The State of Tennessee Income Charts

This section shows the Tennessee Tennessee economy using the most recent economic analysis from the 2020 Census Bureau. Starting with Figure 1 which shows the median earnings per worker, Tennessee depicts it has a Median earnings of $42,449 which is the third most of all other states in the metropolitan area. The state with the highest median earnings per worker in the group is Kentucky which depicts a median earnings of $43,234 ( only slightly larger).

In Figure 2 a more complete view of income is shown which aggregates income from all members in the household and it has a Median household income of $53,320 which is the largest of all states in the greater region.

The next section examines a variety of different income statistics for the Tennessee metropolitan area. In Figure 3 we see that it has the smallest proportion of earnings less than $10,000 at 7.5% of the total. Second, it has the largest proportion of earnings between $75,000 and $99,999 at 7.9% of the total and is ranked #1.

Figure 5 has the Average number of hours worked in a typical work week during the year, it has a Avg Hours Worked of 39.2 which is the second most average hours of all the states in the greater Tennessee region. The state with the highest average hours in the group is Mississippi which depicts an average hours of 39.4 ( about the same size). Dividing median annual worker earnings by the average number of hours worked in a year in Figure 6 shows that it has a Avg Hrly Earnings of $20.82 which is the third most of all other states in the greater region. The state with the highest average hourly earnings in the group is Kentucky which shows an average hourly earnings of $21.32 ( only slightly larger).

Figure 7 examines the number of self employed people in the Tennessee metro area based on the number of people who reported any self employment income. Tennessee shows it has a Self Employed of 10.9% which is at the top of all other states in the greater Tennessee region.

Turning our attention to Figure 8, the median household income by age group, it has the largest proportion of median income-under 25 years at $58,508 of the total and is ranked #1. Second, it has the largest proportion of median income-25 to 44 years at $62,583 of the total and is ranked #1. Third, it has the largest proportion of median income-45 to 64 years at $40,952 of the total and is ranked #1.

Figure 9 breaks down the source of income and Tennessee has the largest proportion of income from wages at 5.7% of the total and is ranked #1. Second, it has the smallest proportion of self employment income at 12.9% of the total. Third, it has the smallest proportion of investment and retirement income at 8.8% of the total. Also, it has the smallest proportion of social security at 0.8% of the total.

The next chart (Figure 11) shows the percentage of households that had retirement income over the last 12 months and it has a With Retirement Income of 20.3% which is the third most of all other states in the greater region. The state with the highest households with retirement income in the group is Alabama which depicts a households with retirement income of 22.6% (11.2% larger).

In the next chart, Figure 12, the median family income is shown for families broken down by racial group and it has one of the largest proportions of overall family income at $70,389 of the total and is ranked #2. The only larger state being Alabama with $72,814. Second, it has the largest proportion of white family income at $47,365 of the total and is ranked #1. Third, it has one of the largest proportions of black family income at $55,313 of the total and is ranked #2. The only larger state being Alabama with $61,574. Also, it has the largest proportion of american indian family income at $87,420 of the total and is ranked #1. In addition, it has one of the largest proportions of asian family income at $48,250 of the total and is ranked #3. Only #2 Mississippi ($51,068), and #1 Kentucky ($51,607) are larger. Furthermore, it has one of the largest proportions of hawaiian family income at $44,770 of the total and is ranked #3. Only #2 Mississippi ($46,888), and #1 Kentucky ($47,155) are larger.

Figure 13 shows the cost of living and other consumer spending categories for a variety of cost components from the Bureau of Labor Statistics. Tennessee shows it has the hightest cost of 96.2 for the cost of miscellaneous items category.

The State of Tennessee Labor Force Charts

The next two charts look at very recent, monthly trended employment related performance using data estimated by economists at the Bureau of Labor Statistics (BLS). The BLS tracks unemployment statistics for a large number of areas throughout the country on a month to month basis. However, not every location in the U.S. is tracked by the BLS so the chart will only show the closest location available (which may be the same location.) Figure 14 shows the monthly unemployment rate for the area as well as a comparison to the overall national economy measure for the United States. Note that in March to April 2020, the Covid 19 recession or great recession occurred and affects this metric. . It shows that from January 2010 to before the disasterous COVID-19 Pandemic the monthly unemployment rate went from 11.2% to 3.2% in March 2020. This represents a decrease in the monthly unemployment rate of 71.4%. Since that time, the monthly unemployment rate has gone to 5.0% This represents an increase in the monthly unemployment rate of 56.2%. In Figure 15 the monthly labor force participation which are people actively looking for work are also defined as unemployed but do not include people who have given up looking for work. . It depicts that from February 2010 to before the Wuhan virus Pandemic the monthly labor force participation went from 3,050,910 to 3,381,980 in March 2020. This represents an increase in the monthly labor force participation of 10.9%. Since that time, the monthly labor force participation has gone to 3,450,250 This represents an increase in the monthly labor force participation of 2.0%.

