Tennessee Economic Landscape
Tennessee’s economy is thriving with 10 Fortune 500 companies highlighted in the 2024 rankings. The state’s pro-business environment, low taxes, and job growth are driving success, featuring industry giants like FedEx and HCA Healthcare. Despite challenges, Tennessee continues to forge a strong economic identity.
Welcome to Tennessee, where the economic scene is buzzing with excitement. This year, the state has made headlines, boasting 10 Fortune 500 companies in its ranks, shining a spotlight on its vibrant businesses and favorable conditions for growth. From Nashville to Memphis, the Volunteer State continues to establish its reputation as a pro-business haven.
Why is Tennessee receiving such accolades? Well, it all starts with its attractive business climate. The state has no personal income tax, making it appealing for both individuals and companies. Add low union participation to the mix, and you’ve got an environment that encourages entrepreneurial activity and job creation.
CNBC has even ranked Tennessee among the top states for business in 2024. The impressive job growth, particularly for small businesses, has placed Tennessee at the forefront of the southeast, making it a desirable location for prospective business owners and employees alike.
Among the notable companies, FedEx stands out as Tennessee’s highest-ranked Fortune 500 company at number 46 nationally. Based in Memphis, FedEx reported an eye-popping $87.7 billion in revenue for fiscal year 2024, alongside net profits of $4.33 billion. With over 500,000 employees worldwide, including more than 33,000 in Tennessee, FedEx is undoubtedly a powerhouse that fuels the state’s economy.
Next up is HCA Healthcare, which calls Nashville home. It ranks 61st on the Fortune 500 list with an impressive $64.97 billion in revenue and net profits of $5.24 billion for fiscal year 2023. HCA employs over 309,000 individuals across its network, contributing significantly to the state’s job market.
Diving into more of Tennessee’s corporate treasures, Dollar General, headquartered in Goodlettsville, reported $38.7 billion in revenue for fiscal year 2023, with net profits hitting $1.66 billion. Operating around 20,000 stores nationwide, this retail giant is a staple in many communities.
International Paper, another Memphis-based success story, has been delivering results since 1898. With revenue reaching $18.5 billion and net profits at $186 million for fiscal year 2023, its legacy continues to thrive. The company currently holds a market value of $13.3 billion.
Autozone, a well-known name in the auto parts sector, generated $18.49 billion in revenue and $2.6 billion in profits in fiscal year 2024, boasting a market value of $54.5 billion. Meanwhile, Tractor Supply Co., also based in Brentwood, reported a revenue of $14.56 billion and net profits of $1.1 billion.
Delek U.S. Holdings, which operates in the energy sector from Brentwood, has made its mark as well with revenue of $16.92 billion and net profits of $20 million.
Community Health Systems, based in Franklin, operates 68 hospitals and reported revenue of $12.49 billion for fiscal year 2023. Unfortunately, the company faced a net loss of $133 million. Its current market value sits at around $486 million, demonstrating the ongoing challenges for healthcare organizations.
Interestingly, while Tennessee’s Fortune 500 list has seen growth from nine to ten companies this year, none are led by female CEOs. However, two companies with female leaders made the extended list: Cracker Barrel Old Country Store, ranked at #827 under CEO Sandra Cochran, and Brookdale Senior Living, at #889 under CEO Lucinda Baier. Nationally, approximately 10% of Fortune 500 companies are female-led, a statistic Tennessee is still working to change.
With the strong showing of Fortune 500 companies and the robust economic landscape, Tennessee is clearly positioning itself for continued success in the coming years. As businesses expand and new ventures emerge, this state is definitely one to watch as it enhances its reputation as a thriving home for big business.
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