Economy
See also: Tennessee locations by per capita incomeAccording to the U.S. Bureau of Economic Analysis, in 2011 Tennessee's real gross state product was $233.997 billion. In 2003, the per capita personal income was $28,641, 36th in the nation, and 91% of the national per capita personal income of $31,472. In 2004, the median household income was $38,550, 41st in the nation, and 87% of the national median of $44,472.
Major outputs for the state include textiles, cotton, cattle, and electrical power. Tennessee has over 82,000 farms, roughly 59 percent of which accommodate beef cattle. 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 land between the Tennessee and Mississippi Rivers. The upper wedge of the Mississippi Delta extends into southwestern Tennessee, and it was in this fertile section that cotton took hold. Soybeans are also heavily planted in West Tennessee, focusing on the northwest corner of the state.
Major corporations with headquarters in Tennessee include FedEx Corporation, AutoZone Incorporated and International Paper, all based in Memphis; Pilot Corporation and Regal Entertainment Group, based in Knoxville; Eastman Chemical Company, based in Kingsport, the North American headquarters of Nissan, based in Franklin; and the head-quarters of Caterpillar Financial (the finance division of the well known mining company Caterpillar) based in Nashville; as well as Unum based in Chattanooga. Tennessee is also the location of the Volkswagen factory in Chattanooga and a $1.2 billion polysilicon production facility by Hemlock Semiconductor Group in Clarksville.
Tennessee is a right to work state, as are most of its Southern neighbors. Unionization has historically been low and continues to decline as in most of the U.S. generally. As of November 2011, the state had an unemployment rate of 8.4%.
Read more about this topic: Sports In Tennessee
Famous quotes containing the word economy:
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)