennessee, like most Southern states, remained predominantly agrarian. But Chattanooga became one of the first industrial cities in the south in the decades following the Civil War, when many factories, including iron foundries, steel mills, and textile mills were constructed there.{{cite journal|last=Belissary |first=Constantine G.|date=May 1953|title=The Rise of Industry and the Industrial Spirit in Tennessee, 1865-1885|jstor=2955013|journal=The Journal of Southern History|volume=19|issue=2|pages=193–215|doi=10.2307/2955013}} Most of Tennessee's industrial growth, however, began with the federal investments in the Tennessee Valley Authority and the Manhattan Project in the 1930s and 1940s. The state's industrial and manufacturing sector continued to rapidly expand in the succeeding decades, and Tennessee is now home to more than 2,400 advanced manufacturing establishments, which produce a total of more than $29 billion worth of goods annually.{{cite web|url=https://tnecd.com/industries/advanced-manufacturing/|title=Advanced Manufacturing|author= |date=2020|website=tnecd.com|publisher=Tennessee Department of Economic and Community Development|access-date=2021-03-31}} 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.

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.{{cite news |last1=Evanoff |first1=Ted |title=How Tennessee became Car Country, USA |url=https://www.commercialappeal.com/story/money/cars/2018/02/28/tennessee-auto-industry-nissan-smyrna-gm-spring-hill-volkswagen-chattanooga/1028963001/ |access-date=October 9, 2020 |work=The Commercial Appeal |date=March 27, 2018}} Nissan's assembly plant in Smyrna, is the largest automotive assembly plant in North America.{{cite news |last1=Schmitt |first1=Bertel |title=Who makes the most cars in North America? Who has the largest auto factory in the U.S.? Don't be embarrassed, few get it right |url=https://dailykanban.com/2015/02/27/makes-cars-north-america-largest-auto-factory-u-s-dont-embarrassed-get-right/ |access-date=May 25, 2021 |work=Daily Kanban |date=February 27, 2015}} Three other auto manufacturers have assembly plants in Tennessee: General Motors in Spring Hill, Van Hool in Morristown, and Volkswagen in Chattanooga.{{cite news |last=Grigsby |first=Karen |title=Tennessee's huge auto industry: 7 things you may not know |url=https://www.tennessean.com/story/money/cars/2018/03/27/tennessee-auto-industry-smyrna-nissan-gm-spring-hill-vw-chattanooga/447779002/ |work=The Tennessean |date=March 27, 2018 |access-date=February 21, 2020}}{{cite news |last1=Gaines |first1=Jim |title=New factory site prepping in Morristown with $1M grant |url=https://www.knoxnews.com/story/money/business/2019/02/08/tn-grant-factory-site-morristown-van-hool/2813707002/ |access-date=October 5, 2020 |work=Knoxville News Sentinel |date=February 9, 2019}} Ford is constructing an assembly plant in Stanton that is expected to be operational in 2025,{{cite news |last1=Connolly |first1=Daniel |title=Ford aims to create 5,700 jobs with new factory, battery plant near Memphis |url=https://www.commercialappeal.com/story/money/business/development/2021/09/27/ford-electric-vehicles-memphis-regional-megasite-new-jobs/5884664001/ |access-date=September 28, 2021 |work=The Commercial Appeal |date=September 27, 2021 |location=Memphis}} and Mullen Technologies is constructing a plant in Memphis.{{cite news|last1=Moon|first1=Melissa|last2=Wilborn|first2=Quametra|date=March 17, 2021|title=Mullen Technologies: Memphis to become primary US manufacturing base for electric vehicles|url=https://wreg.com/news/mullen-technologies-granted-40m-tax-incentive-to-build-electric-auto-assembly-plant-in-memphis/|work=WREG-TV|location=Memphis|access-date=2021-04-09}} In addition, the state is home to more than 900 automotive suppliers.{{cite news|author=|title=Tennessee courts a changing industry|url=https://www.autonews.com/technology/tennessee-courts-changing-industry|work=Automotive News|location=Detroit|date=November 11, 2019|access-date=2021-03-31}} Nissan moved its North American corporate headquarters from California to Franklin in 2005,{{cite news |last1=Peters |first1=Jeremy W. |title=Nissan to Move U.S. Headquarters to Tennessee |url=https://www.nytimes.com/2005/11/10/business/nissan-to-move-us-headquarters-to-tennessee.html |work=The New York Times |date=November 10, 2005}} and Mitsubishi Motors did the same in 2019.{{cite news |last1=McGee |first1=Jamie |last2=West |first2=Emily R.|title=Mitsubishi North America to move headquarters to Nashville area |url=https://www.tennessean.com/story/money/2019/06/25/mitsubishi-moves-headquarters-franklin-tennessee-california/1549906001/ |access-date=October 9, 2020 |work=The Tennessean |date=June 25, 2019}}

