Report scores business climate of Tennessee’s 50 most populous cities
NASHVILLE – The Tennessee Center for Policy Research (TCPR) today released its annual rankings detailing the business climate in the state’s 50 most populous cities. The report, How Business-Friendly Are Tennessee’s Cities? (pdf), ranks each city in three categories that reflect a commitment to encouraging business success and fostering an entrepreneurial spirit.
Based on its overall score, Mt. Juliet is Tennessee’s Most Business-Friendly City in 2010. The city’s high ranking results from its significant population growth and low tax burden, including the fact that it lacks a local property tax.
“In recent years, Mt. Juliet has shown an unmatched commitment to creating an economic climate that is both welcoming to new business and nourishing to existing enterprise,” said TCPR president Justin Owen. “The city’s inviting tax and regulatory policy has paid off, leading it to the top of the business-friendly rankings in 2010.”
Farragut, Brentwood, Spring Hill, and Franklin round out the top five. The state’s least business-friendly cities include Memphis, Dyersburg, Tullahoma, Knoxville, and Oak Ridge.
The three main categories for this year’s rankings are: Economic Vitality, Business Tax Burden, and Community Allure. Each category is comprised of a number of factors, including property and sales tax rates, job and population growth, median per capita income, cost of living, crime rates, high school graduation rates, and ACT scores.
TCPR culled data from the U.S. Census Bureau, the Tennessee Department of Education, the state Comptroller of the Treasury, and the Federal Bureau of Investigation, among other sources. Each city was then ranked on a 100-point scale, indicating its friendliness to business.
“These rankings represent a reflection of certain cities’ commitment to creating a business-friendly climate free of stifling taxes and restrictive regulatory burdens,” Owen said. “We encourage all Tennessee communities to follow the lead of the cities with the most inviting business environment.”
The Tennessee Center for Policy Research is an independent, nonprofit, and nonpartisan research organization committed to achieving a freer, more prosperous Tennessee by advancing free markets, individual liberty, and limited government.