The next two charts look at the annual unemployment rate/eligible for unemployment benefits and is based on the American Community survey. Figure 16 shows Tennessee depicts it has a Unemployment Rate of 3.2% which is in the middle range of other states in the local area. The state with the highest unemployment rate in the group is Mississippi which depicts a rate of 4.2% (31.8% larger). Figure 17 shows the labor force participation using the estimated percentage of people either working or actively looking for work. the state of depicts it has a Labor Force Participation of 61.4% which is the most of all states in the greater Tennessee region.

The Components of Employment Status graph in Figure 18 shows the composition of the labor force broken down by employed, unemployed, and not in the labor force (but 16 years of age or older). Tennessee has the smallest proportion of employed at 3.2% of the total. Second, it has the smallest proportion of unemployed at 38.6% of the total.

The percentage of full-time workers are compared to the number of part-time workers in Figure 19. Tennessee depicts full time employees approximately 3.8 times bigger as the part time employees.

The next employment related data item is shown in Figure 21 which is the percentage of families with only a single earner in the greater Tennessee area. Tennessee shows it has a Single Earner Families of 29.4% which is the third most of all other states in the surrounding region. The state with the highest families with a single earner in the group is Alabama which depicts a single earners rate of 31.0% (only about 5.4% larger). The percentage of families with no one working is depicted in Figure 22. Tennessee depicts it has a Families with No One Working of 18.2% which is in the mid range of other states in the greater region. The state with the highest families with no one working in the group is Alabama which depicts a families with no worker of 20.2% (11.1% larger).

The State of Tennessee Poverty Charts

The next section details economy analysis about poverty for residents of the Tennessee community. This performance can be enhanced by government programs such as economic opportunity zone to influence manufacturing, job growth, economic opportunity an hopefully lead to economic recovery after the recent Covid 19 recession. In Figure 23 the total number of people earning less than the poverty level are shown. Tennessee depicts it has a Total In Poverty of 996,930 which is the highest of all states in the local area.

In Figure 24 the percentage of people earning less than the poverty level is shown and compared across the group of places. Tennessee shows it has a Percent of Population In Poverty of 15.2% which is in the mid range of other states in the greater region. The state with the highest percent of people earning less than the poverty level in the group is Mississippi which depicts a percent of people in poverty of 20.3% (33.2% larger).

The next chart, Figure 26, shows the percentage of people in poverty by racial group. Tennessee has the smallest proportion of white poverty rate at 25% of the total. Second, it has the smallest proportion of american indian poverty rate at 10% of the total. Third, it has the largest proportion of asian poverty rate at 28% of the total and is ranked #1.

Figure 27 shows key poverty statistics for groups based on marriage status. Tennessee has the smallest proportion of married with children and in poverty at 42% of the total. Second, it has the smallest proportion of unmarried with children and in poverty at 47% of the total.

The next chart looks at the percentage of people in poverty based on their education level in Figure 28 marriage status. Tennessee has the smallest proportion of less than highschool in poverty at 15% of the total. Second, it has the smallest proportion of highschool graduate and in poverty at 10% of the total. Third, it has the smallest proportion of has some college and in poverty at 4% of the total. Figure 29 looks at only those people who make less than the poverty level of income and breaks down there employment status. Tennessee has the smallest proportion of people who are in poverty and unemployed at 17.2% of the total. Additionally, Figure 30 looks at the percentage of people who receive some form of public assistance including general assistance, temporary assistance or food stamps (i.e. SNAP.) the state of depicts it has a Public Assistance Percent of 14.0% which is in the mid point range of other states in the local area. The state with the highest households with public assistance in the group is Mississippi which depicts a households with public assistance of 15.9% (13.6% larger).