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. The world's first Coca-Cola bottling plant opened in Chattanooga in 1899.{{cite news|last=Flessner|first=Dave|date=July 22, 2019|title=Coca-Cola bottling marks 120 years in Chattanooga|url=https://www.timesfreepress.com/news/business/aroundregion/story/2019/jul/22/coke-bottling-marks-120-years-chattanooga/499513/|work=Chattanooga Times Free Press|access-date=2021-03-31}} Other well-known brands produced in the state include Jack Daniel's, George Dickel,{{cite news|last=Chamberlain|first=Chris|date=June 25, 2020|title=George Dickel Releases Second Edition of Bottled in Bond Tennessee Whisky|url=https://www.nashvillescene.com/food-drink/bites/article/21138320/george-dickel-releases-second-edition-of-bottled-in-bond-tennessee-whisky|work=Nashville Scene|access-date=2021-03-31}} Mountain Dew,{{cite news|last=McRary|first=Amy|date=June 27, 2019|title=Knoxville museum exhibit reveals Mountain Dew's roots in hillbillies and bourbon|url=https://www.knoxnews.com/story/life/2019/06/27/mountain-dew-roots-go-back-to-hillbillies-bourbon-knoxville/1500652001/|work=Knoxville News Sentinel|location= |access-date=2021-03-31}} Mayfield, Goo Goo Cluster,{{Cite book |last=Kawash |first=Samira |year=2013 |title=Candy: A Century of Panic and Pleasure |url=https://books.google.com/books?id=2NyTUwbHrGMC |location=New York |publisher=Faber and Faber |isbn=9780865477568 |pages=152–153, 156–157, 163 |access-date= May 21, 2019|via=Google Books}} Moon Pie,{{cite news|last=Peeples|first=Melanie|date=November 25, 2017|title=Even After 100 Years, People Are Still Reaching For The Moon(Pie)|url=https://www.npr.org/sections/thesalt/2017/11/25/565725694/even-after-100-years-people-are-still-reaching-for-the-moon-pie|work=NPR|access-date=2021-03-31}} Bush's Beans,{{cite news|last=Tennis|first=Joe|date=April 17, 2019|title=Famous Tennessee bean factory open to visitors|url=https://heraldcourier.com/lifestyles/famous-tennessee-bean-factory-open-to-visitors/article_d2a34deb-6cb3-5b6f-af14-93979e5a1792.html|work=Bristol Herald Courier|location=Bristol, Virginia|access-date=2021-03-31}} Little Debbie,{{cite news|last=Flessner|first=Dave|date=July 1, 2016|title=Fast facts about Little Debbie|url=https://www.timesfreepress.com/news/edge/story/2016/jul/01/brand-little-debbie/372603/|work=Chattanooga Times Free Press|access-date=2021-03-31}} M&M's,{{cite news|last=Mincey|first=Allen|date=March 4, 2016|title=Mars Chocolate North America celebrates 'Big 7-5' of M&M's|url=http://clevelandbanner.com/stories/mars-chocolate-north-americacelebrates-big-7-5-of-mms,29186|work=Cleveland Daily Banner|location=Cleveland, Tennessee|access-date=June 30, 2018|archive-url=https://web.archive.org/web/20180630105317/http://clevelandbanner.com/stories/mars-chocolate-north-americacelebrates-big-7-5-of-mms,29186|archive-date=June 30, 2018|url-status=live}} and Pringles.{{cite news|date=February 24, 2020|title=Local plant awarded $100,000 award|url=https://www.wbbjtv.com/2020/02/24/local-plant-awarded-100000-award/|work=WBBJ-TV|location=Jackson, Tennessee|access-date=2021-03-31}}

