Overview
Located in the center of the Southeast United States and gateway to the beautiful Great Smoky Mountains, the area known as the East Tennessee Innovation Valley is an ideal business location. The 15-county Knoxville-Oak Ridge region's vibrant, diverse economy provides the perfect balance of economic, workforce and technology resources that companies need to succeed in a global economy.
Local Growth
Jefferson City is home to Carson-Newman College which in recent years has acted as a catalyst for residential and commercial growth. Most of the commercial growth has been seen just half-mile west of the subject property with the development of Super Walmart in 1996. As with any new Walmart development, it spawns a number of commercial developments around it in the form of retail strip centers and restaurants. Lowe’s Home Improvement Store opened its new store secondary to the corner of Odessey Road and Hwy 11E in recent years. The city of Morristown is 10 miles east along Highway 11-E, which is expanding westward toward Jefferson City. We anticipate Jefferson City to continue growth toward Morristown in the years to come.
Taxes and Incentives
In addition to lower transportation costs because of our central location, the overall cost of doing business in Tennessee ranks very favorably nationwide. Companies will find a competitive, pro-business environment here that has been thoughtfully structured to benefit both the company and the people who live here. Leaders in government, the utilities, and the economic development community have also put together an attractive package of state, local and utility incentives to help new or expanding companies enjoy a low-cost start up. Information on these costs and benefits is provided at ETEDA.org
Excellent Cost of Living
- Cost of living 10% below the national average
- Housing costs 23% below the national average
- Healthcare costs 9.7% below the national average
- No state income tax
- State business taxes ranking among the nation's lowest (The Tax Foundation, 2009)
Education within the Region
- University of Tennessee main campus nearby
- 8 four-year liberal arts colleges
- 4 two-year community colleges
- 4 technical institutions
- 6 technology training centers
- Numerous vocational and specialty schools
- 2 top-rated secondary school systems
Source: EDETA.org
Automotive:
The region has a strong automotive sector due to its location at the juncture of I-75, I-40 and I-81, skilled and experienced automotive workforce, access to automotive and advanced materials research, and a favorable business climate.
- Over 50 manufacturers and 12,500 employees producing assemblies and sub-assemblies from metal, plastic and textiles for the industry
- Over $510 million of investment and 2,800 jobs created in the region by automotive companies since 2004
- One hour drive on Interstate 75 from the recently announced $1 billion Volkswagen OEM
- Within a one-day drive of the majority of Eastern U.S. automotive OEMs and 70% of the US population
- Direct access to established transportation industry research programs and facilities
Regional Population by Age
>19 255,447
20-24 72,431
25-44 299,400
45-64 288,361
65+ 156,041
Source: SRC, 2007 demographicsnow.com