Published on 31 May 2024 on Insider Monkey via Yahoo Finance

The Best Place to Live in Tennessee

We recently compiled a report on the 16 Best Places to Live in Tennessee and in this article we will talk about the top place, according to our methodology.

Economic Outlook of Tennessee

The economy of Tennessee is backed by diverse sectors including healthcare, automotive, finance, electronics, and tourism. According to the US Bureau of Economic Analysis, the GDP of Tennessee grew by 2.8% during the fiscal fourth quarter of 2023 as compared to the national growth rate of 3.4%. Moreover, the Real GDP of Tennessee increased by 3.2% from $412.10 billion in 2022 to $425.41 billion in 2023. The economic growth during the year was mainly attributed to the growth in retail trade, which contributed the most at 0.86% in the GDP growth, followed by the real estate and leasing sector and the professional, scientific, and technical services sector, which contributed 0.35% and 0.28% respectively. In addition to the GDP, personal income in the state is also growing. The personal income of an individual increased by 4.4% in the fourth quarter of 2023 surpassing the national increase of 4.0% during the same quarter. While the net earnings of individuals in Tennessee grew by 4.8% during the last quarter of 2023, the dividends, interest payments, and rents also increased substantially by 8.2% thereby restricting the personal income in the state. If you want to read more about the economy of Tennessee and the population growth in the state, you can take a look at the 15 Fastest Growing Cities in Tennessee.