Tennessee is one of the top producers of chemicals, especially non-petrochemicals.{{cite web |title=2020 Tennessee Manufacturing Facts |url=https://www.nam.org/state-manufacturing-data/2020-tennessee-manufacturing-facts/ |website=nma.org |publisher=National Association of Manufacturers |access-date=May 25, 2021 |location=Washington, D.C. |date=2021}} Chemical products manufactured in Tennessee include industrial chemicals, paints, pharmaceuticals, plastic resins, and soaps and hygiene products. Kingsport is the headquarters of Eastman Chemical Company, which was founded there in 1920. 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.{{cn|date=June 2021}}

Tennessee is also one of the top states where consumer electronics, electrical appliances, and other electrical equipment historically have been produced, including brands such as Monogram Refrigeration, Whirlpool, Thomas & Betts, LG Electronics, Magnavox, and Electrolux.{{cite web |title=Timeline |url=https://magnavoxhistory.com/timeline/ |website=History of Magnavox |access-date=May 19, 2021 |date=2014}} Other major products manufactured in the state include nonelectrical machinery and fabricated metal products.{{cite web|url=https://ustr.gov/map/state-benefits/tn|title=Tennessee Trade Facts|author= |date=2020|publisher=Office of the United States Trade Representative|access-date=2021-04-09}}

File:Oak Ridge National Laboratory Aerial View.jpg is the largest national laboratory in the Department of Energy system.]]

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. Large corporations with headquarters in Tennessee include FedEx, AutoZone, International Paper, and First Horizon Corporation, all based in Memphis; Pilot Corporation and Regal Entertainment Group in Knoxville; Hospital Corporation of America and Caterpillar Inc., based in Nashville; Unum in Chattanooga; Acadia Senior Living and Community Health Systems in Franklin; Dollar General in Goodlettsville, and LifePoint Health, Tractor Supply Company, and Delek US in Brentwood.{{cite news|author=|title=Tennessee home to 9 of world's largest companies|url=https://www.bizjournals.com/nashville/news/2011/04/22/tennessee-home-to-9-of-worlds-largest.html|work=Nashville Business Journal|date=April 22, 2011|access-date=2021-04-10}}{{cite news|last=Flessner|first=Dave|date=November 18, 2019|title=What are Tennessee's biggest businesses?|url=https://www.timesfreepress.com/news/business/aroundregion/story/2019/nov/18/whare-tennessees-biggest-businesses/508512/|work=Chattanooga Times Free Press|access-date=2021-04-10}}

