Farragut takes title of Tennessee’s Most Business-Friendly City in 2011
NASHVILLE – The Beacon Center of Tennessee, the state’s free market think tank, today announced the results of its annual ranking of the state’s 50 most populous cities. Founded as the Tennessee Center for Policy Research, the Beacon Center analyzes cities’ friendliness to business each year based on a number of factors.
This year’s Most Business-Friendly City is the East Tennessee town of Farragut. The city is the first to receive the distinction twice, having first been awarded the title in the Beacon Center’s inaugural rankings in 2006. Later this month, the Center will present Farragut officials with a plaque commemorating the honor.
The study, titled How Business-Friendly are Tennessee’s Cities?, scores each city in three categories that reflect a commitment to encouraging business success and fostering an entrepreneurial spirit. Those categories are Economic Vitality, Business Tax Burden, and Community Allure.
Farragut has consistently ranked toward the top, finishing first in 2006 and second in last year’s rankings. In 2011, its job performance and low tax burden give it the state’s most business-friendly climate.
“Farragut has maintained a solid commitment to low taxes and an inviting economic policy,” said the Beacon Center’s President & CEO Justin Owen. “The city’s dedication to business growth has paid off, leading it to the top of the business-friendly rankings in 2011.”
The city lacks a property tax, has a low crime rate, and has witnessed strong job growth compared to other cities. It finished first in the Business Tax Burden category with a perfect score, third in Economic Vitality, and eighth in the less-weighted category of Community Allure, pulling well ahead of the second ranked city of Brentwood. Franklin, Mt. Juliet, and Spring Hill round out the top five.
“This award is a reflection of Farragut’s commitment to creating a business-friendly climate free of stifling taxes and restrictive regulatory burdens,” Owen said. “We applaud the local elected officials and business leaders for earning the distinction as Tennessee’s Most Business-Friendly City for the second time in just six years.”
On the opposite end of the spectrum, Memphis, Brownsville, Martin, Dyersburg, and Tullahoma rank in the bottom five for business-friendliness in 2011.
The full report, along with the ranking of each of Tennessee’s 50 most populous cities, can be found at www.BeaconTN.org.