Greater Memphis Chamber
Tennessee is committed to providing an attractive business climate with a focus on low debt and a pro-business regulatory environment. Tennessee is proud to be a right-to-work state with no personal income tax on wages. Our state and local tax burdens are among the lowest in the country, and our state budget operates with a healthy surplus rather than a deficit. (Per TNED)
Tennessee continues to rank among the top states for doing business for several reasons. Business Facilities magazine ranked Tennessee as having the 3rd “Best Business Climate” and also named it among the top five states for “Best Infrastructure”, “Automotive Manufacturing Strength” and “Workforce Training Leaders” in 2018. Additionally, Area Development magazine ranked Tennessee 2nd in the category for “Overall Cost of Doing Business” in 2018. Area Development also named Tennessee among the top five states for “Access to Capital & Project Funding”, “Cooperative & Responsive State Government”, “Shovel Ready Sites Program”, “Favorable Utility Rates”, “Business Incentive Programs”, and “Leading Workforce Development Programs”. Tennessee has the fourth lowest state and local tax burden per capita and is a Right- to-Work state
Memphis is the state’s largest population center is also committed to creating a business-friendly environment with forward-thinking fiscal reforms and smart policies to drive growth.
The Memphis region bolsters a competitive business climate with strong workforce programs, incentives, startup resources and funding, and low commercial/industrial utility rates. In 2018, Entrepreneur magazine ranked Memphis #15 on its “25 Cities Worth Moving to if You Want to Launch a Business”. The article cites Memphis’ low cost of starting a business and start-up support as motivators for new businesses seeking a location. Memphis also ranked on Forbes’ 2018 list of “The Best Places for Business and Careers”.