The research and development industry in Tennessee is also one of the largest employment sectors, mainly due to the prominence of Oak Ridge National Laboratory (ORNL) and the Y-12 National Security Complex in the city of Oak Ridge. ORNL conducts scientific research in materials science, nuclear physics, energy, high-performance computing, systems biology, and national security.{{cite web |title=Solving Big Problems |url=https://www.ornl.gov/sites/default/files/solving_big_problems_130514.pdf |publisher=Oak Ridge National Laboratory |access-date=May 28, 2021 |date=June 2013}} It is also the largest national laboratory in the Department of Energy (DOE) system by size, and has the third highest budget.{{Cite web |url=https://www.energy.gov/sites/prod/files/2019/03/f60/doe-fy2020-laboratory-table.pdf |title=Department of Energy FY 2020 Congressional Budget Request |date=March 2019 |publisher=Department of Energy |access-date=September 30, 2020}} 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.{{cite web |last1=Sherman |first1=Erik |title=Tennessee's Tech Corridor |url=https://www.computerworld.com/article/2596132/tennessee-s-tech-corridor.html |website=Computerworld |access-date=May 27, 2021 |date=July 27, 2000}} The technology sector is also a rapidly growing industry in Middle Tennessee, particularly in the Nashville metropolitan area.{{cite news|last=Layden|first=Melanie|date=April 6, 2021|title=Booming tech industry in Middle Tennessee|url=https://www.wsmv.com/news/booming-tech-industry-in-middle-tennessee/article_971f50ca-971d-11eb-bac7-4fa8e230a0cd.html|work=WSMV-TV|location=Nashville|access-date=2021-04-10}} In 2018, Amazon established its East Coast operations center in Nashville, and plans to eventually employ about 5,000.{{cite news|last=Palmer|first=Annie|date=August 11, 2020|title=Amazon crosses 1,000 hires at its new Nashville office|url=https://www.cnbc.com/2020/08/11/amazon-crosses-1000-hires-at-its-new-nashville-office.html|work=CNBC|access-date=2021-04-10}}

{{Further|List of power stations in Tennessee|List of power stations operated by the Tennessee Valley Authority}}

File:TVA IMG 2993 (28921461062).jpg, a hydroelectric dam operated by the Tennessee Valley Authority that was among the first projects the TVA performed as part of the New Deal in 1933{{cite journal |last1=Jones |first1=Jenny |title=A NEW DEAL: The Creation of the TVA and the Construction of Norris Dam |url=https://ascelibrary.org/doi/pdf/10.1061/ciegag.0000555 |journal=Civil Engineering Magazine |access-date=October 7, 2020 |format=PDF |date=October 2011 |volume=81 |issue=10 |pages=50–52 |doi=10.1061/ciegag.0000555}}]]

Tennessee's electric utilities are regulated monopolies, as in many other states.{{Cite web|title=Energy policy in Tennessee|url=https://ballotpedia.org/Energy_policy_in_Tennessee|website=Ballotpedia|access-date=May 1, 2020}}{{Cite web|title=Map of Deregulated Energy Markets (Updated 2018) – Electric Choice|url=https://www.electricchoice.com/map-deregulated-energy-markets/|website=www.electricchoice.com|access-date=May 1, 2020}} As of 2020, the Tennessee Valley Authority owned over 90% of the state's generating capacity.{{Cite web|title=Tennessee - State Energy Profile Overview - U.S. Energy Information Administration (EIA)|url=https://www.eia.gov/state/?sid=TN#tabs-3|website=www.eia.gov|access-date=May 1, 2020}} Nuclear power is Tennessee's largest source of electricity generation producing about 47.3% of its power in 2020. The same year, 20.2% of the power was produced from natural gas, 18.4% from coal, 13.4% from hydroelectric power, and 1.6% from other renewables. About 61.3% of the electricity generated in Tennessee produces no greenhouse gas emissions.{{cite report|author=U.S. Energy Information Administration - Independent Statistics & Analysis|date=February 2021|title=Electric Power Monthly with Data for December 2020|url=https://www.eia.gov/electricity/monthly/current_month/february2021.pdf|publisher=Energy Information Administration|access-date=February 25, 2021}} 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.{{cite news|last=Popovich|first=Nadja|date=December 24, 2018|title=How Does Your State Make Electricity?|url=https://www.nytimes.com/interactive/2018/12/24/climate/how-electricity-generation-changed-in-your-state.html|work=The New York Times|location=New York City|access-date=March 18, 2019}}

