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November 08, 2022 | Tom Ballard

New study ranks Tennessee #3 in country for best state to do business

Tennessee ranks #3 among all states as the best in which to do business, following top-ranked Florida and #2 Texas.

That’s according to a study from Orlando-based Harrington Group International which analyzed federal data to determine where businesses – and employees – are best off across all 50 states and Washington, DC. The rankings were based on nine metrics divided across three categories: (1) workforce and consumer habits; (2) business culture; and (3) financial climate. The data analyzed included factors such as where educated workers are moving, the start-up survival rate, Gross Domestic Product (GDP) growth, and income tax burden.

What were Tennessee’s numbers?

  • Job growth: 3.7 percent;
  • Net migration of educated workers: 35,277;
  • Consumer spending growth: 14.2 percent;
  • Business growth: 3 percent; Five-year startup survival rate: 51.3 percent; Business self-assessment score: 61.8;
  • GDP growth: 0.3 percent;
  • Credit rating: AAA; and
  • Tax revenue from income taxes: 13.7 percent.

Click here for the report and rankings.

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