Figure 31 shows the "Gini Index of Income Inequality" with a range from zero (perfect equality) to one (perfect inequality). the state of shows it has a Gini Index of 47.9% which is the third most the gini index of all other states in the greater Tennessee region.

The State of Tennessee Work Commute Charts

The following set of charts detail a variety of metrics that have economic impact, economic grow factors and economic development metrics in the Tennessee community and has an impact on other factors such as economic growth, population growth, economic recovery, job growth, etc.. Figure 32 shows a high level view of how the population commutes to work (including the percent of people who work from home.) Tennessee has the largest proportion of people who bicycle or walk to work at 5% of the total and is ranked #1. Figure 33 shows a more detailed view of how the population commutes to work for (for example to downtown Tennessee or elsewhere.) Tennessee has the largest proportion of people who take a Subway or elevated rail at 0% of the total and is ranked #1. Second, it has the largest proportion of people who take the Long-distance train or commuter rail at 0% of the total and is ranked #1. Third, it has the largest proportion of people who take Light rail, streetcar or trolley at 0% of the total and is ranked #1. Also, it has the largest proportion of people who work from home at 5% of the total and is ranked #1.

In Figure 35 is shown a frequency distribution of the time that people leave for work. Tennessee has the smallest proportion of people who leave for work between 7am to 730am at 12% of the total. Second, it has the largest proportion of people who leave for work between 830 am to 9am at 5% of the total and is ranked #1.

The next graph in Figure 36 shows the average number of minutes that it takes for people to commute to work. Tennessee has the smallest proportion of people with commute time of less than 5 minutesutes at 9% of the total. Second, it has the smallest proportion of people with commute time between 5 to 9 minutes at 13% of the total. Third, it has the smallest proportion of people with commute time between 10 to 14 minutes at 17% of the total. Also, it has the largest proportion of people with commute time between 15 to 19 minutes at 16% of the total and is ranked #1. In addition, it has the largest proportion of people with commute time between 20 to 24 minutes at 7% of the total and is ranked #1. Furthermore, it has the largest proportion of people with commute time between 30 to 34 minutes at 3% of the total and is ranked #1. Next it has the largest proportion of people with commute time between 35 to 39 minutes at 4% of the total and is ranked #1. Additionally, it has the largest proportion of people with commute time between 40 to 44 minutes at 8% of the total and is ranked #1. And then, it has the largest proportion of people with commute time between 45 to 59 minutes at 5% of the total and is ranked #1. Also, it has the smallest proportion of people with commute time between 60 to 89 minutes at 2% of the total.

The average commute time is shown in Figure 37. the state of depicts it has a Avg Commute Time of 25 which is more than all other states in the greater Tennessee region. Figure 38 shows the difference between male versus female commuting time. Tennessee depicts average commute time in minutes for men 23.2% larger as the average commute time in minutes for women. Figure 41 shows the percentage of people who both work and live in the same city (town or place.) the state of depicts it has a Work in city or place where live of 57% which is ranked #1 of all states in the local area.

The State of Tennessee Jobs Charts

The next to charts break out the median earnings for major job categories for men and women. Figure 46 shows the median earnings of men for the job categories. the state of depicts it has the hightest median earnings of $76,741 for the management, business, and financial occupations grouping. Similarly, Figure 47 shows the median earnings of women for the job categories and the state of indicates it has the hightest median earnings of $60,291 for the earnings-computer, engineering, and science occupations aggregate. The table in Figure 48, shows Tennessee employment data in terms of job categories and salary data.

The State of Tennessee Self Employment Charts

Figure 49 shows economic activity in terms of the number of people who are self employed in incorporated local business by industry. the state of depicts it has the hightest entrepreneurs of 50% for the self employed management, business, science, and arts businesses grouping.

Similar to the last chart is Figure 50 which shows the number of people who are self employed but in more detailed industry categories such as manufacturing, retail sales, residential real estate, commercial real estate, health care, exports/imports, and advanced industries, etc. the state of shows it has the hightest entrepreneurs of 20% for the self employed in professional, scientific, management, administrative services grouping.

In Figure 51 the average annual self employment/entrepreneur income is shown. the state of depicts it has a Self Employment Income of $39,208 which is the largest of all states in the metro area.

Figure 52 shows the difference between the number of self employed men and self employed women (i.e. entrepreneurs.) Tennessee shows total number of self-employed men about twice as large as the total number of self-employed women.