Tennessee is home to the two newest civilian nuclear power reactors in the United States, at Watts Bar Nuclear Plant in Rhea County. Unit 1 began operation in 1996 and Unit 2 in 2016, making it the first and only new nuclear power reactor to begin operation in the United States in the 21st century.{{cite news|last=Mooney|first=Chris|date=June 17, 2016|title=It's the first new U.S. nuclear reactor in decades. And climate change has made that a very big deal|url=https://www.washingtonpost.com/news/energy-environment/wp/2016/06/17/the-u-s-is-powering-up-its-first-new-nuclear-reactor-in-decades/|newspaper=The Washington Post|access-date=June 4, 2020}} 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.{{cite web |title=ORNL, TVA sign agreement to collaborate on advanced reactor technologies |url=https://www.ornl.gov/news/ornl-tva-sign-agreement-collaborate-advanced-reactor-technologies |website=Oak Ridge National Laboratory |access-date=October 7, 2020 |date=February 19, 2020}} Tennessee was also an early leader in hydroelectric power, first with the now defunct Chattanooga and Tennessee Electric Power Company; later, the United States Army Corps of Engineers and the TVA constructed several hydroelectric dams on Tennessee rivers.{{cite news|date=July 20, 2014|title=Tennessee ties to hydropower run deep|url=https://www.tennessean.com/story/opinion/2014/07/21/tennessee-ties-hydropower-run-deep/12915069/|work=The Tennessean|access-date=June 4, 2020}} Tennessee is the third-largest hydroelectric power-producing state east of the Rocky Mountains.{{cite web|url=https://www.eia.gov/state/analysis.php?sid=TN|title=Tennessee - State Energy Profile Analysis|author=|date=June 20, 2019|website=eia.gov|publisher=Energy Information Administration|access-date=June 4, 2020}}

Tennessee has very little petroleum and natural gas reserves, but is home to one oil refinery, in Memphis. Bituminous coal is mined in small quantities in the Cumberland Plateau and Cumberland Mountains. There are sizable reserves of lignite coal in West Tennessee that remain untapped.{{cite web|url=https://www.tn.gov/environment/program-areas/tennessee-geological-survey/geology-redirect/tennessee-s-mineral-industry.html|title=Tennessee's Mineral Industry|author=|date=2017|website=tn.gov|publisher=Tennessee Department of Environment and Conservation|access-date=June 4, 2020}} Coal production in Tennessee peaked in 1972, and today less than 0.1% of coal production in the United States comes from Tennessee mines.

Tennessee is the nation's leading producer of ball clay. Other major mineral products produced in Tennessee include sand, gravel, crushed stone, Portland cement, marble, sandstone, common clay, lime, and zinc.{{cite web|url=https://www.usgs.gov/centers/nmic/mineral-industry-tennessee|title=The Mineral Industry of Tennessee|author=|website=National Minerals Information Center|publisher=U.S. Geological Survey|access-date=June 4, 2020}} The Copper Basin, in Tennessee's southeastern corner in Polk County, was one of the nation's most productive copper mining districts between the 1840s and 1980s.{{cite web|url=https://www.gamineral.org/writings/copperbasin-cochran.html|title=Minerals and Mining of the Copper Basin|last=Cochran|first=Kim|date=|website=gamineral.org|publisher=Georgia Mineral Society|access-date=May 30, 2008}} Mines in the basin supplied about 90% of the copper the Confederacy used during the Civil War,{{cite book|last=Lillard|first=Roy G.|date=1980|title=Bradley County|url=https://archive.org/details/tennesseecountyh06lill|location=Memphis, Tennessee|publisher=Memphis State University Press|page=[https://archive.org/details/tennesseecountyh06lill/page/63 63]|isbn=0-87870-099-4 |via=Internet Archive}} and also marketed chemical byproducts of the mining, including sulfuric acid.{{cite news|last=Waters|first=Jack|date=|title=Mining the Copper Basin in Southeast Tennessee|url=http://www.telliquah.com/History2.htm|work=The Tellico Plains Mountain Press|location=Tellico Plains, Tennessee|access-date=May 30, 2008}} Mining activities in the basin resulted in a major environmental disaster, which left the landscape in the basin barren for more than a century.{{cite web|url=https://www.tva.gov/Environment/Environmental-Stewardship/Land-Management/The-Greening-of-Copper-Basin|title=The Greening of Copper Basin|author=|website=tva.gov|publisher=Tennessee Valley Authority|access-date=February 29, 2020}} Iron ore was another major mineral mined in Tennessee until the early 20th century.{{cite report|last=Burchard|first=Ernest F.|date=1927|title=The Brown Iron Ores of West-Middle Tennessee|url=https://pubs.usgs.gov/bul/0795d/report.pdf|publisher=U.S. Geologic Survey|access-date=June 4, 2020}} Tennessee was also a top producer of phosphate until the early 1990s.{{cite report|last1=Morgan|first1=Herman Jr.|last2=Parks|first2=W.L.|date=April 1967|title=Reclamation of Mined Phosphate Land|url=https://trace.tennessee.edu/cgi/viewcontent.cgi?article=1218&context=utk_agbulletin|publisher=University of Tennessee Agricultural Experiment Station|docket=416|access-date=June 4, 2020}}

