Economic OverviewENERGY
Coal accounts for 60 percent of Tennessee’s electric power generation, followed by nuclear power from two power plants at 30 percent, hydroelectric at nine percent, and natural gas at one percent. Oak Ridge, where the atomic bomb was developed, is now a major site of energy research and Oak Ridge National Laboratory. The city has the unofficial title of Energy Capital of the World and the nickname the Atomic City. Industry uses the most energy in the state, followed by transportation.
ENTERTAINMENT
Tennessee has a film office to promote the state as a shooting location for movie productions. It offers an array of incentives to filming companies, such as a 32 percent tax rebate. Many cable television shows are filmed in East Tennessee. Owned by the same company that owns the Grand Ole Opry, Nashville's Wildhorse Saloon hosts 1.5 million visitors annually, who come to enjoy the combination restaurant, concert site, dance hall, and TV studio. Nashville is home to more than 100 recording studios and is known as the country music capital of the world, and Memphis is famous as the birthplace of rock ‘n’ roll.
RETAIL
Tennessee’s retail trade provides jobs for around 311,600 employees, at an average annual salary of $24,331. Total retail sales are roughly $21.3 billion. Some 410 automobile dealerships operate in the state, with about 21,360 employees at a total annual payroll of $1.07 billion. Total sales for all dealerships are around $11.3 billion annually. As in many states, Walmart is a significant presence, with 104 supercenters, four discount stores, and six neighborhood markets. Walmart employs around 39,480 workers, and spends around $2.8 billion annually for merchandise and services from more than 1,450 suppliers in Tennessee. Walmart collects $679 million in state sales taxes annually, and pays more than $75 million in state corporate tax.
TECHNOLOGY
The state of Tennessee is proud of its biotechnology sector, whose institutions receive some $580 million in external funding. Total bioscience expenditures are around $510 million annually, and over the past six years, Tennessee has received 1,135 bioscience patents. Eastman Chemical, GlaxoSmithKline, and King Pharmaceuticals have laboratories in northeast Tennessee, and Bayer, Eli Lilly, and Pfizer have manufacturing and distribution plants there. Some 25 pharmaceutical companies operate in the state, with a total of 2,300 employees at an annual average salary of $71,991. There are 259 companies that specialize in medical devices and equipment, with 7,800 employees at an annual average salary of $54,049. Tennessee has 364 research, testing, and medical laboratories that employ 8,500 workers at an annual average wage of $60,819...