File:Downtown Gatlinburg, Tennessee.JPG of Gatlinburg borders the Great Smoky Mountains National Park, which is the most visited national park in the United States.{{cite web |title=Visitation Numbers |url=https://www.nps.gov/aboutus/visitation-numbers.htm |website=National Park Service |access-date=October 7, 2020}}]]

Tourism contributes billions of dollars every year to Tennessee's economy, and it is the 11th-most visited state in the nation.{{cite news |last1=Polland |first1=Jennifer |title=A Detailed Look At How Americans Travel Within The US |url=https://www.businessinsider.com/the-most-popular-us-states-for-tourism-2014-10 |access-date=April 18, 2021 |work=Business Insider |date=October 30, 2014}} In 2019 a record 126 million people visited the state, up from 119 million the previous year.{{cite news |last1=Vásquez Russell |first1=Melanie |title=Report: State, East TN counties travel, tourism industries saw record-breaking growth in 2019 |url=https://www.wate.com/news/top-stories/report-state-east-tn-counties-travel-tourism-industries-saw-record-breaking-growth-in-2019/ |access-date=April 18, 2021 |work=WATE-TV |date=August 25, 2020 |location=Knoxville}}{{cite news |title=Report: Tennessee Travel Spending Hit Record $23B in 2019 |url=https://www.usnews.com/news/best-states/tennessee/articles/2020-08-26/report-tennessee-travel-spending-hit-record-23b-in-2019 |access-date=April 18, 2021 |work=U.S. News & World Report |agency=Associated Press |date=August 26, 2020}} This resulted in $23.3 billion of tourism-related spending in the state, approximately $1.1 billion of which came from international travelers.{{cite report|author=|date=August 2020|title=2019 Economic Impact of Travel on Tennessee|url=https://industry.tnvacation.com/sites/industry/files/component/pod/2019%20Economic%20Impact.pdf|publisher=Tennessee Department of Toursit Development|access-date=2021-04-18}} Tax revenue from tourism totaled $1.92 billion.{{cite press release |author= |title=Tourism in Tennessee Shattered Records with $23 Billion in Travel Spending and 126 Million Domestic Person Stays in 2019|url=https://www.tn.gov/tourism/news/2020/8/25/economic-impact-press-release-2020.html |location=Nashville |publisher=Tennessee Department of Tourist Development |date=August 25, 2020 |access-date=2021-04-18}} Each county saw at least a $1 million economic impact from tourism, while 21 counties received at least $100 million, and five (Davidson, Shelby, Sevier, Knox, and Hamilton) received more than $1 billion. Tourism-related jobs in the state reached 195,000.

Tennessee is home to the Great Smoky Mountains National Park, the most visited national park in the U.S., with more than 12 million visitors annually. The park anchors a large tourism industry based primarily in nearby Gatlinburg and Pigeon Forge, which consists of such attractions as Dollywood, the most visited ticketed attraction in Tennessee, Ober Gatlinburg, and Ripley's Aquarium of the Smokies. Major attractions in Memphis include Graceland, the home of Elvis Presley, Beale Street, the National Civil Rights Museum, the Memphis Zoo, and the Stax Museum of American Soul Music.{{cite news|author= |title=14 Best Things to Do in Memphis|url=https://travel.usnews.com/Memphis_TN/Things_To_Do/|work=U.S. News & World Report|date=May 14, 2020|access-date=June 4, 2020}} Nashville contains many attractions related to its musical heritage, including Lower Broadway, the Country Music Hall of Fame, the Ryman Auditorium, Grand Ole Opry, and the Gaylord Opryland Resort. Other major attractions in Nashville include the Tennessee State Museum, The Parthenon, and the Belle Meade Plantation.{{cite news|author=|title=21 Best Things to Do in Nashville|url=https://travel.usnews.com/Nashville_TN/Things_To_Do/|work=U.S. News & World Report|date=January 3, 2020|access-date=June 4, 2020}} Major attractions in Chattanooga include Lookout Mountain, the Chattanooga Choo-Choo Hotel, Ruby Falls, and the Tennessee Aquarium, the largest freshwater aquarium in the United States.{{cite web |url=http://traveltips.usatoday.com/top-ten-places-tennessee-100050.html |title=Top Ten Places to Go in Tennessee |first=Johnny |last=Kampis |work=USA Today |access-date=August 18, 2015 |archive-url=https://web.archive.org/web/20150812153205/http://traveltips.usatoday.com/top-ten-places-tennessee-100050.html |archive-date=August 12, 2015 |url-status=live}} Other attractions include the American Museum of Science and Energy in Oak Ridge, the Bristol Motor Speedway in Bristol, Jack Daniel's Distillery in Lynchburg, and the Hiwassee and Ocoee rivers in Polk County.

Four Civil War battlefields in Tennessee are preserved by the National Park Service: Chickamauga and Chattanooga National Military Park, Stones River National Battlefield, Shiloh National Military Park, and Fort Donelson National Battlefield.{{cite web|url=https://www.nps.gov/civilwar/tennessee.htm|title=Tennessee Civil War Battles|author=|website=nps.gov|publisher=Tennessee Civil War Battles|access-date=June 4, 2020}} Big South Fork National River and Recreation Area is within the Cumberland Mountains in northeastern Tennessee. Other major historical attractions preserved by the National Park Service include Cumberland Gap National Historical Park, Overmountain Victory National Historic Trail, Trail of Tears National Historic Trail, and the Manhattan Project National Historical Park.{{cite web|url=https://www.nps.gov/state/tn/index.htm|title=Tennessee|author=|website=nps.gov|publisher=National Park Service|access-date=June 4, 2020}} Tennessee is home to eight National Scenic Byways, including the Natchez Trace Parkway, the East Tennessee Crossing Byway, the Great River Road, the Norris Freeway, Cumberland National Scenic Byway, Sequatchie Valley Scenic Byway, The Trace, and the Cherohala Skyway.{{cite web |title=Tennessee Byways |url=https://nsbfoundation.com/blog/tennessee-byways/ |website=National Scenic Byway Foundation |access-date=September 13, 2020 |date=March 25, 2020}}{{cite news |last1=Staff |title=Five TN roads designated as National Scenic Byway or All-American Road |url=https://www.wrcbtv.com/story/43394697/five-tn-roads-designated-as-national-scenic-byway-or-allamerican-road |access-date=March 4, 2021 |work=WRCB-TV |location=Chattanooga |date=February 23, 2021}} Tennessee maintains 45 state parks, covering some {{convert|132,000|acre|km2}}. Many reservoirs the TVA created to generate electricity have also created water-based tourist attractions and real estate development with an estimated $12 billion economic impact based on a 2016 study by the University of Tennessee Institute of Agriculture.{{cite news |last1=Flessner |first1=Dave |title=Study: TVA lakes have nearly $12 billion economic impact to region |url=https://www.timesfreepress.com/news/business/aroundregion/story/2017/may/02/tvlakes-have-nearly-12-billieconomic-impact-s/425831/ |access-date=May 16, 2021 |work=Chattanooga Times Free Press |date=May 2, 2017}}

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